Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 106

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 106
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 was estimated using a Monte Carlo simulation. The grant date fair value is recognized over the derived service period of each tranche. In 2024, the first tranche of 1,000 shares related to this award vested following satisfaction of the price-based vesting condition. No shares related to this award vested in 2023 or 2022. The Company recognized $0.7 million, $1.1 million and $1.3 million in stock-based compensation expense related to this award in 2024, 2023 and 2022, respectively. For the years ended December 31, 2024, 2023 and 2022, the Company recognized expense of $0.4 million, $0.4 million and $0.2 million, respectively, related to the issuance and vesting of 532, 731 and 345 shares, respectively, to non-employee Directors under the 2022 Plan.The Company also maintains a stock option plan at Kaplan. Under the provisions of this plan, options are issued with an exercise price equal to the estimated fair value of Kaplan’s common stock, and options vest ratably over the number of years specified (generally four to five years) at the time of the grant. Upon exercise, an option holder may receive Kaplan shares or cash equal to the difference between the exercise price and the then fair value.At December 31, 2024, a Kaplan senior manager held 7,206 Kaplan restricted shares. The fair value of Kaplan’s common stock is determined by the Company’s compensation committee of the Board of Directors, and in January 2025, the committee set the fair value price at $1,769 per share. No options were awarded during 2024, 2023, or 2022; no options were exercised during 2024, 2023 or 2022; and no options were outstanding at December 31, 2024. Kaplan recorded stock compensation expense of $0.5 million, $1.0 million and $1.0 million in 2024, 2023 and 2022, respectively. At December 31, 2024, the Company’s accrual balance related to the Kaplan restricted shares totaled $12.7 million. There were no payouts in 2024, 2023 or 2022.Earnings Per Share.  The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities