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Equity Compensation and Other Benefit Plans | 3 Months Ended
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Mar. 31, 2025
Compensation Related Costs [Abstract] |
Equity Compensation and Other Benefit Plans | Equity Compensation and Other Benefit Plans (a) Equity Compensation Plan In accordance with the terms of the Company’s Equity Plan, which was approved by the Company’s stockholders on June 6, 2023 (and which amended and restated the Company’s 2020 Equity Compensation Plan), directors, officers and employees of the Company and any of its subsidiaries and other persons expected to provide significant services for the Company and any of its subsidiaries are eligible to receive grants of stock options (“Options”), restricted stock, RSUs, dividend equivalent rights and other stock-based awards under the Equity Plan. Subject to certain exceptions, stock-based awards relating to a maximum of 8.5 million shares of common stock may be granted under the Equity Plan; forfeitures and/or awards that expire unexercised do not count toward this limit. At March 31, 2025, approximately 3.5 million shares of common stock remained available for grant in connection with stock-based awards under the Equity Plan. A participant may generally not receive stock-based awards in excess of 2.0 million shares of common stock in any one year and no award may be granted to any person who, assuming exercise of all Options and payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. Unless previously terminated by the Board, awards may be granted under the Equity Plan until June 6, 2033. Restricted Stock Units Under the terms of the Equity Plan, RSUs are instruments that provide the holder with the right to receive, subject to the satisfaction of conditions set by the Compensation Committee at the time of grant, a payment of a specified value, which may be a share of the Company’s common stock, the fair market value of a share of the Company’s common stock, or such fair market value to the extent in excess of an established base value, on the applicable settlement date. Although the Equity Plan permits the Company to issue RSUs that can settle in cash, all of the Company’s outstanding RSUs as of March 31, 2025 are designated to be settled in shares of the Company’s common stock. The Company granted 1,453,017 and 1,255,486 RSUs during the three months ended March 31, 2025 and 2024, respectively. There were 262,670 RSUs forfeited during the three months ended March 31, 2025, and 255,890 RSUs forfeited during the three months ended March 31, 2024. There were 482,079 and 129,949 RSUs surrendered to satisfy tax obligations during the three months ended March 31, 2025 and 2024, respectively. All holders of RSUs outstanding at March 31, 2025 may be entitled to receive dividend equivalent payments depending on the terms and conditions of the award either in cash at the time dividends are paid by the Company or at the time of settlement of the RSU award, or for performance-based RSU awards, as a grant of stock at the time such awards are settled. At March 31, 2025 and December 31, 2024, the Company had unrecognized compensation expense of $13.2 million and $6.3 million, respectively, related to RSUs. The unrecognized compensation expense at March 31, 2025, is expected to be recognized over a weighted average period of 2.2 years. Restricted Stock The Company did not grant any shares of restricted common stock during the three months ended March 31, 2025 and 2024. At March 31, 2025, the Company did not have any unvested shares of restricted common stock outstanding, and no restricted shares vested during the three months ended March 31, 2025 and 2024. Dividend Equivalents A dividend equivalent is a right to receive a distribution equal to the dividend distributions that would be paid on a share of the Company’s common stock. Dividend equivalents may be granted as a separate instrument or may be a right associated with the grant of another award (e.g., an RSU) under the Equity Plan, and they are paid typically in cash or other consideration at such times and in accordance with such rules as the Compensation Committee of the Board shall determine in its discretion. Dividend equivalent payments are generally charged to Stockholders’ Equity when common stock dividends are declared to the extent that such equivalents are expected to vest. The Company made dividend equivalent payments associated with RSU awards of approximately $0.3 million during the three months ended March 31, 2025, and approximately $1.4 million during the three months ended March 31, 2024. In addition, no dividend equivalents rights awarded as separate instruments were granted during the three months ended March 31, 2025 and 2024. Expense Recognized for Equity-Based Compensation Instruments The following table presents the Company’s expenses related to its equity-based compensation instruments for the three months ended March 31, 2025 and 2024:
|  | Three Months Ended March 31, |  |
(In Thousands) |  | 2025 |  | 2024 |  |  |  |
RSUs |  | $ | 6,052 |  |  | $ | 6,243 |  |  |  |  |
Total |  | $ | 6,052 |  |  | $ | 6,243 |  |  |  |  |
(b) Deferred Compensation Plans The Company administers deferred compensation plans for its senior officers and non-employee directors (collectively, the “Deferred Plans”), pursuant to which participants may elect to defer up to 100% of certain cash compensation. The Deferred Plans are designed to align participants’ interests with those of the Company’s stockholders. Amounts deferred under the Deferred Plans are considered to be converted into “stock units” of the Company. Stock units do not represent stock of the Company, but rather are a liability of the Company that changes in value as would equivalent shares of the Company’s common stock. Deferred compensation liabilities are settled in cash at the termination of the deferral period, based on the value of the stock units at that time. The Deferred Plans are non-qualified plans under the Employee Retirement Income Security Act of 1974 and, as such, are not funded. Prior to the time that the deferred accounts are settled, participants are unsecured creditors of the Company. The Company’s liability for stock units in the Deferred Plans is based on the market price of the Company’s common stock at the measurement date. The following table presents the Company’s expenses (reversal) related to its Deferred Plans for the three months ended March 31, 2025 and 2024:
|  | Three Months Ended March 31, |  |
(In Thousands) |  | 2025 |  | 2024 |  |  |  |
Non-employee directors |  | $ | 100 |  |  | $ | 106 |  |  |  |  |
Total |  | $ | 100 |  |  | $ | 106 |  |  |  |  |
The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through March 31, 2025 and December 31, 2024 that had not been distributed and the Company’s associated liability for such deferrals at March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
(In Thousands) | Undistributed Income Deferred (1) |  | Liability Under Deferred Plans | Undistributed Income Deferred (1) |  | Liability Under Deferred Plans
Non-employee directors |  | $ | 2,498 |  |  | $ | 2,434 |  |  | $ | 2,734 |  |  | $ | 2,561 |
Total |  | $ | 2,498 |  |  | $ | 2,434 |  |  | $ | 2,734 |  |  | $ | 2,561 |
(1) Represents the cumulative amounts that were deferred by participants through March 31, 2025 and December 31, 2024, which had not been distributed through such respective date.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482969/710-10-50-1 + Details
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