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Share Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share Based Compensation | Share-Based Compensation The 2017 Employees LTIP was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Employees LTIP makes equity-based awards and cash-based awards available for grant to employee participants in the form of incentive stock options, nonqualified stock options, SARs, restricted stock, restricted stock units, other stock-based awards and cash-based awards. Under the 2017 Employees LTIP, 750,000 common shares are authorized to be delivered in connection with grants under the 2017 Employees LTIP. The common shares to be delivered under the 2017 Employees LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At March 31, 2025, 175,650 common shares were available for future grants under the 2017 Employees LTIP. The 2017 Non-Employee Directors LTIP was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Non-Employee Directors LTIP makes equity-based awards and cash-based awards available for grant to non-employee director participants in the form of nonqualified stock options, SARs, restricted stock, restricted stock units, other stock-based awards, and cash-based awards. Under the 2017 Non-Employee Directors LTIP, 150,000 common shares are authorized to be delivered in connection with grants under the 2017 Non-Employee Directors LTIP. The common shares to be delivered under the 2017 Non-Employee Directors LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At March 31, 2025, 45,000 common shares were available for future grants under the 2017 Non-Employee Directors LTIP. During the three months ended March 31, 2025 and 2024, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 49,350 common shares and 59,165 common shares, respectively, to certain employees of Park and its subsidiaries. At March 31, 2025, Park reported 183,537 nonvested PBRSUs. The number of PBRSUs earned or settled will depend on the level of achievement with respect to certain performance criteria over a three-year period. The PBRSUs are also subject to subsequent service-based vesting. A summary of changes in the common shares subject to nonvested PBRSUs for the three months ended March 31, 2025 follows. PBRSUs herein represent the maximum number of nonvested PBRSUs. The fair value of the PBRSUs was determined using the quoted price of Park stock on the date of grant.
| Common shares subject to PBRSUs | Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024 | 186,936 |  | $ | 122.68 |
Granted | 59,165 |  | 131.30 |
Vested | (54,981) |  | 103.70 |
Forfeited | — |  | — |
Adjustment for performance conditions of PBRSUs (1) | — |  | — |
Nonvested at March 31, 2024 | 191,120 |  | $ | 130.81 |
Nonvested at January 1, 2025 | 186,020 |  | $ | 131.20 |
Granted | 49,350 |  | 170.72 |
Vested | (51,833) |  | 119.31 |
Forfeited | — |  | — |
Adjustment for performance conditions of PBRSUs (1) | — |  | — |
Nonvested at March 31, 2025 (2) | 183,537 |  | $ | 145.19 |
(1) The number of PBRSUs earned depends on the level of achievement with respect to certain performance criteria. Adjustment herein, if any, represents the difference between the maximum number of common shares which could be earned and the actual number earned for those PBRSUs as to which the performance period was completed. (2) Nonvested amount herein represents the maximum number of nonvested PBRSUs. As of March 31, 2025, an aggregate of 181,892 PBRSUs were expected to vest. A summary of awards vested during the three months ended March 31, 2025 and 2024 follows:
|  |  |  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
PBRSUs vested |  |  |  |  |  | 51,833 |  | 54,981 |
Common shares withheld to satisfy employee income tax withholding obligations |  |  |  |  |  | 19,468 |  | 21,937 |
Net common shares issued |  |  |  |  |  | 32,365 |  | 33,044
Share-based compensation expense of $2.0 million was recognized for both the three-month periods ended March 31, 2025 and 2024, respectively. The following table details expected additional share-based compensation expense related to PBRSUs outstanding at March 31, 2025:
(In thousands) |  |
Nine months ending December 31, 2025 |  | $ | 5,218 |
2026 |  | 5,599 |
2027 |  | 3,662 |
2028 |  | 1,527 |
2029 |  | 241 |
Total |  | $ | 16,247 |

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