Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 50

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 50
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 FINANCIAL STATEMENTS (UNAUDITED)8.    SHARE-BASED COMPENSATION (CONTINUED)

Compensation expense associated with performance restricted stock units granted in 2025 and 2024 is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period. Performance Restricted Stock Units granted in 2025 and 2024 with a performance conditionThe fair value of these performance restricted stock units was determined based on the closing price of the Company's common shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period. The following table provides an activity summary of the Company's share-settled restricted stock units for the nine months ended September 30, 2025:Share-Settled Performance Restricted Stock UnitsShare-Settled Service Restricted Stock UnitsNumber ofrestrictedstock unitsWeighted averagegrant datefair valueNumber ofrestrictedstock unitsWeighted  averagegrant datefair valueNon-vested restricted stock units - beginning of period247 $65.73 1,642 $57.73      Granted89 98.22 603 90.76 Performance adjustment (1)55 68.63 — —      Vested(115)68.63 (633)56.78      Forfeited(5)86.55 (120)66.14 Non-vested restricted stock units - end of period271 $75.43 1,492 $70.82 (1) The performance adjustment represents the difference between the number of performance restricted stock units granted and earned following the three-year performance period that ended in 2024. The performance restricted stock units were granted at the target level of achievement. The following table provides additional information related to share-based compensation:Nine months ended September 30,20252024Share-based compensation expense$34,134 $33,441 Tax benefits associated with share-based compensation expense$10,182 $6,274 Fair value of restricted stock units vested(1)$72,309 $44,710 Unrecognized share-based compensation expense$81,190 $70,073 Expected weighted average period associated with the recognition of unrecognized share-based compensation expense2.5 years2