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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

NOTE 13.    STOCK-BASED COMPENSATION

The Compensation Committee of our Board administers our stock plans. As of June 30, 2025, we have two active stock-based incentive compensation plans: the Amended and Restated 2023 Omnibus Incentive Plan (the “2023 Incentive Plan”) and the Employee Stock Purchase Plan (“ESPP”). We issue all new equity compensation grants under the 2023 Incentive Plan. Outstanding awards previously issued under inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans. We do not have material outstanding stock option awards.

The 2023 Incentive Plan provides for the grant of awards including stock options, stock appreciation rights, performance stock units, performance units, stock, restricted stock, restricted stock units, and cash incentive awards.

The following table summarizes information related to our stock-based incentive compensation plans:

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June 30, 2025

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(in millions)

Shares available for future issuance under the 2023 Incentive Plan

​

1.4

Shares available for future issuance under the ESPP

​

0.5

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Stock-Based Compensation Expense

We recognize stock-based compensation expense based on the fair value of the awards issued and the functional area of the employee receiving the award. During the three and six months ended June 30, 2025, stock-based compensation expense included $0.9 million and $1.8 million, respectively, related to the acquisition of Airity Technologies, Inc. in June 2024 (the “Airity Acquisition”). Stock-based compensation was as follows:

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​

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Three Months Ended June 30, 

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Six Months Ended June 30, 

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​

    

2025

    

2024

    

2025

    

2024

    

​

​

(in millions)

​

Stock-based compensation expense

​

$

13.6

​

$

11.4

​

$

26.6

​

$

22.4

​

​

Restricted Stock Units

Generally, we grant restricted stock units (“RSUs”) with a three-year time-based vesting schedule. Certain RSUs contain performance-based or market-based vesting conditions in addition to the time-based vesting requirements. RSUs are generally granted with a grant date fair value based on the market price of our stock on the date of grant.

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Changes in our RSUs were as follows:

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Six Months Ended June 30, 2025

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​

    

Weighted-

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​

​

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Average

​

​

Number of

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Grant Date

​

​

RSUs

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Fair Value

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(in millions)

​

​

RSUs outstanding at beginning of period

 

1.0

​

$

95.05

RSUs granted

 

0.5

​

$

118.92

RSUs vested

 

(0.4)

​

$

85.09

RSUs forfeited

 

(0.1)

​

$

82.41

RSUs outstanding at end of period

 

1.0

​

$

110.88

​