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Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.24.1.u1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] Ìý
Schedule of Restricted Stock Awards and Units Activity
The following table summarizes activity related to RSAs and RSUs under the 2021 Plan for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
2024 2023
Restricted Stock Awards Restricted Stock Units Restricted Stock Awards Restricted Stock Units
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period (1)
—Ìý $ —Ìý 18,675Ìý $ 527Ìý 4,011Ìý $ 417Ìý 16,836Ìý $ 441Ìý
Granted (2)
—Ìý —Ìý 12,297Ìý 478Ìý —Ìý —Ìý 8,544Ìý 641Ìý
Vested (3)
—Ìý —Ìý (6,213) 484Ìý —Ìý —Ìý (3,810) 368Ìý
Cancelled and forfeited —Ìý —Ìý (306) 528Ìý —Ìý —Ìý —Ìý —Ìý
Nonvested at end of period —Ìý $ —Ìý 24,453Ìý $ 514Ìý 4,011Ìý $ 417Ìý 21,570Ìý $ 533Ìý
(1)RSAs were granted on DecemberÌý29, 2021: 5,979 shares vested on DecemberÌý29, 2022, 120 shares were forfeited during 2023 and 3,891 shares vested on DecemberÌý29, 2023.
(2)RSUs vest in one-third increments over a three-year period.
(3)Of the 6,213 shares that vested during the three months ended March 31, 2024, 2,469 shares were surrendered upon vesting by employees to the Company to settle tax withholdings.
The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
2024 2023
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period 1,134Ìý $ 781Ìý 2,097Ìý $ 427Ìý
Granted (1)
—Ìý —Ìý 1,458Ìý 781Ìý
Vested (1,134) 781Ìý (1,785) 416Ìý
Cancelled and forfeited —Ìý —Ìý —Ìý —Ìý
Nonvested at end of period
 —Ìý $ —Ìý 1,770Ìý $ 730Ìý
(1)RSAs granted prior to October 31, 2023 vest on the first anniversary of the grant date.
Schedule of Performance Share Units Activity
The following table summarizes activity related to PSUs for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,
2024 2023
Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period (1)
12,738Ìý $ 595Ìý 7,182Ìý $ 452Ìý
Granted (2)
8,340Ìý 538Ìý 5,556Ìý 781Ìý
Vested —Ìý —Ìý —Ìý —Ìý
Cancelled and forfeited —Ìý —Ìý —Ìý —Ìý
Nonvested at end of period 21,078Ìý $ 573Ìý 12,738Ìý $ 595Ìý
(1)Nonvested PSUs as of January 1, 2024 include 6,369 RTSR (as defined below) PSUs and 6,369 FCF (as defined below) PSUs. If the maximum performance metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e. a collective 12,738 additional units would be issued).
(2)The PSUs were granted on February 13, 2024 and include 4,170 RTSR PSUs (based on target) with a grant date fair value of $602 per share and 4,170 FCF PSUs (based on target) with a grant date fair value of $475 per share. If the maximum performance potential metrics described in the PSU agreements are achieved, the actual number of units that will ultimately be awarded under the PSU agreements will exceed target units by 100% (i.e., a collective 8,340 additional units would be issued).
Schedule of Share-Based Compensation Expense
The following table summarizes our share-based compensation expense by line item in the condensed consolidated statements of income (in thousands):
Three Months Ended
March 31,
2024 2023
Salaries and related employee expenses (employee awards) $ 2,220Ìý $ 2,156Ìý
General and administrative expenses (director awards) 1,134Ìý 317Ìý
Total share-based compensation expense (1)
$ 3,354Ìý $ 2,473Ìý
(1)The Company recognized a tax benefit of $0.7 million and $0.5 million related to share-based compensation for the three months ended March 31, 2024 and 2023, respectively.