Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

The following table presents a summary of the Company’s nonvested performance share units (“PSUs”) and restricted stock units (“RSUs”) for the three months ended March 31, 2025:


	Awards	Weighted Average Grant Date Fair Value
	(in thousands)
Nonvested, at December 31, 2024	1,708	$	8.96
Granted	819	7.00
Vested	(124)	9.69
Forfeited	(519)	8.42
Nonvested, at March 31, 2025	1,884	$	8.21

The following table presents a summary of the Company’s stock options activity for the three months ended March 31, 2025:


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Options outstanding at December 31, 2024	708	$	9.50
Granted	—	—
Exercised	(13)	6.48
Forfeited	(30)	11.04
Options outstanding at March 31, 2025	665	$	9.49	7.02	$	—
Options exercisable at March 31, 2025	474	$	8.95	6.35	$	—

Stock-based compensation expense totaled $0.8 million during the three months ended March 31, 2025, and is included in general and administrative expenses on the consolidated statements of operations. For the three months ended March 31, 2024, stock-based compensation expense totaled $0.7 million.

The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement:


	March 31, 2025
	(in thousands, except period)
Unvested units	1,884
Remaining cost on unvested units	$	3,792
Remaining vesting period	2.96 years

Stock-based compensation expense associated with the outstanding RSUs and PSUs is measured using the grant date fair value which is based on the closing price as of the grant date. The expense associated with the PSUs also incorporates the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends.

Landsea Homes Corp 10-Q