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Employee Benefits | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Employee Benefits | EMPLOYEE BENEFITS Healthcare We participate in multiple healthcare plans, the largest of which is partially self-funded with an insurance company paying benefits in excess of stop loss limits per individual/family. Our healthcare benefit expense (net of employee contributions) was $9.6 million and $8.5 million for the three months ended September 30, 2025 and 2024, respectively, and $26.3 million and $25.5 million for the nine months ended September 30, 2025 and 2024, respectively. An accrual for estimated healthcare claims incurred but not reported (“IBNR”) is included within accrued compensation on the Condensed Consolidated Balance Sheets and was $5.3 million and $4.8 million as of September 30, 2025 and December 31, 2024, respectively. Workers’ Compensation Workers’ compensation expense totaled $8.0 million and $5.1 million for the three months ended September 30, 2025 and 2024, respectively, and $19.8 million and $13.8 million for the nine months ended September 30, 2025 and 2024, respectively. Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in millions):
| September 30, 2025 |  | December 31, 2024
Included in other current liabilities | $ | 9.0 |  |  | $ | 9.2 |
Included in other long-term liabilities | 21.4 |  |  | 18.5 |
| $ | 30.4 |  |  | $ | 27.7 |
We also had an insurance receivable for claims that exceeded the stop loss limit under our self-insured policies as well as claims under our fully insured policies included on the Condensed Consolidated Balance Sheets. This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in millions):
| September 30, 2025 |  | December 31, 2024
Included in other non-current assets | $ | 4.6 |  |  | $ | 4.4 |
Retirement Plans We participate in multiple 401(k) plans, whereby we provide a matching contribution of wages deferred by employees and can also make discretionary contributions to each plan. Certain plans allow for discretionary employer contributions only. These plans cover substantially all our eligible employees. We recognized 401(k) plan expenses of $0.5 million and $0.7 million during the three months ended September 30, 2025 and 2024, respectively, and $2.4 million and $2.6 million for the nine months ended September 30, 2025 and 2024, respectively. These expenses are included in administrative expenses on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. Multiemployer Pension Plans We participate in various multiemployer pension plans under collective bargaining agreements in Washington, Oregon, California and Illinois with other companies in the construction industry. These plans cover our union-represented employees and contributions to these plans are expensed as incurred. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. We do not participate in any multiemployer pension plans that are considered to be individually significant. Share-Based Compensation Common Stock Awards We periodically grant shares of our common stock to non-employee members of our board of directors and our employees. We granted approximately five thousand and four thousand shares during the nine months ended September 30, 2025 and 2024, respectively, under our 2023 Omnibus Incentive Plan to non-employee members of our board of directors. In addition, we granted approximately two thousand and 77 thousand shares of our common stock to employees during the three and nine months ended September 30, 2025, respectively, and seven thousand and 37 thousand shares of our common stock to employees during the three and nine months ended September 30, 2024, respectively. Employees – Performance-Based Stock Awards During the nine months ended September 30, 2025, we issued approximately 34 thousand shares of our common stock to certain officers, which vest in two equal installments on each of April 20, 2026 and April 20, 2027. In addition, during the nine months ended September 30, 2025, we established, and our board of directors approved, performance-based targets in connection with common stock awards to be issued to certain officers in 2026 contingent upon achievement of these targets. In addition, there are various performance-based bonus plans for certain employees to be issued through the 2029 performance period that are accounted for as liability-based awards since they represent a predominantly-fixed monetary amount that will be settled with a variable number of common shares contingent upon