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Equity-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Equity-Based Compensation | EQUITY-BASED COMPENSATION The Company awards equity-based compensation to employees and non-employee directors, which is recognized in the consolidated statements of income based on the grant-date fair value of the award. The Company uses the straight-line method for recording compensation expense over a vesting period generally up to four years with either graded or cliff vesting. Stock compensation expense recognized during the period is based on the value of the portion of equity-based awards that is ultimately expected to vest during the period reduced by the expense on unvested awards forfeited during the period. The Gibraltar Industries, Inc. Amended and Restated 2018 Equity Incentive Plan (the "Amended 2018 Plan") which includes a total of 1,631,707 shares available for issuance, allows the Company to grant equity-based incentive compensation awards, in the form of non-qualified options, restricted shares, restricted stock units, performance shares, performance stock units, and stock rights to eligible participants. The Gibraltar Industries, Inc. Amended and Restated 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which includes 200,000 shares available for issuance, allows the Company to grant awards of shares of the Company's common stock to current non-employee Directors of the Company, and permits the Directors to defer receipt of such shares pursuant to the terms of the Non-Employee Directors Plan. At December 31, 2024, approximately 684,000 shares were available for issuance under the Amended 2018 Plan as incentive stock options or other stock awards, and approximately 75,000 shares were available for issuance under the Non-Employee Directors Plan as awards of shares of the Company's common stock. The compensation cost for employee and non-employee director equity-based compensation plans for all current and prior year awards granted along with the related tax benefits recognized during the years ended December 31 were as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Total stock compensation expense | $ | 10,963 |  |  | $ | 9,750 |  |  | $ | 8,334 |
Tax benefits recognized related to stock compensation expense | $ | 2,302 |  |  | $ | 2,516 |  |  | $ | 2,175 |
Equity Based Awards - Settled in Stock The following table provides the number of stock units and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award:
|  | 2024 |  | 2023 |  | 2022
Awards |  | Number of Awards |  | Weighted Average Grant Date Fair Value |  | Number of Awards |  | Weighted Average Grant Date Fair Value |  | Number of Awards |  | Weighted Average Grant Date Fair Value
Deferred stock units |  | 3,340 |  |  | $ | 68.86 |  |  | 6,351 |  |  | $ | 54.33 |  |  | 2,460 |  |  | $ | 42.69 |
Common stock |  | 7,564 |  |  | $ | 68.64 |  |  | 8,468 |  |  | $ | 54.33 |  |  | 15,652 |  |  | $ | 42.49 |
Restricted stock units |  | 82,930 |  |  | $ | 71.77 |  |  | 99,820 |  |  | $ | 61.93 |  |  | 132,430 |  |  | $ | 43.92 |
Performance stock units (1) |  | 60,765 |  |  | $ | 77.28 |  |  | 85,323 |  |  | $ | 53.22 |  |  | 108,464 |  |  | $ | 47.00 |
(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance. The number of shares to be issued may vary between 0% and 200% of the number of PSUs granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on the Company’s return on invested capital (“ROIC”) over a one-year period performance period. Stock Units and Common Stock The following table summarizes information about non-vested restricted stock units and performance stock units (that will convert to shares upon vesting), deferred stock units and common stock:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Common Stock |  | Weighted Average Grant Date Fair Value |  | Performance Stock Units |  | Weighted Average Grant Date Fair Value |  | Deferred Stock Units (2) |  | Weighted Average Grant Date Fair Value
Balance at December 31, 2023 | 232,970 |  |  | $ | 53.75 |  |  | — |  |  | $ | — |  |  | 136,246 |  |  | $ | 52.27 |  |  | 44,479 |  |  | $ | 46.90 |
Granted | 82,930 |  |  | $ | 71.77 |  |  | 7,564 |  |  | $ | 68.64 |  |  | 60,765 |  |  | $ | 77.28 |  |  | 3,340 |  |  | $ | 68.86 |
Adjustments (1) | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 76,734 |  |  | $ | 53.04 |  |  | — |  |  | $ | — |
Vested | (63,451) |  |  | $ | 60.34 |  |  | (7,564) |  |  | $ | 68.64 |  |  | (10,148) |  |  | $ | 68.73 |  |  | (13,329) |  |  | $ | 36.47 |
