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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | 7. Share-based compensation On May 8, 2025, the Company’s stockholders approved the First Amendment to the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Plan Amendment”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Plan Amendment revised the Incentive Plan (as defined below) to increase the number of shares available for issuance under the Incentive Plan by 3,000,000 shares. On May 5, 2021, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan replaced the 2017 Long-Term Incentive Plan (the “Prior Plan”) and is largely based on the Prior Plan, but with updates to the available shares and other administrative changes. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 1.5 million shares of common stock, plus the number of shares that remained available for future grant under the Prior Plan as of the effectiveness of the Incentive Plan. The Prior Plan perm itted the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 3.3 million shares of common stock, plus an additional 1.7 million shares underlying equity awards issued under the 2007 Long-Term Incentive Plan. The Company may also issue share-based compensation as inducement awards to new employees upon approval of the Company’s board of directors and/or the applicable committee or committees thereof, as may be required. During the six months ended June 30, 2025, the Company granted 538 thousand restricted stock units to certain employees. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants or restricted stock units. Compensation cost charged to expense related to share-based compensation arrangements was $3.4 million and $1.8 million for the three months ended June 30, 2025 and 2024, respectively. Compensation cost charged to expense related to share-based compensation arrangements was $5.3 million and $2.6 million for the six months ended June 30, 2025 and 2024, respectively.

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