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Share-Based Payments
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

Note 12 — Share-Based Payments

 

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”), as amended, provides for the awarding of stock options, restricted stock and restricted stock units to certain key employees, executive officers and non-employee directors. Current awards under the Plan include grants to executive officers and certain key employees of restricted stock units, with vesting contingent upon the completion of specified service periods ranging from one year to four years and/or (b) meeting certain financial performance and/or market-based metrics. Shares for the restricted stock units are not issued until they vest.

 

The following table summarizes the total share-based compensation expense recognized for the three months ended March 31, 2025 and 2024 (in thousands):

 

   Three Months Ended 
   March 31, 
   2025   2024 
Share-based compensation expense  $2,552   $2,575 

 

Restricted Stock Units

 

Restricted stock unit activity (including those with performance-based vesting criteria) for the three months ended March 31, 2025 is summarized as follows:

 

    Restricted Stock Units  
    Number of
Shares		    Weighted
Average
Grant Date Fair
Value  		 
Outstanding, December 31, 2024    1,008,400   $22.51 
Granted    269,259    30.62 
Vested    (256,333)   16.44 
Forfeited    (1,357)   28.10 
Outstanding, March 31, 2025    1,019,969    26.17 

 

As of March 31, 2025, there was $17.0 million of total unrecognized compensation cost related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.1 years.

 

As of March 31, 2025, the fair market value of non-vested restricted stock units was $25.2 million.