
	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	142,020	$	4,634	156,630	$	3,834
Returned for payroll taxes	1,434	$	49	16,315	$	418
Cancelled	2,400	$	79	26,240	$	841

(1)

Restricted stock granted during the three months ended March 31 2023 and 2024 vests over a three-year period, if the employee has remained continuously employed by us during the vesting period, at a weighted average stock price of $32.63 and $24.48, respectively.

We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for restricted stock awards of $0.2 million and $0.5 million, for the three months ended March 31, 2023 and 2024, respectively.


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	214,191	$	2,506	370,590	$	3,830


Cancelled	92,440	$	1,231	294,728	$	3,757

(1)

Stock options granted during the three months ended March 31, 2023 and 2024 had a weighted average price of $32.69 and $24.48, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2023 and 2024 vest over a three-year period and have a ten-year term. These options will vest if the employee has remained continuously employed by us through the vesting period.

The fair value of the options granted during the three months ended March 31, 2024 was estimated using the Black-Scholes option pricing model with the following assumptions:


Grant Date												February 21, 2024
Expected holding period (years)												6.00
Awards granted												370,590
Dividend yield												1.79%
Expected volatility												43.59%
Risk-free interest rate												4.31%
Black-Scholes value												$10.34


	Three months ended March 31,
	2023			2024
	Shares	Cash		Shares	Cash
Exercised(1)	12,000	N/A		—	N/A
Returned for option price(2)	10,145	$	—	—	$	—
Returned for payroll taxes(3)	729	$	21	—	$	—



(1)			Stock options exercised during the three months ended March 31, 2023 had a weighted average exercise price of $25.43 with an aggregate intrinsic value of $0.1 million.
(2)			Represents shares withheld/cash received for the payment of the option price.
(3)			Represents shares withheld/cash paid for the payment of payroll taxes.

We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for stock options of $0.7 million and $0.2 million, for the three months ended March 31, 2023 and 2024, respectively.


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value

Cancelled	40,804	$	1,119	80,276	$	871

For the three months ended March 31, 2023 and 2024, we recorded stock-based compensation expense of $0.1 million and stock-based compensation benefit of $0.4 million, respectively, for performance awards, which is included in General, administrative and other expenses.


	Three months ended March 31,
	2023			2024
	Shares	Price		Shares	Price
ESPP	21,656	$	24.28	16,296	$	21.26

The fair value of the right (option) to purchase shares under the ESPP is estimated at the date of purchase with the four quarterly purchase dates using the following assumptions:


			2024
Dividend yield			1.84%
Expected volatility			41.15%
Risk-free interest rate			5.46%, 5.24%, 5.02%, 4.80%
Expected life (years)			0.25, 0.50, 0.75, 1.00

We recorded stock-based compensation expense, which is included in General, administrative and other expenses and Regional and unallocated funeral and cemetery costs, for the ESPP totaling $0.3 million and $0.2 million for the three months ended March 31, 2023 and 2024, respectively.


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	30,000	$	826	—	$	—
Returned for payroll taxes	1,001	$	28	—	$	—

(1)

During the three months ended March 31, 2023, we issued 30,000 shares of common stock to a former executive at a stock price of $27.54, in accordance with his Separation and Release agreement pertaining to his resignation from his position as the Company’s Executive Vice President, Chief Financial Officer & Treasurer effective January 2, 2023.

We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for common stock awards of $0.8 million, for the three months ended March 31, 2023.

Common stock issued to certain employees under this incentive program is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	8,444	$	276	31,470	$	790

(1)

Common stock granted during the three months ended March 31, 2023 and 2024 had a grant date stock price of $32.69 and $25.08, respectively.

Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Board of Directors(1)	3,518	$	107	3,999	$	108
Advisor to the Board(1)	163	$	5	184	$	5

(1)

Common stock granted during the three months ended March 31, 2023 and 2024 had a weighted average price of $30.52 and $27.04, respectively.

We recorded compensation expense, which is included in General, administrative and other expenses, related to annual retainers, including the value of stock granted to non-employee Directors and an advisor to our Board, of $0.2 million and $0.5 million for the three months ended March 31, 2023 and 2024, respectively.

We did not repurchase any shares during the three months ended March 31, 2023 and 2024. At March 31, 2024, our share repurchase program had $48.9 million authorized for repurchases.

Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts):


2024	Per Share		Dollar Value
March 1st	$	0.1125	$	1,686



2023	Per Share		Dollar Value
March 1st	$	0.1125	$	1,661