Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 23

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1
Chunk 23
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 any vesting of restricted stock awards. During the nine months ended September 30, 2025, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,536. The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the nine months ended September 30, 2025 and 2024 was $433.62 and $502.43, respectively. The fair value of restricted stock awards that vested during the nine months ended September 30, 2025 and 2024 was $19.0 million and $19.8 million, respectively. As of September 30, 2025, the Company had $40.4 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 2.5 years.Stock OptionsOn July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options under the 2016 Incentive Plan with an exercise price equal to the initial public offering price of $16.00 per share and a weighted-average grant-date fair value of $2.71 per share. The options have a maximum contractual term of 10 years 

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and vested in 4 equal annual installments following the date of the grant. The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model. A summary of option activity as of September 30, 2025, and changes during the period then ended are presented below:Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Years of Contractual TermAggregate Intrinsic Value (in thousands)Outstanding at January 1, 2025118,468 $16.00 Granted— — Forfeited— — Exercised(37,864)16.00 Outstanding at September 30, 202580,604 $16.00 0.8$32,988 Exercisable at September 30, 202580,604 $16.00 0.8$32,988 

The total intrinsic value of options exercised was $16.8 million and $34.4 million during the nine months ended September 30, 2025 and 2024, respectively. 

9.    Earnings Per Share 

The following represents a reconciliation of the numerator and denominator of the basic and diluted