Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 88

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees.Stock-based compensation cost for employees was $4,585,000 for the three months ended March 31, 2025, of which $559,000 was capitalized as part of the Company’s development costs.  For the three months ended March 31, 2024, stock-based compensation cost for employees was $3,976,000, of which $640,000 was capitalized as part of the Company’s development costs.  Stock-based compensation expense for directors was $206,000 for the three months ended March 31, 2025, and $171,000 for the same period in 2024.Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to participants with the related weighted average grant date fair value share prices.  Of the shares that vested in the three months ended March 31, 2025, the Company withheld 24,745 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan.  As of the grant dates, the fair value of shares that were granted during the three months ended March 31, 2025 was $8,718,000.  As of the vesting dates, the aggregate fair value of shares that vested during the three months ended March 31, 2025 was $9,982,000.Three Months EndedMarch 31, 2025RESTRICTED STOCK ACTIVITY  SharesWeighted Average Grant Date Fair ValueUnvested at beginning of period89,173 $160.76 Granted (1) (2)45,970 189.65 Forfeited — — Vested (59,851)163.94 Unvested at end of period 75,292 $175.87 (1) Includes restricted shares granted during the year without performance or market conditions. Also includes restricted shares granted in previous years, for long-term and annual equity compensation awards for the Company's executive officers, for which performance-based or market-based conditions have been satisfied and the resulting number of shares have been determined during the year.

(2) Does not include restricted shares subject to open performance periods. For the long