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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity  
Stockholders' Equity

Note 11—Stockholders’ Equity

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Common stock

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We issued 3,118 and 11,359 shares of common stock in the six months ended June 30, 2025, and 2024, respectively, under our long-term retention plan (“LTR Plan”). The shares were purchased by the participants in the LTR Plan with payment made to us of $0.2 million and $0.3 million for the six months ended June 30, 2025, and 2024, respectively. Our LTR Plan for certain managers and executives allows participants to use a portion of their annual bonus amount to purchase our common stock at a discount from the market price. The shares purchased in the six months ended June 30, 2025, were a portion of bonus amounts earned in 2024, and the number of shares purchased was calculated based on 75% of the average daily closing market price of our common stock during December 2024. The shares purchased in the six months ended June 30, 2024, were for bonus amounts earned in 2023, and the number of shares was calculated based on 75% of the average daily closing market price during December 2023.

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During the three months ended June 30, 2025, and 2024, we issued 4,640 and 6,400 shares of common stock, respectively, as part of the quarterly compensation of the non-employee members of the Board of Directors. During the six months ended June 30, 2025, and 2024, we issued 8,376 and 14,384 shares of common stock, respectively, as part of the quarterly compensation of the non-employee members of the Board of Directors.

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During the three and six months ended June 30, 2025, a total of 8,233 and 245,200 restricted and performance stock units, net of forfeitures for tax withholdings, respectively, were converted to common stock. There were 35,850 and 271,569 restricted and performance stock units, net of forfeitures for tax withholdings, converted to common stock during the three and six months ended June 30, 2024, respectively.

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Employee Stock Purchase Plan

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In May 2022, our shareholders approved the 2022 Primoris Services Corporation Employee Stock Purchase Plan (the “ESPP”), for which eligible full-time employees can purchase shares of our common stock at a discount. The purchase price of the stock is 90% of the lower of the market price at the beginning of the offering period or the end of the offering period. Purchases occur semi-annually, approximately 30 days following the filing of our Annual Report on Form 10-K for the fiscal year ended December 31 of each year, but in no cases can extend beyond March 31 of the period or year, and approximately 30 days following the filing of our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30 of each year. For the six months ended June 30, 2025, 11,040 shares were purchased at an average discounted purchase price of $51.80 per share. For the six months ended June 30, 2024, 9,101 shares were purchased at an average discounted purchase price of $35.52 per share.

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Share Purchase Plan

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On April 30, 2025, our Board of Directors authorized a share purchase program under which we may acquire shares up to an aggregate purchase price of $150.0 million. The timing of share purchases, if any, depends on market conditions, share price and other factors. The share purchase program expires on April 30, 2028. During the six months ended June 30, 2025, we did not purchase any shares of common stock. As of June 30, 2025, we had $150.0 million available for purchase under the share purchase program.

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