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Share Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share Based Compensation | Note 10 – Share-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 | (11,027)
Common stock available for grant of stock-based awards as of September 30, 2025 | 7,973
(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 September 30, 2025. Total equity-based compensation for the three and nine months ended September 30, 2025 and 2024 is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Restricted stock | $ | 5,859 |  |  | $ | 5,738 |  |  | $ | 17,345 |  |  | $ | 16,502 |
Stock options | 426 |  |  | 647 |  |  | 1,639 |  |  | 1,797 |
Performance-based awards | 1,200 |  |  | 567 |  |  | 3,191 |  |  | 1,232 |
Total | $ | 7,485 |  |  | $ | 6,952 |  |  | $ | 22,175 |  |  | $ | 19,531 |
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 nine months ended September 30, 2025 and 2024 are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from stock options exercised | $ | — |  |  | $ | 337 |  |  | $ | — |  |  | $ | 1,086 |
Intrinsic value of stock options exercised | $ | — |  |  | $ | 34 |  |  | $ | — |  |  | $ | 540 |
During the three and nine months ended September 30, 2025, options to purchase 57 shares vested with a weighted average exercise price of $24.73 and options to purchase 182 shares vested with a weighted average exercise price of $36.11 vested, respectively. During the three and nine months ended September 30, 2024, options to purchase 57 shares vested with a weighted average exercise price of $41.26 and options to purchase approximately 195 shares vested with a weighted average exercise price of $34.91, respectively. As of September 30, 2025, there were unvested options relating to 230 shares of common stock outstanding with a total of $1,317 of unrecognized compensation cost and an average vesting period of 1.2 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 nine months ended September 30, 2025 and 2024:
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Volatility |  | 33.6% to 38.5% |  | 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 yield |  | 3.6% |  | 2.0%
Weighted average fair value |  | $6.12 |  | $13.22
Activity relating to stock options granted under the Company’s plans during the nine months ended September 30, 2025 was as follows:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2025 |  | 1,268 |  | $ | 36.82 |  |  |  |  |
Granted |  | 260 |  | 25.04 |  |  |  |  |
Expired |  | (34) |  | 36.10 |  |  |  |  |
Outstanding at September 30, 2025 |  | 1,494 |  | $ | 34.79 |  |  | 2.7 years |  | $ | 3,673 |
Exercisable at September 30, 2025 |  | 1,265 |  | $ | 36.22 |  |  | 2.0 years |  | $ | 1,895 |
Activity relating to stock options granted under the Company’s plans during the nine months ended September 30, 2024 was as follows:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2024 |  | 1,119 |  | $ | 35.62 |  |  |  |  |
Granted |  | 233 |  | 41.32 |  |  |  |  |
Exercised |  | (54) |  | 33.64 |  |  |  |  |
Forfeited |  | (8) |  | 34.54 |  |  |  |  |
Expired |  | (2) |  | $ | 46.47 |  |  |  |  |
Outstanding at September 30, 2024 |  | 1,288 |  | $ | 36.72 |  |  | 2.9 years |  | $ | 15,799 |
Exercisable at September 30, 2024 |  | 1,075 |  | $ | 35.84 |  |  | 2.6 years |  | $ | 14,135 |
Restricted Stock The following table summarizes restricted stock activity during the nine months ended September 30, 2025 and 2024:
|  | 2025 |  | 2024
|  | Number of Shares |  | Weighted Average Fair Value at Grant Date |  | Number of Shares |  | Weighted Average Fair Value at Grant Date
Outstanding at January 1, |  | 1,543 |  | $ | 38.89 |  |  | 1,278 |  | $ | 35.44 |
Granted |  | 779 |  | 32.51 |  |  | 716 |  | 42.16 |
Vested |  | (520) |  | 39.09 |  |  | (328) |  | 34.37 |
Forfeited |  | (51) |  | 35.54 |  |  | (20) |  | 37.09 |
Outstanding at September 30, |  | 1,751 |  | $ | 36.09 |  |  | 1,646 |  | $ | 38.53 |
As of September 30, 2025, the Company had $47,448 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 3.2 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 nine months ended September 30, 2025 and 2024 were $20,328 and $11,287, 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 nine months ended September 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 September 30, 2025 is reflected in the stock-based compensation under performance-based awards. As of September 30, 2025, $8,330 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 1.9 years. No performance-based shares vested in the three and nine months ended September 30, 2025 and 2024. Transaction Incentive Plan ("TIP") Award In connection with the Kurt Geiger acquisition, the Company implemented a Transaction Incentive Plan (“TIP”) under which each participant was issued six classes of “Growth Shares” in SML UK Holding Ltd. Each class is subject to a graded vesting schedule based on the achievement of specified EBITA performance targets over five separate annual measurement periods beginning July 1, 2025, or a cumulative measurement period from July 1, 2025 to June 30, 2030, as well as certain conditions of continued employment through the applicable vesting dates. Upon achievement, the Growth Shares will be settled in cash, and thus, are liability-classified and will be remeasured at fair value at each reporting date until settlement. The total grant-date fair value of each class of Growth Shares of $10,590 was determined using a Monte Carlo simulation model, which incorporates assumptions regarding the Company’s forecasted financial performance, risk-free interest rates, expected volatility, and other relevant market inputs. The Company recognizes compensation expense for Growth Shares if and when the Company concludes that it is probable that the performance condition will be achieved. For the three and nine months ended September 30, 2025, no compensation expense has been recognized.

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