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Stockholders' Equity
 3 Months Ended
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,
20252024
SharesFair ValueSharesFair Value
Granted(1)
114,684 $4,764 156,630 $3,834 
Returned for payroll taxes28,656 $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,
20252024
SharesFair ValueSharesFair Value
Granted(1)
— $— 370,590 $3,830 
Cancelled1,180 $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,
20252024
SharesCashSharesCash
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,
20252024
SharesFair ValueSharesFair Value
Granted(1)
90,894 $3,508 — $— 
Returned for payroll taxes142,070 $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,
20252024
SharesPriceSharesPrice
ESPP11,135 $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,
20252024
SharesFair ValueSharesFair 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,
20252024
SharesFair ValueSharesFair 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):
2025Per ShareDollar Value
March 1st$0.1125 $1,722 
2024Per ShareDollar 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,
20252024
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 outstanding15,243 14,876 
Effect of dilutive securities:
Stock options146 17 
Performance awards— 416 
Denominator for diluted earnings per common share – weighted average shares outstanding15,389 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,
20252024
Antidilutive stock options189 1,565