Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 22

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 1
Chunk 22
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 to be charged to earnings over a weighted-average period of 2.7 years.Stock OptionsOn July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options under the 2016 Incentive Plan 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 

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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. A summary of option activity as of June 30, 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)Outstanding at January 1, 2025118,468 $16.00 Granted— — Forfeited— — Exercised(29,903)16.00 Outstanding at June 30, 202588,565 $16.00 1.1$41,440 Exercisable at June 30, 202588,565 $16.00 1.1$41,440 

The total intrinsic value of options exercised was $13.3 million and $33.0 million during the six months ended June 30, 2025 and 2024, respectively. 

9.    Earnings Per Share 

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements: Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands, except per share data)Net income$134,121 $92,579 $223,348 $191,520 Weighted average common shares outstanding – basic23,175 23,165 23,172 23,137 Effect of potential dilutive securities:Conversion of stock options92 130 100 150 Conversion of restricted stock24 34 29 45 Weighted average common shares outstanding – diluted23,291 23,329 23,301 23,332 Earnings per common share:Basic$5.79