Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 35

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 and employees through the grant of equity-based awards that reward Company performance over a period greater than one year and align their interests with long-term stockholder value.During the nine months ended September 30, 2025, the compensation committee approved the grants of 116,669 performance-based stock units to certain executive officers of the Company under the Officers LTIP. The performance based restricted stock units are subject to a market condition, with vesting periods ranging from 2.91 years to 4.00 years. The number of units earned is based on total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of the components of a custom peer group during the performance period ranging from February 9, 2025 to June 30, 2028. The performance stock units are valued using a Monte Carlo simulation with model inputs of opening average share value, valuation date stock price, expected volatilities, correlation coefficient, risk-free interest rate, and expected dividend yield for the Company and the custom peer group.The following table summarizes the activity of performance stock units subject to forfeiture:Number ofSharesWeightedAverageGrant PriceOutstanding at January 1, 2025669,718$20.35 Granted116,66917.18 Vested(85,181)11.76 Cancelled(101,406)11.76 Outstanding at September 30, 2025599,800$19.73 The Company recognizes forfeitures as they occur.

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As of September 30, 2025, the Company had 1,384,914 shares underlying unvested stock awards that vest between October 1, 2025 and December 31, 2028. The future expense of the unvested awards for the remainder of 2025 and succeeding years is as follows (in thousands):2025$4,194 20268,633 20273,963 20281,070 Total$17,860 

15. Leases

We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal