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Share-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Compensation

Share-Based Compensation

9. Share-Based Compensation

Incentive Plan

The Company makes equity incentive grants pursuant to our 2017 Equity Incentive Plan (the “2017 Plan”) under which a maximum of 3,000 shares may be granted. As of March 31, 2025, 875 shares were available for grants under the 2017 Plan.

Restricted Stock

During the three months ended March 31, 2025, the Company granted 86 shares of common stock with a service vesting condition to certain of its executives, officers and employees. The restricted shares have voting rights and vest in five annual installments of 20%, with the first installment vesting in March of the calendar year following the date of grant (the “first vesting date”) and subsequent installments vesting on each of the four anniversaries of the first vesting date. Upon vesting, shares will be withheld in lieu of taxes equivalent to the minimum statutory tax withholding required to be paid when the restricted stock vests. During the three months ended March 31, 2025, the Company withheld 53 shares of common stock in lieu of taxes at a cost of $9,463 on the restricted stock vesting dates.

A summary of the activity related to restricted stock granted under the 2017 Plan since December 31, 2024 is as follows:

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	Total	​	Grant Date
​	​	Shares	​	Fair Value per Share
Outstanding as of December 31, 2024		403	​	$	104.54
Granted		86	​	$	172.75
Vested		(136)	​	$	97.24
Forfeited, canceled or expired		—	​	$	—
Outstanding as of March 31, 2025		353	​	$	124.10

​

Share-based Compensation Expense

The table below outlines share-based compensation expense for the three months ended March 31, 2025 and 2024 related to restricted stock granted:

​

​	​	​	​	​	​
​	2025			2024
Technology and academic services	$	731	​	$	605
Counseling services and support		1,930	​		1,826
Marketing and communication		65	​		54
General and administrative		904	​		998
Share-based compensation expense included in operating expenses	$	3,630	​	$	3,483
Tax effect of share-based compensation		(908)	​		(871)
Share-based compensation expense, net of tax	$	2,722	​	$	2,612

​

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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