Share-Based Compensation (Tables) |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restricted Stock Awards and Units Activity |
The following table summarizes activity related to RSUs granted under the 2021 Plan for the three months ended March 31, 2025:
(1)RSUs vest in one-third annual increments over a three-year period.
(2)Of the 10,338 RSUs that vested during the three months ended March 31, 2025, 4,198 RSUs were surrendered by employees to the Company upon vesting to settle tax withholdings.
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| Schedule of Performance Share Units Activity |
The following table summarizes activity related to PSUs granted under the 2021 Plan for the three months ended March 31, 2025:
(1)The PSUs were granted on February 15, 2025 and include 1,924 RTSR PSUs (defined below) (based on target) with a grant date fair value of $1,915 per share and 1,924 FCF PSUs (defined below) (based on target) with a grant date fair value of $1,372 per share. If the maximum amount performance levels described in the PSU agreements are achieved, the actual number of shares that will ultimately vest under the PSU agreements will exceed target PSUs by 100% (i.e., a collective 3,848 additional shares would be issued).
(2)Vested PSUs are based on the original number of PSUs granted (i.e. target units). The actual number of shares delivered upon vesting of PSUs during the three months ended March 31, 2025 totaled 14,364 shares, of which 6,250 shares were surrendered by employees to the Company upon vesting to settle tax withholdings.
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| 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):
(1)The Company recognized a tax benefit of $0.9 million and $0.7 million related to share-based compensation for the three months ended March 31, 2025 and 2024, respectively.
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