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STOCK INCENTIVE PLAN | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
STOCK INCENTIVE PLAN |
15. | STOCK INCENTIVE PLAN
General—The Company has a stock incentive plan (the “Stock Incentive Plan”) and an employee stock purchase plan (the “ESPP”) that are administered by the Compensation and Talent Development Committee of the Board of Directors. Under the Stock Incentive Plan, the Company can issue shares to employees and directors in the form of restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance share units (“PSUs”). Compensation expense recognized related to the Company’s Stock Incentive Plan was $17,870, $12,426 and $10,181 for 2024, 2023 and 2022, respectively. Under the Stock Incentive Plan, we are authorized to issue 5,300 shares, and assuming PSU vestings occur at maximum payout, 1,412 authorized shares remained available under our Stock Incentive Plan for future grants at December 31, 2024. Under the ESPP, employees may make quarterly purchases of shares at a discount through regular payroll deductions for up to 15% of their compensation, subject to a $25 fair market value maximum purchase per year. The shares are purchased at 85% of the closing price per share on the last trading day of the calendar quarter. Included within total stock-based compensation expense is $258, $181 and $120 of expense related to the ESPP, for 2024, 2023 and 2022, respectively. ESPP expense represents the difference between the fair value on the date of purchase and the price paid. The Company issued 13, 18 and 32 shares related to the ESPP for 2024, 2023 and 2022, respectively. At December 31, 2024, 661 authorized shares remained available for issuance under the ESPP. Total equity-based compensation expense recognized related to the Company’s Stock Incentive Plan and the ESPP was $18,128, $12,607 and $10,301 for 2024, 2023 and 2022, respectively, primarily recognized within general and administrative expenses. At December 31, 2024, there was approximately $29,000 of unrecognized compensation cost related to equity-based grants, which is expected to be recognized over a weighted-average period of 2.0 years. The Company recognizes forfeitures as they occur, rather than estimating expected forfeitures. We receive a tax deduction upon the vesting of RSUs and performance based shares for the price of the shares at the date of vesting. Our total recognized tax benefit based on our compensation expense was $33,100, $12,200 and $4,600 for 2024, 2023 and 2022, respectively. RSAs—The Company’s RSA awards may not be sold or otherwise transferred until certain restrictions have lapsed, which is generally over a one-year period for Directors. The total initial fair value for these awards is determined based upon the market price of our stock at the grant date and is expensed on a straight-line basis over the vesting period. During 2024, we recognized $1,056 of compensation expense. The following table presents RSA activity during 2024:
RSAs |  | Number of Shares |  | Weighted Average Fair Value Per Share
Balance at December 31, 2023 |  | 20 |  |  | $ | 40.26 |
Granted |  | 8 |  |  | $ | 125.28 |
Vested |  | (23) |  |  | $ | 49.02 |
Forfeited |  | — |  |  | $ | — |
Balance at December 31, 2024 |  | 5 |  |  | $ | 125.68 |
During 2023, 20 RSAs were granted with a weighted-average grant-date fair value per share of $40.26. During 2022, 26 RSAs were granted with a weighted-average grant-date fair value per share of $23.43. The total fair value of RSAs that vested during 2024, 2023 and 2022 was $1,101, $609 and $673, respectively. RSUs—The Company’s RSU awards may not be sold or otherwise transferred until certain restrictions have lapsed, which is generally over a three-year graded vesting period. The total initial fair value for these awards is determined based upon the market price of our stock at the grant date and is expensed on a straight-line basis over the vesting period. During 2024, we recognized $5,289 of compensation expense. The following table presents RSU activity during 2024:
RSUs | Number of Shares |  | Weighted Average Fair Value Per Share
Balance at December 31, 2023 | 246 |  |  | $ | 29.17 |
Granted | 99 |  |  | $ | 97.95 |
Vested | (123) |  |  | $ | 33.49 |
Forfeited | (1) |  |  | $ | 32.23 |
Balance at December 31, 2024 | 221 |  |  | $ | 57.60 |
During 2023, 106 RSUs were granted with a weighted-average grant-date fair value per share of $36.76. During 2022, 186 RSUs were granted with a weighted-average grant-date fair value per share of $28.35. The total fair value of RSUs that vested during 2024, 2023 and 2022 were $4,139, $3,307 and $2,818, respectively. PSUs—The Company’s performance-based share awards are subject to the achievement of specified performance targets, including financial performance targets or stock price performance targets. Financial Performance-Based Awards—The Company’s financial performance-based awards are subject to the achievement of specified targets, generally based upon EPS, and vest ratably over three years (pre-2024 grants) or cliff vest at the end of three years (post-2023 grants). The total fair value for these awards is determined based upon the market price of our stock at the grant date and is expensed and adjusted over the vesting period based on the level of payout expected to be achieved. As a result of financial performance conditions met during 2024, we recognized $7,320 of compensation expense. During 2024, 2023 and 2022, PSU shares totaling 104, 143 and 166, respectively, were granted with a weighted-average grant-date fair value per share of $112.95, $34.62 and $26.52, respectively. During 2024, upon vesting and achievement of certain performance goals, we distributed 342 shares of common stock related to PSU awards with a weighted-average grant-date fair value per share of $25.00. The total fair value of PSUs that vested during 2024, 2023 and 2022 was $8,549, $7,779 and $10,508, respectively. Stock Performance-Based Awards—Stock performance-based awards are based upon the Company’s stock price performance relative to industry peers and cliff vest at the end of three years. The total initial fair value for these awards is determined based upon a Monte Carlo simulation value at the grant date applied to the total number of granted target shares. This fair value is expensed ratably over the vesting period, and during 2024, the Company recognized $465 of compensation expense. During 2024, 12 stock performance-based shares were granted with a weighted-average grant-date fair value per share of $129.62 that was based upon a risk-free interest rate of 3.97% an expected dividend yield of zero, historical volatility of 44.3%, and a remaining performance period of 3 years. Additionally, the Company awarded stock performance-based awards based upon specific stock price performance targets that cliff vest at the end of three years. The total initial fair value for these awards is determined based upon Monte Carlo simulation values at the grant date applied to the number of granted target shares. This fair value is expensed ratably over the vesting period, and during 2024, the Company recognized $3,740 of compensation expense. During 2024, 183 stock performance-based shares were granted with a weighted-average grant-date fair value per share of $61.31 that was based upon a risk-free interest rate of 3.97%, an expected dividend yield of zero, historical volatility of 44.3%, and a remaining performance period of 3 years. There were no stock performance-based shares granted during 2023 or 2022 and there were no vestings in 2024. Liability-Based Awards—The Company has liability-based awards for which the number of units awarded is not determined until the vesting date. During 2024, 2023 and 2022, the Company recognized $875, $2,015 and $2,425, respectively, of compensation expense, and upon vesting reclassified the grant date fair value of $3,200, $1,725 and $1,225, respectively, from a liability to additional paid in capital. During 2024, 30 shares of liability-based awards vested. Shares Withheld for Taxes—The Company withheld 175, 174 and 330 shares for taxes on RSU and PSU stock-based compensation vestings for $21,452, $9,567 and $9,416 during 2024, 2023 and 2022, respectively.

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