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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation
The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan, and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:
Common stock authorized(1)
19,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards(10,970)
Common stock available for grant of stock-based awards as of June 30, 20258,030
(1) On May 22, 2024, the stockholders of the Company approved amendments to the Steven Madden, Ltd. 2019 Plan to, among other things, increase the number of shares of Company common stock available for issuance under the 2019 Plan. As amended, the 2019 Plan provides that up to a total of 19,000 shares of the Company’s common stock may be issued thereunder.
In addition, vested and unvested options to purchase 1 share of common stock and 133 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of June 30, 2025.
Total equity-based compensation for the three and six months ended June 30, 2025 and 2024 is as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Restricted stock$5,793 $5,573 $11,486 $10,765 
Stock options555 603 1,213 1,149 
Performance-based awards1,187 665 1,991 665 
Total$7,535 $6,841 $14,690 $12,579 
Equity-based compensation is included in operating expenses in the Company’s Condensed Consolidated Statements of Operations.
Stock Options
Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2025 and 2024 are as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Proceeds from stock options exercised$— $527 $— $749 
Intrinsic value of stock options exercised$— $364 $— $506 
During the three and six months ended June 30, 2025, options to purchase 63 shares vested with a weighted average exercise price of $41.29 and options to purchase 125 shares vested with a weighted average exercise price of $41.42 vested, respectively. During the three and six months ended June 30, 2024, options to purchase 65 shares vested with a weighted average exercise price of $31.94 and options to purchase approximately 138 shares vested with a weighted average exercise price of $32.28, respectively. As of June 30, 2025, there were unvested options relating to 277 shares of common stock outstanding with a total of $1,672 of unrecognized compensation cost and an average vesting period of 1.3 years.
The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2025 and 2024:
Six Months Ended June 30,
 20252024
Volatility
33.6% to 38.3%
 34.1% to 47.4%
Risk free interest rate
3.7% to 4.3%
4.0% to 4.6%
Expected life in years
3.0 to 4.0
3.0 to 4.0
Dividend yield3.6%2.0%
Weighted average fair value$6.07$13.22
Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2025 was as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding at January 1, 20251,268$36.82   
Granted25025.08   
Expired(34)36.10 
Outstanding at June 30, 20251,484$34.86 2.9 years$45 
Exercisable at June 30, 20251,208$36.76 2.2 years$— 
Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2024 was as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding at January 1, 20241,119$35.62   
Granted23341.32   
Exercised(46)32.18   
Expired(2)$46.47 
Outstanding at June 30, 20241,304$36.74 3.2 years$7,687 
Exercisable at June 30, 20241,026$35.59 2.7 years$7,296 
Restricted Stock
The following table summarizes restricted stock activity during the six months ended June 30, 2025 and 2024:
 20252024
 Number of SharesWeighted Average Fair Value at Grant DateNumber of SharesWeighted Average Fair Value at Grant Date
Outstanding at January 1,1,543$38.89 1,278$35.44 
Granted75832.65 68342.11 
Vested(499)39.20 (312)34.42 
Forfeited(45)36.46 (20)37.09 
Outstanding at June 30,1,757$36.17 1,629$38.39 
As of June 30, 2025, the Company had $52,798 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average period of 3.4 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.
The fair values of the restricted stock that vested during the six months ended June 30, 2025 and 2024 were $19,574 and $10,732, respectively.
Performance-Based Awards

The Company issues performance-based awards to certain employees, the vesting of which is subject to the employee’s continuing employment and the Company's achievement of certain performance goals. In the first quarters of 2025 and 2024, the Company issued 150 and 86, performance shares (at target), respectively, with a weighted average grant date fair value of $26.05 and $41.63, respectively, that are eligible to be earned over a three-year performance period from January 1, 2025 through December 31, 2027 and January 1, 2024 through December 31, 2026, respectively. During the three and six months ended June 30, 2025 and 2024, the Company estimated that the probable outcome of the performance conditions, based on performance through such date, was that the performance shares will be earned at 185% of the target level. The corresponding expense for the year ended June 30, 2025 is reflected in the stock-based compensation under performance-based awards.
As of June 30, 2025, $9,530 of total unrecognized compensation cost related to non-vested share awards is expected to be recognized using the accelerated attribution method over a weighted-average period of 2.1 years.
No performance-based shares vested in the three and six months ended June 30, 2025 and 2024.