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Stockholders' Equity | 9 Months Ended
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Sep. 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 September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | 156,630 |  | $ | 3,834 |  |  | 142,020 |  | $ | 4,634 |
Returned for payroll taxes | — |  | $ | — |  |  | — |  | $ | — |  |  | 16,354 |  | $ | 419 |  |  | 1,473 |  | $ | 50 |
Cancelled | 28,810 |  | $ | 781 |  |  | — |  | $ | — |  |  | 55,050 |  | $ | 1,623 |  |  | 1,826 |  | $ | 61 |
(1) | Restricted stock granted during the nine months ended September 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 $0.4 million for both the three months ended September 30, 2024 and 2023, and $1.5 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively. Stock Options Stock option grants and cancellations are as follows (in thousands, except shares):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | 370,590 |  | $ | 3,830 |  |  | 214,191 |  | $ | 2,506 |
Cancelled | 44,490 |  | $ | 460 |  |  | 1,700 |  | $ | 20 |  |  | 532,266 |  | $ | 6,311 |  |  | 103,550 |  | $ | 1,354 |
(1) | Stock options granted during the nine months ended September 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 nine months ended September 30, 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
Additional stock option activity is as follows (in thousands, except shares):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Cash |  | Shares | Cash |  | Shares | Cash |  | Shares | Cash
Exercised(1) | 2,360 |  | N/A |  | 44,900 |  | N/A |  | 52,360 |  | $ | 1,271 |  |  | 74,200 |  | N/A
Returned for option price(2) | 2,086 |  | $ | — |  |  | 34,160 |  | $ | — |  |  | 2,086 |  | $ | — |  |  | 56,957 |  | $ | — |
Returned for payroll taxes(3) | 176 |  | $ | 5 |  |  | 4,021 |  | $ | 133 |  |  | 176 |  | $ | 5 |  |  | 5,486 |  | $ | 174 |
(1) | Stock options exercised during the three months ended September 30, 2024 and 2023 had a weighted average exercise price of $26.54 and $25.10 with an aggregate intrinsic value of $14,844 and $0.4 million, respectively. Stock options exercised during the nine months ended September 30, 2024 and 2023 had a weighted average exercise price of $25.48 and $23.98 with an aggregate intrinsic value of $0.4 million and $0.5 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 $0.7 million for both the three months ended September 30, 2024 and 2023, and $1.7 million and $2.2 million for the nine months ended September 30, 2024 and 2023, respectively. Performance Awards Performance award activity is as follows (in thousands, except shares):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Cancelled | — |  | $ | — |  |  | — |  | $ | — |  |  | 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 $0.6 million, for the three months ended September 30, 2024 and 2023, respectively, and $0.6 million and $1.3 million for nine months ended September 30, 2024 and 2023, respectively. Employee Stock Purchase Plan ESPP activity is as follows (in thousands, except shares):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Price |  | Shares | Price |  | Shares | Price |  | Shares | Price
ESPP | 11,376 |  | $ | 21.26 |  |  | 11,782 |  | $ | 24.01 |  |  | 42,942 |  | $ | 21.26 |  |  | 49,824 |  | $ | 24.21 |
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 for both the three months ended September 30, 2024 and 2023, and $0.3 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively. Common Stock Former Employee Common stock activity is as follows (in thousands, except shares):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 30,000 |  | $ | 826 |
Returned for payroll taxes | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 1,001 |  | $ | 28 |
(1) | During the nine months ended September 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 nine months ended September 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 September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | 31,470 |  | $ | 790 |  |  | 8,444 |  | $ | 276 |
(1) | Common stock granted during the nine months ended September 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. Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Board of Directors(1) | 3,919 |  | $ | 131 |  |  | 3,747 |  | $ | 106 |  |  | 13,345 |  | $ | 385 |  |  | 8,342 |  | $ | 248 |
Advisor to the Board(1) | 152 |  | $ | 5 |  |  | 176 |  | $ | 5 |  |  | 522 |  | $ | 15 |  |  | 492 |  | $ | 15 |
(1) | Common stock granted during the three months ended September 30, 2024 and 2023 had a weighted average price of $32.83 and $28.25, respectively, and $28.66 and $29.78 for the nine months ended September 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 and $0.3 million for the three months ended September 30, 2024, and 2023, respectively, and $0.9 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively. Share Repurchase We did not repurchase any shares during the three and nine months ended September 30, 2024 and 2023. At September 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):
2024 | Per Share |  | Dollar Value
March 1 st | $ | 0.1125 |  |  | $ | 1,686 |
June 1 st | $ | 0.1125 |  |  | $ | 1,704 |
September 1 st | $ | 0.1125 |  |  | $ | 1,708 |
2023 | Per Share |  | Dollar Value
March 1 st | $ | 0.1125 |  |  | $ | 1,661 |
June 1 st | $ | 0.1125 |  |  | $ | 1,679 |
September 1 st | $ | 0.1125 |  |  | $ | 1,683 |

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