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Employee Stock Purchase and Stock Incentive Plans | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Employee Stock Purchase and Stock Incentive Plans | Employee Stock Purchase and Stock Incentive Plans Employee Stock Purchase Plan Effective April 30, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees who elect to participate are granted the right to purchase shares of common stock at a 15% discount of the weighted average selling price of the Company stock for the 30 days prior to the last day of the offering period. The following table summarizes the stock issuance activity under the ESPP for the six months ended June 30, 2024 (in thousands, except share data):
| June 30, 2024
Total purchase price paid by employees for shares sold | $ | 932 |
Number of shares sold | 32,346
Stock Options Effective May 11, 2021 the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The plan is administered by the board of directors (the “Board”), who on its own action or through its designee may make grants of restricted stock options, including Incentive Stock Options (“ISO”), and non-qualified stock options (“NQSO”). The purpose of the Plan is to grant equity incentive awards to eligible participants to attract, motivate and retain key personnel. The Plan supersedes and replaces any prior plan for stock options except that the prior plan shall remain in effect with respect to options granted under such prior plan until such options have been exercised, expired or canceled. The number of shares for which each option shall be granted, whether the option is an ISO or NQSO, the option price, the exercisability of the option, and all other terms and conditions of the option are determined by the Board at the time the option is granted. The options generally vest over a period between two and five years. For the six months ended June 30, 2024, no new options were granted. A summary of the status of stock options exercised, including the substantive options discussed in Note 3, is as follows:
| Number of shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2023 | 5,133 |  | $ | 6.02 |
Granted | – |  | – |
Exercised | (2,508) |  | 5.99 |
Expired or cancelled | – |  | – |
Outstanding at June 30, 2024 | 2,625 |  | $ | 6.05 |
The following summarizes information about options outstanding and exercisable at December 31, 2023 and June 30, 2024:
| Options Outstanding and Exercisable
| Exercise Price |  | Total Outstanding |  | Weighted Average Remaining Life (Years) |  | Weighted Average Exercise Price |  | Total Exercisable
December 31, 2023 | $ | 6.28 |  |  | 5,133 |  | 5.0 |  | $ | 6.02 |  |  | 5,133
June 30, 2024 | $ | 6.28 |  |  | 2,625 |  | 5.0 |  | $ | 6.05 |  |  | 2,625
The intrinsic value of these options on June 30, 2024 and December 31, 2023 was $25.51 and $29.24, respectively. The Company received cash payments of $14,701 from the exercise of options under the Stock Option Plan in the six months ended June 30, 2024. The Company did not record any compensation costs related to stock options during the three and six months ended June 30, 2024. As of June 30, 2024, there is no unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Stock Option Plan. The remaining unexercised shares are from substantive options in which the non-recourse notes may be pre-paid, therefore the Company recognized the total calculated compensation expense at the time of issuance. Stock Bonus Plan Effective May 11, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The Plan is administered by the Board through which they can issue restricted stock awards. As of June 30, 2024, 4,883,271 shares of common stock are authorized and reserved for issuance under the Plan. This reserve automatically increases on each January 1, for the duration of the Plan, in an amount equal to 5% of the total number of shares outstanding on December 31 st of the preceding calendar year. The Plan supersedes and replaces any prior plan for stock bonus grants to employees of the Company except that the prior plan shall remain in effect with respect to awards granted under such prior plan until such awards have been forfeited or fully vested. During the six months ended June 30, 2024, the Board granted 278,217 shares of restricted stock under the Plan. The shares have a vesting period of up to four years during which there are certain restrictions as described in the Plan and Stock Bonus Agreements. The grant date fair value of the award is the closing price of the shares on such date, or if there are no sales on such date, on the next preceding day on which there were sales. Effective April 2003, the Company adopted the Bowman Consulting Group Ltd. Stock Bonus Plan (“the Stock Bonus Plan”), which allowed for the awarding of restricted stock to employees. The Stock Bonus Plan was superseded by the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan except that the Stock Bonus Plan shall remain in effect with respect to awards granted under it until such awards have been forfeited or fully vested. During the six months ended June 30, 2024 no new restricted stock awards were granted under the Stock Bonus Plan. The following table summarizes the activity of restricted shares subject to forfeiture:
| Number of shares |  | Weighted Average Grant Price
Outstanding at January 1, 2024 | 1,719,619 |  | 18.78 |
Granted | 278,217 |  | 32.22 |
Vested | (816,700) |  | 17.24 |
Cancelled | (27,206) |  | 19.36 |
Outstanding at June 30, 2024 | 1,153,930 |  | 23.15 |
On November 10, 2021 the Company’s Board adopted the 2021 Executive Officers Long Term Incentive Plan (the “Officers LTIP”). The Officers LTIP is established under the Plan and is subject to the terms and conditions thereof. The purpose of this plan is to attract, retain and motivate key officers and employees through the grant of equity-based awards that reward Company performance over a period greater than one year and align their interests with long-term stockholder value. During the six months ended June 30, 2024, the compensation committee approved the grants of 137,421 performance-based stock units to certain executive officers of the Company under the Officers LTIP. The performance based restricted stock units are subject to a market condition, with a vesting period of 2.91 years. The number of units earned is based on total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of the components of a custom peer group during the performance period from February 9, 2024 to December 31, 2026. The performance stock units are valued using a Monte Carlo simulation with model inputs of opening average share value, valuation date stock price, expected volatilities, correlation coefficient, risk-free interest rate, and expected dividend yield for the Company and the custom peer group. The following table summarizes the activity of performance stock units subject to forfeiture:
| Number of shares |  | Weighted Average Grant Price
Outstanding at January 1, 2024 | 693,139 |  | 16.49 |
Granted | 137,421 |  | 25.52 |
Vested | (260,842) |  | 13.81 |
Cancelled | – |  | – |
Outstanding at June 30, 2024 | 569,718 |  | 19.90 |
The Company recognizes forfeitures as they occur. As of June 30, 2024, the Company had 1,153,930 shares underlying unvested stock awards that vest between April 1, 2024 and December 31, 2027. The future expense of the unvested awards for the remainder of 2024 and succeeding years is as follows (in thousands):
2024 | $ | 7,854 |
2025 | 11,699 |
2026 | 3,647 |
2027 | 157 |
2028 and thereafter | 6 |
Total | $ | 23,363 |

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