Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 43

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 43
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2024 are 1.3 million.  The Company issues shares out of treasury stock to satisfy stock-based awards, if available; otherwise new shares of common stock are issued from authorized shares.  The Company presently has no intent to repurchase additional shares for the purpose of satisfying stock-based awards.The Company recognized stock-based compensation cost of $11.8 million in 2024, $9.7 million in 2023 and $7.8 million in 2022, as well as related tax benefits of $2.6 million in 2024, $1.7 million in 2023 and $1.1 million in 2022.Restricted StockRestricted stock, which typically vests pro-rata over three or four years, is issued to certain key employees and is subject to forfeiture until the end of an established restriction period.  The Company utilizes the market price of its Class A stock on the date of grant as the fair value of restricted stock and expenses the fair value on a straight-line basis over the vesting period.A summary of the status of nonvested restricted stock as of year-end 2024 and changes during this period is presented as follows below (in thousands of shares except per share data): RestrictedStockWeightedAverageGrant DateFair ValueNonvested at year-end 2023784 $18.52 Granted651 20.70 Vested(297)18.62 Forfeited(77)19.07 Nonvested at year-end 20241,061 $19.79 As of year-end 2024, unrecognized compensation cost related to unvested restricted stock totaled $14.5 million.  The weighted average period over which this cost is expected to be recognized is approximately 1.3 years.  The weighted average grant date fair value per share of restricted stock granted during 2024, 2023 and 2022 was $20.70, $17.33 and $20.16, respectively.  The total fair value of restricted stock, which vested during 2024, 2023 and 2022, was $6.5 million, $3.3 million and $2.3 million, respectively.Performance SharesDuring 2024, 2023 and 2022, the Company granted performance awards associated with the Company’s Class A stock to certain senior officers, which are contingent upon achievement of specific revenue growth and EBITDA margin performance goals over a stated period of time ("performance awards").