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STOCK INCENTIVE PLAN AND OTHER EQUITY ACTIVITY | 3 Months Ended
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Mar. 31, 2025
Stockholders' Equity Note [Abstract] |
STOCK INCENTIVE PLAN AND OTHER EQUITY ACTIVITY |
12. | STOCK INCENTIVE PLAN AND OTHER EQUITY ACTIVITY
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”). Changes in common stock and additional paid in capital during the three months ended March 31, 2025 primarily relate to activity associated with the Stock Incentive Plan, the ESPP, shares withheld for taxes and repurchases of the Company’s common stock. Share Grants—During the three months ended March 31, 2025, the Company granted the following awards under the Stock Incentive Plan:
|  | Shares |  | Weighted Average Grant-Date Fair Value per Share
RSUs |  | 36 |  |  | $ | 158.29 |
PSUs – EPS Based (at target) |  | 26 |  |  | $ | 165.57 |
PSUs – Market Based |  | 8 |  |  | $ | 231.00 |
Total shares granted |  | 70 |  |  |
Share Issuances—During the three months ended March 31, 2025, the Company issued the following shares under the Stock Incentive Plan and the ESPP:
|  | Shares
RSUs (issued upon vesting) |  | 12 |
PSUs – EPS Based (issued upon vesting) |  | 107 |
PSUs – Liability Based (issued upon vesting) |  | 5 |
ESPP (issued upon sale) |  | 5 |
Total shares issued |  | 129 |
Stock-Based Compensation—The Company recognized $6,344 and $4,048 of stock-based compensation expense during the three months ended March 31, 2025 and 2024, respectively. Included within total stock-based compensation expense for the three months ended March 31, 2025 and 2024 was $87 and $66, respectively, of expense related to the ESPP. Additionally, the Company has liability-based PSUs for which the number of shares awarded is not determined until the vesting date. During the three months ended March 31, 2025 and 2024, the Company recognized $339 and $538, respectively, as a liability and compensation expense, and upon vesting, reclassified the grant date fair value of $632 and $3,200, respectively, from a liability to additional paid in capital. Stock-based compensation expense is primarily recognized within general and administrative expense. The Company recognizes forfeitures as they occur, rather than estimating expected forfeitures. Shares Withheld for Taxes—The Company withheld 47 shares for taxes on the vesting of RSU and PSU stock-based compensation for $5,768 during the three months ended March 31, 2025. Treasury Stock—On December 5, 2023, the Board of Directors approved a program that authorized repurchases of up to $200,000 of the Company’s common stock. Under the program, the Company may repurchase its common stock in the open market or through privately negotiated transactions at such times and at such prices as determined to be in the Company’s best interest. The Company accounts for the repurchase of treasury shares under the cost method. Under the program, the Company repurchased 340 shares of its common stock for $43,846 during the three months ended March 31, 2025. The program expires on December 5, 2025 and may be modified, extended or terminated by the Board of Directors at any time.

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