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Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Restricted Stock
Restricted stock activity is as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesFair ValueSharesFair ValueSharesFair ValueSharesFair Value
Granted(1)
— $— — $— 156,630 $3,834 142,020 $4,634 
Returned for payroll taxes39 $1 39 $1 16,354 $419 1,473 $50 
Cancelled— $— 776$27 26,240 $841 1,826 $61 
(1)
Restricted stock granted during the six months ended June 30 2024 and 2023 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 $24.48 and $32.63, respectively.
We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for restricted stock awards of $0.6 million and $0.4 million, for the three months ended June 30, 2024 and 2023, respectively, and $1.1 million and $0.6 million for the six months ended June 30, 2024 and 2023, respectively.
Stock Options
Stock option grants and cancellations are as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesFair ValueSharesFair ValueSharesFair ValueSharesFair Value
Granted(1)
— $— — $— 370,590 $3,830 214,191 $2,506 
Cancelled193,048 $2,095 13,810 $152 487,776 $5,852 101,850 $1,334 
(1)
Stock options granted during the six months ended June 30, 2024 and 2023 had a weighted average price of $24.48 and $32.69, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2024 and 2023 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 six months ended June 30, 2024 was estimated using the Black-Scholes option pricing model with the following assumptions:
Grant DateFebruary 21, 2024
Expected holding period (years)6.00
Awards granted370,590
Dividend yield1.79%
Expected volatility43.59%
Risk-free interest rate4.31%
Black-Scholes value$10.34
Additional stock option activity is as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesCashSharesCashSharesCashSharesCash
Exercised(1)
50,000 $1,271 17,300 N/A50,000 $1,271 29,300 N/A
Returned for option price(2)
— $— 12,652 $— — $— 22,797 $— 
Returned for payroll taxes(3)
— $— 736 $20 — $— 1,465 $41 
(1)
Stock options exercised during the three months ended June 30, 2024 and 2023 had a weighted average exercise price of $25.43 and $20.06 with an aggregate intrinsic value of $0.1 million and $0.2 million, respectively. Stock options exercised during the six months ended June 30, 2024 and 2023 had a weighted average exercise price of $25.43 and $22.26 with an aggregate intrinsic value of $0.1 million and $0.3 million, respectively.
(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 $0.8 million and $0.7 million, for the three months ended June 30, 2024 and 2023, respectively, and $1.0 million and $1.4 million for the six months ended June 30, 2024 and 2023, respectively.
Performance Awards
Performance award activity is as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesFair ValueSharesFair ValueSharesFair ValueSharesFair Value
Cancelled— $— 2,795 $27 80,276 $871 40,181 $1,012 
We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for performance awards of $0.5 million and $0.7 million, for the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.7 million for six months ended June 30, 2024 and 2023, respectively.
Employee Stock Purchase Plan
ESPP activity is as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesPriceSharesPriceSharesPriceSharesPrice
ESPP15,270 $21.26 16,386 $24.28 31,566 $21.26 38,042 $24.28 
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 $0.1 million and $0.2 million for the three months ended June 30, 2024 and 2023, respectively, and $0.3 million and $0.4 million for the six months ended June 30, 2024 and 2023, respectively.
Common Stock
Former Employee
Common stock activity is as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesFair ValueSharesFair ValueSharesFair ValueSharesFair Value
Granted(1)
— $— — $— — $— 30,000 $826 
Returned for payroll taxes— $— — $— — $— 1,001 $28 
(1)
During the six months ended June 30, 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 six months ended June 30, 2023.
Good To Great Incentive Program
Common stock issued to certain employees under this incentive program is as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesFair ValueSharesFair ValueSharesFair ValueSharesFair Value
Granted(1)
— $— — $— 31,470 $790 8,444 $276 
(1)
Common stock granted during the six months ended June 30, 2024 and 2023 had a grant date stock price of $25.08 and $32.69, respectively.
Non-Employee Director and Board Advisor Compensation
On April 2, 2024, the Board of Directors (the “Board”) of the Company revised the Director Compensation Policy to provide that each independent director is entitled to a quarterly retainer of $37,500 payable in cash and/or unrestricted shares of our common stock at the end of each quarter. The chair of the Board, so long as he or she is an independent director, and the chair of our Audit Committee shall be entitled to an additional annual retainer of $20,000, payable in quarterly installments of $5,000 each at the end of each quarter, the chair of our Compensation Committee is entitled to an additional annual retainer of $15,000, payable in quarterly installments of $3,750 at the end of each quarter, and the chair of our Corporate Governance Committee is entitled to an additional annual retainer of $10,000, payable in quarterly installments of $2,500 at the end of each quarter.
Any new independent director will receive upon admission to the Board a grant of $25,000 (in addition to the independent director annual retainer prorated at the time the new director is admitted to the Board) which can be taken in cash or unrestricted shares of our common stock. The number of shares of such common stock will be determined by dividing the cash amount by the closing price of our common stock on the date of grant, which will be the date of admission to the Board.
On May 14, 2024, the Board elected Julie Sanders to serve as chair of the Board’s Corporate Governance Committee, effective on that date, which was a result of the previous announcement of Chad Fargason, the prior chair of the Corporate Governance Committee, being elected to serve as the Company’s Non-Executive Chairman of the Board, effective March 7, 2024.

Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):
Three months ended June 30,Six months ended June 30,
2024202320242023
SharesFair ValueSharesFair ValueSharesFair ValueSharesFair Value
Board of Directors(1)
5,427 $146 1,077 $35 9,426 $254 4,595 $142 
Advisor to the Board(1)
186 $5 153 $5 370 $10 316 $10 
(1)
Common stock granted during the three months ended June 30, 2024 and 2023 had a weighted average price of $26.84 and $32.47, respectively, and $26.93 and $31.01 for the six months ended June 30, 2024 and 2023, 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 for both the three months ended June 30, 2024, and 2023 and $0.7 million and $0.4 million for the six months ended June 30, 2024 and 2023, respectively.
Share Repurchase
We did not repurchase any shares during the three and six months ended June 30, 2024 and 2023. At June 30, 2024, our share repurchase program had $48.9 million authorized for repurchases.
Cash Dividends
Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts):
2024Per ShareDollar Value
March 1st
$0.1125 $1,686 
June 1st
$0.1125 $1,704 
2023Per ShareDollar Value
March 1st
$0.1125 $1,661 
June 1st
$0.1125 $1,679