Company: MGRC
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023116
Chunk: 32

Company: MCGRATH RENTCORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 32
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 vest over five years, with 60% of the shares immediately vesting after three years when the performance criteria has been determined to have been met and 20% of the remaining shares vesting annually at the anniversary of the performance determination date, subject to continuous employment of the participant.  The performance-based RSU grants issued in 2018 and thereafter vest after three years with 100% of the shares vesting immediately when performance criteria has been determined to have been met.  There were 64,000 performance-based RSUs expected to vest as of December 31, 2024.  Service based RSUs issued to the Company’s directors generally vest over twelve to fourteen months. Service based RSUs issued to the Company’s management vest over three years.  There were 117,034 service-based RSUs expected to vest as of December 31, 2024.  No forfeitures are currently expected.  The total fair value of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 based on the weighted average grant date values was $11.1 million, $8.6 million and $9.3 million, respectively.Share-based compensation expense for RSUs for the years ended December 31, 2024, 2023 and 2022 was $9.5 million, $8.3 million and $7.9 million, respectively.  As of December 31, 2024, the total unrecognized compensation expense related to unvested RSUs was $10.9 million and is expected to be recognized over a weighted-average period of 1.2 years.

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Stock OptionsAs of December 31, 2024, no shares were outstanding under the 2016 Plan, and no options had been issued to the Company's non-employee advisors.  Additionally, 929,012 shares remained available for issuance under the stock plans.A summary of the Company’s option activity and related information for the three years ended December 31, 2024 is as follows: 

        Number of options

        Weighted- averageprice

        Weighted- average remainingcontractual term(in years)

        Aggregate intrinsic value(in millions)

        Balance at December 31, 2021

        274,630

        $
        29.66

        Options granted

        —

        —

        Options exercised

        (135,280
        )

        25.61

        Options cancelled/forfeited