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EQUITY-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION The Company's stockholders approved the Cable One, Inc. 2022 Omnibus Incentive Compensation Plan (the “2022 Plan”) at the annual meeting of stockholders held on May 20, 2022. The 2022 Plan provides for grants of incentive stock options, non-qualified stock options, Restricted Stock, SARs, cash-based awards, performance-based awards, and other stock-based awards, including deferred stock units and superseded and replaced the Amended and Restated Cable One, Inc. 2015 Omnibus Incentive Compensation Plan. Directors, officers, employees and consultants of the Company are eligible for grants under the 2022 Plan as part of the Company’s long-term incentive compensation programs. At March 31, 2025, 233,119 shares were available for issuance under the 2022 Plan. Beginning in 2025, new RSU and PRSU grants contain retirement eligibility provisions that result in accelerated expensing of awards granted to associates that satisfy certain age and service conditions. Compensation expense associated with equity-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award (unless any retirement eligibility provisions are satisfied earlier), with forfeitures recognized as incurred. The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income, was as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Restricted Stock | $ | 11,185 |  |  | $ | 7,303 |  |  |  |  |
SARs | 126 |  |  | 162 |  |  |  |  |
Total | $ | 11,311 |  |  | $ | 7,465 |  |  |  |  |
The Company recognized excess tax shortfalls of $1.5 million for both the three months ended March 31, 2025 and 2024. The deferred tax asset related to all outstanding equity-based awards was $10.1 million and $8.6 million as of March 31, 2025 and December 31, 2024, respectively. Restricted Stock. A summary of Restricted Stock activity during the three months ended March 31, 2025 is as follows:
| Restricted Stock |  | Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2024 | 158,665 |  | $ | 660.77 |
Granted | 119,344 |  | $ | 401.26 |
Forfeited | (7,859) |  | $ | 588.25 |
Vested and issued | (19,481) |  | $ | 909.97 |
Outstanding as of March 31, 2025 | 250,669 |  | $ | 520.12 |
Vested and deferred as of March 31, 2025 | 7,680 |  | $ | 809.38 |
At March 31, 2025, there was $56.1 million of unrecognized compensation expense related to Restricted Stock, which is expected to be recognized over a weighted average period of 1.8 years. The significant inputs and resulting weighted average grant date fair value for market-based award grants were as follows:
| 2025 |  | 2024
Risk-free interest rate | 4.2 | % |  | 4.0 | %
Expected volatility | 40.6 | % |  | 35.4 | %
Simulation term | 2.99 years |  | 2.99 years
Weighted average grant date fair value | $ | 417.46 |  | $ | 603.73
Stock Appreciation Rights. A summary of SARs activity during the three months ended March 31, 2025 is as follows:
| Stock Appreciation Rights |  | Weighted Average Exercise Price |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value (in thousands) |  | Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2024 | 28,366 |  | $ | 1,028.73 |  |  | $ | 253.47 |  |  | $ | — |  |  | 3.94
Expired | (750) |  | $ | 1,274.05 |  |  | $ | 280.58 |  |  |  |  |
Outstanding as of March 31, 2025 | 27,616 |  | $ | 1,022.07 |  |  | $ | 252.74 |  |  | $ | — |  |  | 3.67
Exercisable as of March 31, 2025 | 26,616 |  | $ | 990.07 |  |  | $ | 243.08 |  |  | $ | — |  |  | 3.57
At March 31, 2025, there was $0.2 million of unrecognized compensation expense related to SARs, which is expected to be recognized over a weighted average period of 0.4 years.

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