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Capital Stock and Equity Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Capital Stock and Equity Compensation | Capital Stock and Equity Compensation Share Repurchases In 2015, we initiated a share repurchase program (the Program) of up to $100.0 million of the Company’s capital stock to mitigate the dilutive effects of stock option exercises and vesting of restricted stock units granted by the Company, in addition to enhancing shareholder value. In 2024, the Board of Directors authorized an additional $100.0 million to be used for share repurchases. The Program has no expiration date and may be suspended or discontinued at any time without notice. For the three and nine months ended September 30, 2025, we purchased 137,879 shares and 563,869 shares for a total value of $10.0 million and $38.1 million, respectively, using cash from operations and cash on hand. As of September 30, 2025, $66.1 million remained available to purchase under the Program. Our stock repurchases may occur from time to time through open market purchases, privately negotiated transactions or plans designed to comply with Rule 10b5-1 promulgated under the Exchange Act.
(Dollars in millions, except shares and per share amounts) |  |  |  |  |  |
Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
July 1, 2025 to July 31, 2025 |  | — |  | $ | — |  |  | — |  | $ | 76.1 |
August 1, 2025 to August 31, 2025 |  | 137,879 |  | $ | 72.50 |  |  | 137,879 |  | $ | 66.1 |
September 1, 2025 to September 30, 2025 |  | — |  | $ | — |  |  | — |  | $ | 66.1 |
Equity Compensation Equity Compensation Expense The components of equity compensation expense were as follows:
| Three Months Ended |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Performance-based restricted stock units expense | $ | (0.7) |  |  | $ | 1.4 |  |  | $ | 3.2 |  |  | $ | 4.7 |
Time-based restricted stock units expense | 1.1 |  |  | 1.9 |  |  | 4.6 |  |  | 5.9 |
Deferred stock units expense | 0.4 |  |  | — |  |  | 0.6 |  |  | 1.3 |
Other | — |  |  | 0.2 |  |  | 0.3 |  |  | 0.4 |
Total equity compensation expense | $ | 0.8 |  |  | $ | 3.5 |  |  | $ | 8.7 |  |  | $ | 12.3 |
Performance-Based Restricted Stock Units As of September 30, 2025, we had outstanding performance-based restricted stock units with a market condition from 2025, 2024 and 2023. These awards generally cliff vest at the end of a three-year measurement period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. The performance-based restricted stock units with a market condition have one measurement criterion: the three-year total shareholder return on our capital stock as compared to that of a specified group of peer companies. The fair value of this measurement criterion was determined on the grant date using a Monte Carlo simulation valuation model. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. We account for forfeitures as they occur. The following table sets forth the assumptions used in the Monte Carlo calculation for each material award granted in 2025 and 2024:
| February 26, 2025 |  | February 19, 2024 |  | February 13, 2024
Expected volatility | 45.6% |  | 46.3% |  | 46.2%
Expected term (in years) | 2.9 |  | 2.9 |  | 2.9
Risk-free interest rate | 4.28% |  | 4.35% |  | 4.35%
Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility. Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model. Risk-free interest rate – We use an implied “spot rate” yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate. Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model. As of September 30, 2025, we had outstanding performance-based restricted stock units with a performance condition from 2024. These awards generally cliff vest at the end of a two-year performance period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. The performance-based restricted stock units with a performance condition have one measurement criterion: 2025 net revenue. The fair value of these awards was determined based on the market value of the underlying stock price at the grant date with cumulative compensation expense recognized to-date being increased or decreased based on the changes in the forecasted payout percentage as of the end of each reporting period. As of September 30, 2025, the performance condition is not probable of vesting. As such, no compensation expense has been recognized for the performance-based restricted stock units. We account for forfeitures as they occur. A summary of activity of the outstanding performance-based restricted stock units for the nine months ended September 30, 2025 is presented below:
| Performance-Based Restricted Stock Units
Awards outstanding as of December 31, 2024 | 109,106 |
Awards granted | 83,834 |
Stock issued | — |
Awards forfeited/cancelled | (75,581) |
Awards outstanding as of September 30, 2025 | 117,359 |
Time-Based Restricted Stock Units As of September 30, 2025, we had time-based restricted stock unit awards from 2025, 2024, 2023 and 2022 outstanding. The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed subsequent to the last grant anniversary date. Each time-based restricted stock unit represents a right to receive one share of Rogers’ capital stock at the end of the vesting period. The fair value of the award is determined by the market value of the underlying stock price at the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. We account for forfeitures as they occur. A summary of activity of the outstanding time-based restricted stock units for the nine months ended September 30, 2025 is presented below:
| Time-Based Restricted Stock Units
Awards outstanding as of December 31, 2024 | 110,745 |
Awards granted | 112,875 |
Stock issued | (48,324) |
Awards forfeited/cancelled | (50,174) |
Awards outstanding as of September 30, 2025 | 125,122 |
Deferred Stock Units We grant deferred stock units to non-management directors. These awards will generally vest at the one-year anniversary of the award, subject to continuous service. Each deferred stock unit results in the issuance of one share of Rogers’ capital stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined by the market value of the underlying stock price at the grant date. A summary of activity of the outstanding deferred stock units for the nine months ended September 30, 2025 is presented below:
| Deferred Stock Units
Awards outstanding as of December 31, 2024 | 11,900 |
Awards granted | 22,616 |
Stock issued | (10,950) |
Awards outstanding as of September 30, 2025 | 23,566 |

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