Company: KELYB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000055135-25-000080
Chunk: 24

Company: KELLY SERVICES INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 on diluted earnings per share and were excluded from the computation.  Potentially dilutive share awards for Class A common shares are related to deferred common stock related to the non-employee directors deferred compensation plan and performance shares for the third quarter and September year-to-date 2024.  Dividends paid per share for Class A and Class B common stock were $0.075 for the third quarter of 2025 and 2024 and $0.225 for September year-to-date 2025 and 2024.In November 2024, the Company's board of directors authorized a $50.0 million Class A share repurchase program that expires on December 2, 2026.  During the third quarter and September year-to-date 2025, the Company did not repurchase any Class A shares. A total of $40.0 million remained available under the share repurchase program as of third quarter-end 2025.

11. Stock-Based CompensationFor the third quarter of 2025, the Company recognized stock compensation expense of $2.6 million and a related tax benefit of $0.4 million.  For the third quarter of 2024, the Company recognized stock compensation expense of $3.3 million and a related tax benefit of $0.7 million.  For September year-to-date 2025, the Company recognized stock compensation expense of $9.8 million and a related tax benefit of $1.3 million.  For September year-to-date 2024, the Company recognized stock compensation expense of $8.5 million and a related tax benefit of $2.0 million.Performance Shares2025 GrantDuring the first quarter of 2025, the Company granted performance share awards associated with the Company’s Class A common stock to certain senior officers.  The payment of performance share awards is contingent upon the achievement of specific revenue growth and EBITDA margin performance goals over a stated period of time.  The maximum number of performance shares that may be earned is 200% of the target shares originally granted.  These awards have three one-year performance periods: 2025, 2026 and 2027, with the payout for each performance period based on separate financial measure goals that are set in February of each of the three performance periods.  Earned shares during each performance period will cliff vest in February 2028 after approval of the financial results by the Compensation Committee, if not forfeited by the recipient.  No dividends are paid on these performance shares