achievement of certain performance targets. Some of these awards will vest in 2030 if achieved. During the nine months ended September 30, 2025 and 2024, we issued approximately 11 thousand and four thousand shares of our common stock, respectively, which both vested in the second quarter of 2025. Employees – Performance-Based Restricted Stock Units During 2024, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards which were issued to certain employees in 2025 based upon achievement of a performance target. In addition, during the nine months ended September 30, 2025, we established, and our board of directors approved, performance-based restricted stock units in connection with common stock awards to be issued to certain employees in 2026 based upon achievement of a performance target. These units will be accounted for as equity-based awards that will be settled with a fixed number of common shares. Share-Based Compensation Summary Amounts and changes for each category of equity-based award were as follows:
| Common Stock Awards |  | Performance-Based Stock Awards |  | Performance-Based Restricted Stock Units
| Awards |  | Weighted Average Grant Date Fair Value Per Share |  | Awards |  | Weighted Average Grant Date Fair Value Per Share |  | Units |  | Weighted Average Grant Date Fair Value Per Share
Nonvested awards/units at December 31, 2024 | 105,957 |  |  | $ | 156.41 |  |  | 131,134 |  |  | $ | 133.04 |  |  | 7,861 |  |  | $ | 242.85 |
Granted | 82,027 |  |  | 171.12 |  |  | 46,556 |  |  | 170.99 |  |  | 11,495 |  |  | 170.37 |
Vested | (94,763) |  |  | 155.01 |  |  | (63,985) |  |  | 106.50 |  |  | (7,775) |  |  | 242.22 |
Forfeited/Cancelled | (1,201) |  |  | 174.71 |  |  | — |  |  | — |  |  | (560) |  |  | 190.30 |
Nonvested awards/units at September 30, 2025 | 92,020 |  |  | $ | 170.72 |  |  | 113,705 |  |  | $ | 163.50 |  |  | 11,021 |  |  | $ | 170.37 |
The following table summarizes the share-based compensation expense recognized by award type (in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Common Stock Awards | $ | 2.1 |  |  | $ | 1.8 |  |  | $ | 7.7 |  |  | $ | 4.8 |
Non-Employee Common Stock Awards | 0.3 |  |  | 0.2 |  |  | 0.7 |  |  | 0.6 |
Performance-Based Stock Awards | 1.8 |  |  | 1.7 |  |  | 5.6 |  |  | 5.3 |
Liability Performance-Based Stock Awards | 0.6 |  |  | 0.3 |  |  | 1.1 |  |  | 1.1 |
Performance-Based Restricted Stock Units | 0.5 |  |  | 0.5 |  |  | 1.4 |  |  | 1.4 |
| $ | 5.3 |  |  | $ | 4.5 |  |  | $ | 16.5 |  |  | $ | 13.2 |
We recorded the following stock compensation expense by income statement category (in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 0.8 |  |  | $ | 0.8 |
Selling | 0.1 |  |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Administrative | 4.9 |  |  | 4.1 |  |  | 15.3 |  |  | 12.0 |
| $ | 5.3 |  |  | $ | 4.5 |  |  | $ | 16.5 |  |  | $ | 13.2 |
Administrative stock compensation expense includes all stock compensation earned by our administrative personnel, while cost of sales and selling stock compensation represent all stock compensation earned by our installation and sales employees, respectively. Unrecognized share-based compensation expense related to unvested awards was as follows (in millions):
| As of September 30, 2025
| Unrecognized Compensation Expense on Unvested Awards |  | Weighted Average Remaining Vesting Period
Common Stock Awards | $ | 11.4 |  |  | 2.0 years
Performance-Based Stock Awards | 9.3 |  |  | 1.7 years
Performance-Based Restricted Stock Units | 1.0 |  |  | 0.5 years
Total unrecognized compensation expense related to unvested awards | $ | 21.7 |  |  |
Total unrecognized compensation expense is subject to future adjustments for forfeitures. This expense is expected to be recognized over the remaining weighted-average period shown above on a straight-line basis except for the Performance-Based Stock Awards which uses the graded-vesting method. Shares forfeited are returned as treasury shares and available for future issuances. During the nine months ended September 30, 2025 and 2024, our employees surrendered approxim ately 56 thousand and 36 thousand shares of our common stock, respectively, to satisfy tax withholding obligations arising in connection with the vesting of common stock awards issued under our 2023 and 2014 Omnibus Incentive Plans. As of September 30, 2025, approximately 1.7 million of the 2.1 million shares of common stock authorized for issuance were available for issuance under the 2023 Omnibus Incentive Plan.

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