Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

During the nine months ended September 30, 2025, the Company granted restricted stock, restricted stock units (RSUs) and performance stock units (PSUs) to certain executives and associates. A summary of the Company’s stock option, restricted stock, RSU and PSU activity follows, with PSUs reflected at the target achievement percentage until the completion of the performance period (shares in thousands).


	Stock Options			Restricted Stock & RSUs			PSUs
	Options	Weighted-Average Exercise Price		Shares / Units	Weighted-Average Fair Value		Units	Weighted-Average Fair Value
December 26, 2024	2,884	$	23.22	714	$	15.49	139	$	14.84
Granted	—	—		166	21.86		101	21.86
Exercised (1)	(1)	14.09		—	—		—	—
Vested (2)	—	—		(74)	16.89		—	—
Forfeited	(158)	20.51		(3)	16.57		(3)	16.57
September 30, 2025	2,725	$	23.38	803	$	16.68	237	$	17.80

(1)Exercise activity only applicable to stock options.

(2)Vesting activity not applicable to stock options.

Share-based compensation expense was $1,230 and $6,216, respectively, during the three and nine months ended September 30, 2025, and $2,225 and $7,157, respectively, during the three and nine months ended September 26, 2024. As of September 30, 2025, total unrecognized share-based compensation expense related to stock options was $833, which will be amortized to expense over the weighted-average remaining life of 1.3 years. As of September 30, 2025, total unrecognized share-based compensation expense related to non-vested restricted stock, RSUs and PSUs was $6,943, which will be amortized over the weighted-average remaining service period of 2.1 years.

Shareholders of The Marcus Corporation approved the adoption of the Marcus Corporation Omnibus Incentive Plan effective May 7, 2025 and authorized 2,000,000 shares available for issuance under the plan. At September 30, 2025, there were 1,983,302 shares available for grants of various equity awards under the plan.