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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Restricted Stock Restricted stock activity is as follows (in thousands, except shares):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) |  |  |  |  |  |  | 114,684 |  | $ | 4,764 |  |  | 156,630 |  | $ | 3,834 |
Returned for payroll taxes |  |  |  |  |  |  | 28,656 |  | $ | 1,168 |  |  | 16,315 |  | $ | 418 |
Cancelled |  |  |  |  |  |  | — |  | $ | — |  |  | 26,240 |  | $ | 841 |
(1) | Restricted stock granted during the three months ended March 31, 2025 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 $41.54 and $24.48, respectively.
We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for restricted stock awards of $0.7 million and $0.5 million, for the three months ended March 31, 2025 and 2024, respectively. Stock Options Stock option grants and cancellations are as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | — |  | $ | — |  |  | 370,590 |  | $ | 3,830 |  |  |  |  |  |  |
Cancelled | 1,180 |  | $ | 15 |  |  | 294,728 |  | $ | 3,757 |  |  |  |  |  |  |
(1) | Stock options granted during the three months ended March 31, 2024 had a weighted average price of $24.48. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 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.
Additional stock option activity is as follows (in thousands, except shares):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Cash |  | Shares | Cash
Exercised(1) |  |  |  |  |  |  | 190,415 |  | $ | 321 |  |  | — |  | $ | — |
Returned for option price(2) |  |  |  |  |  |  | 112,858 |  | $ | 4,493 |  |  | — |  | $ | — |
Returned for payroll taxes(3) |  |  |  |  |  |  | 20,016 |  | $ | 799 |  |  | — |  | $ | — |
(1) | Stock options exercised during the three months ended March 31, 2025 had a weighted average exercise price of $25.28 with an aggregate intrinsic value of $2.7 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 $0.8 million and $0.2 million, for the three months ended March 31, 2025 and 2024, respectively. Performance Awards During the three months ended March 31, 2025, we granted performance awards to our executive leadership team payable in shares. These awards will vest, if at all, provided that certain predetermined performance metrics related to the Company's adjusted consolidated EBITDA (adjusted earnings before interest tax depreciation and amortization) are achieved during the period commencing on the grant date, March 7, 2025, through March 31, 2028, subject to certification by the Compensation Committee of the Board of Directors (“Board”) and the individual remaining continuously employed by us through such date. The performance award activity for the three months ended March 31, 2025 is as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | 90,894 |  | $ | 3,508 |  |  | — |  | $ | — |  |  |  |  |  |  |
Returned for payroll taxes | 142,070 |  | $ | 5,662 |  |  | — |  | $ | — |  |  |  |  |  |  |
Cancelled | — |  | $ | — |  |  | 80,276 |  | $ | 871 |  |  |  |  |  |  |
(1) | The fair value of the performance awards granted during the three months ended March 31, 2025 was calculated using the stock price on the grant date of $38.59.
For the three months ended March 31, 2025 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. Employee Stock Purchase Plan ESPP activity is as follows:
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Price |  | Shares | Price
ESPP |  |  |  |  |  |  | 11,135 |  | $ | 32.94 |  |  | 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:
| 2025
Dividend yield | 1.16%
Expected volatility | 28.78%
Risk-free interest rate | 4.36%, 4.25%, 4.21%, 4.17%
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 March 31, 2025 and 2024, respectively. Common Stock 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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | 11,958 |  | $ | 496 |  |  | 31,470 |  | $ | 790 |  |  |  |  |  |  |
(1) | Common stock granted during the three months ended March 31, 2025 and 2024 had a grant date stock price of $41.54 and $25.08, respectively.
Non-Employee Director and Board Advisor Compensation Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Fair Value |  | Shares | Fair Value
Board of Directors(1) |  |  |  |  |  |  | 1,866 |  | $ | 72 |  |  | 3,999 |  | $ | 108 |
Advisor to the Board(1) |  |  |  |  |  |  | 129 |  | $ | 5 |  |  | 184 |  | $ | 5 |
(1) | Common stock granted during the three months ended March 31, 2025 and 2024 had a grant date stock price of $38.75 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 $0.3 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively. Share Repurchase We did not repurchase any shares during the three months ended March 31, 2025 and 2024. At March 31, 2025, 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):
2025 | Per Share | Dollar Value
March 1st | $ | 0.1125 |  | $ | 1,722 |
2024 | Per Share | Dollar Value
March 1st | $ | 0.1125 |  | $ | 1,686 |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of the basic and diluted earnings per share (in thousands, except per share data):
|  |  | Three months ended March 31, |
|  |  |  |  | 2025 |  | 2024 |  |  |
Numerator for basic and diluted earnings per share: |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  | $ | 20,926 |  |  | $ | 6,973 |  |  |  |
Less: Earnings allocated to unvested restricted stock |  |  |  |  | (347) |  |  | (101) |  |  |  |
Income attributable to common stockholders |  |  |  |  | $ | 20,579 |  |  | $ | 6,872 |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per common share – weighted average shares outstanding |  |  |  |  | 15,243 |  |  | 14,876 |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |
Stock options |  |  |  |  | 146 |  |  | 17 |  |  |  |
Performance awards |  |  |  |  | — |  |  | 416 |  |  |  |
Denominator for diluted earnings per common share – weighted average shares outstanding |  |  |  |  | 15,389 |  |  | 15,309 |  |  |  |
Basic earnings per common share: |  |  |  |  | $ | 1.35 |  |  | $ | 0.46 |  |  |  |
Diluted earnings per common share: |  |  |  |  | $ | 1.34 |  |  | $ | 0.45 |  |  |  |
Stock options excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect are as follows (in thousands):
|  |  | Three months ended March 31, |
|  |  |  |  | 2025 |  | 2024 |  |  |
Antidilutive stock options |  |  |  |  | 189 |  |  | 1,565 |  |  |  |

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