Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 20

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 20
---
 to receive dividends. Unvested shares of restricted stock awards and accrued dividends, if any, are forfeited upon the termination of service to or employment with the Company. A summary of restricted stock activity under the 2016 Incentive Plan for the three months ended March 31, 2025 is as follows:Three Months Ended March 31, 2025Number of SharesWeighted Average Grant Date Fair Value per ShareNon-vested outstanding at the beginning of the period110,123 $366.73 Granted59,963 $433.62 Vested(43,126)$320.81 Forfeited(1,363)$369.04 Non-vested outstanding at the end of the period125,597 $414.41 Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the three months ended March 31, 2025, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,467. The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the three months ended March 31, 2025 and 2024 was $433.62 and $502.54, respectively. The fair value of restricted stock awards that vested during the three months ended March 31, 2025 and 2024 was $18.7 million and $16.9 million, respectively. As of March 31, 2025, the Company had $50.0 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 3.0 years.Stock OptionsOn July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options with an exercise price equal to the initial public offering price of $16.00 per share and a weighted-average grant-date fair value of $2.71 per share. The options have a maximum contractual term of 10 years and vested in 4 equal annual installments following the date of the grant. The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model. 

19

Table of Contents

A summary of option activity as of March 31, 2025, and changes during the period then ended are presented below:Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Years of Contractual TermAggregate Intrinsic Value (in thousands