Forfeited | (20,109) |  |  | $ | 60.75 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Balance at December 31, 2024 | 232,340 |  |  | $ | 57.78 |  |  | — |  |  | $ | — |  |  | 263,597 |  |  | $ | 57.62 |  |  | 34,490 |  |  | $ | 53.06 |
(1) Adjustments during the first quarter of 2024 for (i) an additional 77,498 units for PSUs granted in 2023 to reflect 200.0% of the target amount granted based on the Company's actual ROIC compared to ROIC target for the performance period ended December 31, 2023, and (ii) a reduction of 764 units for PSUs granted in 2020 to reflect 93.0% of the target amount granted based on individual performance goals ended December 31, 2023. (2) Vested and issuable upon termination from service as a member of the Company's Board of Directors. The fair value of the restricted stock units, common stock, performance stock units with a financial performance condition, and deferred stock units granted during the three years ended December 31, 2024 was based on the Company's stock price at grant date of the award. The following table sets forth the aggregate fair value of restricted stock units, common stock, performance stock units with a financial performance condition, and deferred stock units that vested during the years ended December 31 (in thousands):
| 2024 |  | 2023 |  | 2022
Aggregate fair value of vested restricted stock units | $ | 4,626 |  |  | $ | 4,740 |  |  | $ | 3,920 |
Aggregate fair value of vested common stock | $ | 519 |  |  | $ | 460 |  |  | $ | 665 |
Aggregate fair value of vested performance stock units | $ | 788 |  |  | $ | 3,999 |  |  | $ | 6,729 |
Aggregate fair value of vested deferred stock units | $ | 230 |  |  | $ | 345 |  |  | $ | 105 |
As of December 31, 2024, there was $9.5 million of total unrecognized compensation cost related to non-vested restricted stock units and performance stock units. This cost is expected to be recognized over a weighted average period of 2.0 years. Equity Based Awards - Settled in Cash Management Stock Purchase Plan The Company's equity-based awards that are settled in cash are the awards under the Management Stock Purchase Plan (the "MSPP") which is authorized under the Company's equity incentive plans. The MSPP provides participants the ability to defer a portion of their compensation, convertible to unrestricted investments, restricted stock units, or a combination of both, or defer a portion of their directors’ fees, convertible to restricted stock units. Employees eligible to defer a portion of their compensation also receive a company-matching award in restricted stock units equal to a percentage of their deferred compensation. The deferrals and related company match are credited to an account that represents a share-based liability. The portion of the account deferred to unrestricted investments is measured at fair market value of the unrestricted investments, and the portion of the account deferred to restricted stock units and company-matching restricted stock units is measured at a 200-day average of the Company's stock price. The account will be converted to and settled in cash payable to participants upon retirement or a termination of their service to the Company. Total MSPP liabilities recorded on the consolidated balance sheet as of December 31, 2024 were $23.7 million, of which $3.2 million was included in accrued expenses and $20.5 million was included in other non-current liabilities. Total MSPP liabilities recorded on the consolidated balance sheet as of December 31, 2023 were $20.0 million, of which $2.0 million was included in accrued expenses and $18.0 million was included in other non-current liabilities. The value of the restricted stock units within the MSPP liabilities was $18.1 million and $17.3 million at December 31, 2024 and 2023, respectively. The following table provides the number of restricted stock units credited to active participant accounts, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to MSPP liabilities and MSPP expense during years ended December 31:
| 2024 |  | 2023 |  | 2022
Restricted stock units credited | 43,566 |  |  | 48,921 |  |  | 12,365 |
Restricted stock units balance, vested and unvested | 205,221 |  |  | 199,946 |  |  | 158,644 |
Share-based liabilities paid (in thousands) | $ | 2,821 |  |  | $ | 2,392 |  |  | $ | 3,689 |
MSPP expense (recovery) (in thousands) | $ | 3,890 |  |  | $ | 4,710 |  |  | $ | (4,459) |

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