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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 10 – Stock-based Compensation Under the Company’s Amended and Restated Equity Compensation Plan (the “Plan”), stock options, stock units, stock awards, stock appreciation rights, dividend equivalents, and other stock-based awards may be granted to employees, non-employee directors, and consultants and advisors. At September 30, 2025, 682,381 shares were still available for issuance under the Plan. Performance Share Units – A performance share unit (“PSU”) represents the right to receive a share of the Company’s common stock if specified performance goals are met over the three year performance period specified in the grant, subject to exceptions through the respective vesting period, which is generally three years. Each grantee is granted a target award of PSUs and may earn between 0% and 200% of the target amount depending on the Company’s performance against the performance goals. The performance goals of the 2025 grants consisted of the following metrics:
Metric 1 – Company’s total shareholder return (“TSR”) compared to the TSR for a specific peer group of investor-owned utilities (a market-based condition) | 40.00%
Metric 2 – Achievement of a three-year average return on equity target (a performance-based condition) | 30.00%
Metric 3 – Achievement of a consolidated operations and maintenance expense target over a three-year measurement period (a performance-based condition) | 30.00%
The following were the assumptions used in the pricing model for the 2025 grants:
| 2025
Expected term (years) | 3
Risk-free interest rate | 4.19%
Expected volatility | 23.20%
The following table provides compensation expense for PSUs:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation within operations and maintenance expenses |  | $ | 2,487 |  | $ | 986 |  | $ | 5,734 |  | $ | 2,174
Income tax benefit |  | $ | 629 |  | $ | 248 |  | $ | 1,450 |  | $ | 545
The following table summarizes the PSU transactions for the nine months ended September 30, 2025:
|  |  | Number |  | Weighted
|  |  | of |  | Average
|  |  | Share Units |  | Fair Value
Nonvested share units at beginning of period |  |  | 563,656 |  | $ | 38.61
Granted |  |  | 195,300 |  | $ | 34.25
Performance criteria adjustment |  |  | (23,220) |  | $ | 37.00
Share units issued |  |  | (103,775) |  | $ | 42.77
Forfeited |  |  | (15,094) |  | $ | 37.89
Nonvested share units at end of period |  |  | 616,867 |  | $ | 36.61
The per unit weighted-average fair value at the date of grant for PSUs granted during the nine months ended September 30, 2025 and 2024 was $34.25 and $38.10, respectively. Restricted Stock Units – A restricted stock unit (“RSU”) represents the right to receive a share of the Company’s common stock. In prior years, RSUs were eligible to be earned at the end of a specified restricted period, which is generally three years, beginning on the date of grant. RSUs granted in 2025 vest 33% each year. The following table provides the compensation expense and income tax benefit for RSUs:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation within operations and maintenance expenses |  | $ | 1,317 |  | $ | 508 |  | $ | 3,845 |  | $ | 2,078
Income tax benefit |  | $ | 334 |  | $ | 128 |  | $ | 973 |  | $ | 521
The following table summarizes the RSU transactions for the nine months ended September 30, 2025:
|  |  | Number |  | Weighted
|  |  | of |  | Average
|  |  | Stock Units |  | Fair Value
Nonvested stock units at beginning of period |  |  | 210,249 |  | $ | 41.40
Granted |  |  | 156,225 |  | $ | 35.54
Actual vested |  |  | (57,496) |  | $ | 44.53
Forfeited |  |  | (7,796) |  | $ | 37.69
Nonvested stock units at end of period |  |  | 301,182 |  | $ | 37.52
The per unit weighted-average fair value at the date of grant for RSUs granted during the nine months ended September 30, 2025 and 2024 was $35.54 and $36.61, respectively. Stock Options – A stock option represents the option to purchase a number of shares of common stock of the Company as specified in the stock option grant agreement at the exercise price per share as determined by the closing market price of our common stock on the grant date. Stock options are exercisable in installments of 33% annually, starting one year from the grant date and expire 10 years from the grant date, subject to satisfaction of designated performance goals. The following table provides the compensation cost and income tax benefit for stock-based compensation related to stock options:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation within operations and maintenance expenses |  | $ | 308 |  | $ | 32 |  | $ | 1,417 |  | $ | 233
Income tax benefit |  | $ | 77 |  | $ | 8 |  | $ | 356 |  | $ | 58
The fair value of options was estimated at the grant date using the Black-Scholes option-pricing model. The following assumptions were used in the application of this valuation model for the 2025 grant: ﻿
| 2025
Expected term (years) |  | 5.54
Risk-free interest rate |  | 4.22%
Expected volatility |  | 28.50%
Dividend yield |  | 3.69%
Grant date fair value per option | $ | 7.95
The following table summarizes stock option transactions for the nine months ended September 30, 2025:
|  |  |  | Weighted |  | Weighted |  |  |
|  |  |  | Average |  | Average |  | Aggregate
|  |  |  | Exercise |  | Remaining |  | Intrinsic
|  | Shares |  | Price |  | Life (years) |  | Value
Outstanding at beginning of period |  | 906,902 |  | $ | 36.87 |  |  |  |  |
Granted |  | 197,684 |  | $ | 35.33 |  |  |  |  |
Forfeited |  | (6,566) |  | $ | 36.16 |  |  |  |  |
Expired |  | (1,396) |  | $ | 41.15 |  |  |  |  |
Exercised |  | (14,408) |  | $ | 35.33 |  |  |  |  |
Outstanding at end of period |  | 1,082,216 |  | $ | 36.61 |  | 5.2 |  | $ | 4,283
Exercisable at end of period |  | 797,009 |  | $ | 36.76 |  | 3.9 |  | $ | 3,109
Restricted Stock – Restricted stock awards provide the grantee with the rights of a shareholder, including the right to receive dividends and to vote such shares, but not the right to sell or otherwise transfer the shares during the restriction period, which is one year from the date of issuance of the award. Nonvested shares of restricted stock were 1,268 as of September 30, 2025 and December 31, 2024. There were no restricted stock awards granted and vested during the nine months ended September 30, 2025 and 2024. The following table provides the compensation cost and income tax benefit for stock-based compensation related to restricted stock:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation within operations and maintenance expenses |  | $ | 13 |  | $ | 13 |  | $ | 37 |  | $ | 37
Income tax benefit |  | $ | 4 |  | $ | 3 |  | $ | 10 |  | $ | 10
Stock Awards – Stock awards represent the issuance of the Company’s common stock, without restriction. The issuance of stock awards results in compensation expense that is equal to the fair market value of the stock on the grant date and is expensed immediately upon grant. The following table provides the compensation cost and income tax benefit for stock-based compensation related to stock awards:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation within operations and maintenance expenses |  | $ | 810 |  | $ | - |  | $ | 810 |  | $ | 840
Income tax benefit |  | $ | 221 |  | $ | - |  | $ | 221 |  | $ | 233
The following table summarizes stock award transactions for the nine months ended September 30, 2025:
|  | Number |  | Weighted
|  | of |  | Average
|  | Stock Awards |  | Fair Value
Nonvested stock awards at beginning of period |  | - |  | $ | -
Granted |  | 21,648 |  |  | 37.42
Vested |  | (21,648) |  |  | 37.42
Nonvested stock awards at end of period |  | - |  | $ | -
The weighted-average fair value at the date of grant for stock awards granted during the nine months ended September 30, 2025 and 2024 was $37.42 and $36.82, respectively.

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