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SHAREHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
SHAREHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | 8. SHAREHOLDERS’ EQUITY 2023 Non-Employee Director Stock Plan Effective May 2023, the Company adopted the Miller Industries, Inc. 2023 Non-Employee Director Stock Plan (the “2023 Plan”). Pursuant to the 2023 Plan, the Board of Directors may grant up to 125,000 shares under share-based awards to non-employee directors of the Company. The 2023 Plan provides for the issuance of restricted stock, restricted stock units, unrestricted shares of common stock and non-statutory stock options, or any combination thereof on the first business day after each annual meeting of shareholders of the Company. The 2023 Plan will terminate on May 26, 2033. 2025 Stock Incentive Plan Effective May 2025, the Company adopted the Miller Industries, Inc. 2025 Stock Incentive Plan (the “2025 Plan”). Pursuant to the 2025 Plan, the Board of Directors may grant up to 500,000 shares of common stock under share-based awards to employees, directors, consultants, advisors, and other persons who perform services for the Company or a subsidiary. The 2025 Plan provides for the issuance of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance share units, other awards or any combination thereof. The 2025 Plan will terminate on March 31, 2035. The 2025 Plan replaces the Miller Industries, Inc. 2016 Stock Incentive Plan (the “2016 Plan”). While previously-granted awards remain outstanding under the 2016 Plan, no new awards can be granted under that plan. Restricted Stock Units Restricted stock units, once granted, are subject only to time-based service conditions. Executive officer awards vest ratably over three to five years (depending on award granted) and non-employee director awards cliff-vest after one year. The following table summarizes all transactions related to restricted stock units granted under the 2016 Plan, the 2023 Plan, and the 2025 Plan for the nine months ended September 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands, except share amounts) | ​ | ​ | Number of Shares of Common Stock/Restricted Stock Units | ​ | Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2024 | ​ | ​ | 214,493 | ​ | $ | 38.81
Granted | ​ | ​ | 133,369 | ​ | ​ | 44.68
Vested (1) | ​ | ​ | (97,900) | ​ | ​ | 49.29
Forfeited | ​ | ​ | — | ​ | ​ | —
Non-vested as of September 30, 2025 | ​ | ​ | 249,962 | ​ | $ | 41.24
(1) | Vested shares include 21,094 shares of common stock that vested and were withheld for employee taxes.
​ The following table provides additional data related to restricted stock unit grants under the 2016 Plan, the 2023 Plan, and the 2025 Plan:
​ | ​ | ​ | ​
(in thousands, except weighted-average period in years) | ​ | September 30, 2025
Total compensation cost, net of estimated forfeitures, related to non-vested restricted stock unit awards not yet recognized, pre-tax | ​ | $ | 4,553
Weighted-average period in years over which restricted stock unit cost is expected to be recognized (in years) | ​ | ​ | 1.5
Total grant date fair value of shares of common stock vested during the year | ​ | $ | 4,825
​ Stock-based compensation expense is included as a component of selling, general and administrative expenses in the condensed consolidated statements of income, using the graded attribution method over the requisite service period. Stock Repurchase Program On April 2, 2024, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to purchase up to $25.0 million of the Company’s common stock with no expiration date (the “Repurchase Program”). Repurchases under the Repurchase Program may be made on the open market, in privately negotiated transactions, block purchases, or otherwise as permitted by the federal securities laws and other legal and contractual requirements and are expected to comply with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The number of shares to be repurchased and the timing of any repurchases will depend on a number of factors, including share price, economic and market conditions, and corporate requirements, among others. The Company may choose to suspend or discontinue the Repurchase Program at any time. The cost of the shares repurchased will be funded from our available cash and temporary investments and borrowings under our credit facility. For accounting purposes, common stock repurchased under the Repurchase Program is recorded based upon the settlement date of the applicable trade. During the nine months ended September 30, 2025 the Company had repurchased 84,682 shares of common stock pursuant to the Repurchase Program. The total cost of the shares repurchased was $3.8 million with an average price of $44.43 per share.

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