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Shareholders’ Equity and Stock Incentive Plans | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Shareholders’ Equity and Stock Incentive Plans | Shareholders’ Equity and Stock Incentive Plans Share Repurchase Program On July 27, 2023, the Company’s Board of Directors increased its share repurchase program to $100 million. Share repurchases may be made from time to time in open market transactions, through block trades, pursuant to a Rule 10b5-1 trading plan or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. Share repurchases may be made at management’s discretion based on market conditions and financial resources and there is no minimum number of shares that the Company is required to repurchase. The repurchase program may be suspended or discontinued at any time without prior notice. As of September 30, 2024, the Company had $35.6 million of remaining share repurchase availability under its July 27, 2023 authorization. The following table includes the Company’s share repurchase activity for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
(In thousands, except per share data) |  |  |  |  |  |  |  |
Shares repurchased (1) (2) |  | 815 |  |  | 252 |  |  | 1,804 |  |  | 252 |
Total cost, including brokerage fees |  | $ | 25,821 |  |  | $ | 9,134 |  |  | $ | 55,351 |  |  | $ | 9,134 |
Average repurchase price per share (3) |  | $ | 31.65 |  |  | $ | 36.17 |  |  | $ | 30.67 |  |  | $ | 36.17 |
(1)All repurchased shares were retired and constitute authorized but unissued shares. Shares repurchased to settle employee tax withholding related to the vesting of RSUs or exercise of options are not included in the table above. (2)During the three months ended September 30, 2024, all of the shares were repurchased pursuant to a Rule 10b5-1 trading plan. (3)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. Subsequent to the end of the third quarter of 2024, from October 1, 2024 through October 4, 2024, the Company repurchased an additional 134,613 shares of its common stock at an average price of $31.19 per share for a total purchase price of $4.2 million pursuant to a Rule 10b5-1 trading plan, thereby reducing the remaining share repurchase availability to $31.4 million under its July 27, 2023 authorization. Additionally, on November 5, 2024, the Company’s Board of Directors increased the Company’s share repurchase authorization by $100.0 million, creating $131.4 million of availability under the Company’s share repurchase program. Dividends On February 27, 2024, the Company’s Board of Directors declared a recurring quarterly cash dividend of $0.25 per share of the Company’s common stock. The dividends declared and included in the periods presented were as follows:
Declaration Date |  | Record Date |  | Payment Date |  | Amount per Share |  | Aggregate Amount (in thousands)
February 27, 2024 |  | March 18, 2024 |  | April 4, 2024 |  | $ | 0.25 |  |  | $ | 7,237 |
May 2, 2024 |  | June 14, 2024 |  | July 2, 2024 |  | 0.25 |  |  | 7,123 |
August 6, 2024 |  | September 17, 2024 |  | October 2, 2024 |  | 0.25 |  |  | 6,968 |
Subsequent to the end of the third quarter of 2024, on November 5, 2024, the Company’s Board of Directors authorized its recurring quarterly cash dividend of $0.25 per share of the Company’s common stock payable on January 7, 2025 to shareholders of record as of December 20, 2024. Stock Options The following table summarizes the Company’s stock option activity:
| Stock Options
| Shares |  | Weighted-Average Exercise Price
Outstanding at January 1, 2024 | 1,911,354 |  |  | $ | 9.19 |
Granted | — |  |  | $ | — |
Exercised | (366,000) |  |  | $ | 9.38 |
Cancelled | — |  |  | $ | — |
Expired | — |  |  | $ | — |
Outstanding at September 30, 2024 | 1,545,354 |  |  | $ | 9.14 |
Exercisable at September 30, 2024 | 1,545,354 |  |  | $ | 9.14 |
There was no share-based compensation expense related to stock options for the three and nine months ended September 30, 2024 and 2023. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of September 30, 2024 and 2023. Restricted Stock Units The following table summarizes the Company’s activity related to RSUs and PSUs:
|  | RSUs |  | PSUs
|  | Shares |  | Weighted-Average Grant Date Fair Value |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024 |  | 428,762 |  |  | $ | 34.09 |  |  | 471,935 |  | (1) | $ | 36.40 |
Granted |  | 232,766 |  |  | $ | 33.57 |  |  | 131,906 |  | (2) | $ | 34.06 |
Vested |  | (284,525) |  |  | $ | 28.71 |  |  | (272,362) |  | (3) | $ | 29.00 |
Cancelled |  | (9,350) |  |  | $ | 38.82 |  |  | (42,568) |  | (4) | $ | 41.83 |
Outstanding at September 30, 2024 |  | 367,653 |  |  | $ | 37.67 |  |  | 288,911 |  |  | $ | 41.33 |
(1) Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target (based on awards deemed “earned”), PSUs granted in March 2022 at 89.6% of the target (based on awards deemed “earned”) and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target. (2) The number of shares for the PSUs listed as granted represents the “target” number of PSUs issued to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. (3) Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs. (4) The Company’s financial results for the performance goals applicable to the 2023 PSU Awards were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs listed as granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724. In addition, 5,467 shares of 2023 PSU Awards were forfeited during the nine months ended September 30, 2024. Share-based compensation expense related to RSUs was $1.9 million and $5.2 million for the three and nine months ended September 30, 2024, respectively, and $2.0 million and $5.8 million for the three and nine months ended September 30, 2023, respectively. Share-based compensation expense related to PSUs was $1.0 million and $3.1 million for the three and nine months ended September 30, 2024, respectively, and $1.4 million and $4.2 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, there was $9.5 million and $5.8 million of unrecognized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 1.9 years and 1.7 years for RSUs and PSUs, respectively. As of September 30, 2023, there was $9.1 million and $7.0 million of unrecognized share-based compensation expense related to RSUs and PSUs, respectively, which was expected to be recognized over a weighted-average period of 1.4 years and 1.1 years for RSUs and PSUs, respectively. As of September 30, 2024, a total of 4,332,929 shares of the Company’s common stock remained available for grants of awards under the Golden Entertainment, Inc. 2015 Incentive Award Plan, which includes the annual increase in the number of shares available for grant on January 1, 2024 of 1,146,766 shares.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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