Company: CRL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001100682-25-000011
Chunk: 188

Company: CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 188
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30, 2023469 $212.30 Granted241 $209.49 Vested(161)$209.62 Canceled(55)$214.16 December 28, 2024494 $211.59 As of December 28, 2024, the unrecognized compensation cost related to shares of unvested RSUs expected to vest was $69.6 million, which is expected to be recognized over an estimated weighted-average amortization period of 2.6 years. The total fair value of RSU grants that vested during fiscal years 2024, 2023, and 2022 was $33.7 million, $28.4 million, and $24.8 million, respectively.Performance Based Stock Award ProgramThe Company issues PSUs to certain corporate officers. The number of shares of common stock issued for each PSU is adjusted based on a performance condition linked to the Company’s financial performance. The awards are further adjusted based on a market condition, which is calculated based on the Company’s stock performance relative to a peer group over the three-year vesting period. The fair value of the market condition is reflected in the fair value of the award at grant date. The Company utilizes a Monte Carlo simulation valuation model to value these awards. Information pertaining to the Company’s PSUs and the related estimated weighted-average assumptions used to calculate their fair value were as follows:Fiscal Year202420232022(shares in thousands)PSUs granted136 146 134 Weighted average grant date fair value$213.99 $204.40 $210.42 Key assumptions:Expected volatility 37 %37 %39 %Risk-free interest rate4.7 %4.2 %2.6 %Expected dividend yield0 %0 %0 %Total shareholder return of 20-trading day average stock price on grant date(5.8)%(9.8)%(32.7)%The maximum number of common shares to be issued upon vesting of PSUs is 0.3 million. For fiscal years 2024, 2023, and 2022, the Company recognized stock-based compensation related to PSUs of $22.4 million, $28.1 million, and $31.2 million, respectively. The total fair value of PSUs that vested during fiscal years 2024, 2023, and 2022 was $19.4 million, $34.4 million, and