Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 191

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 191
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 date of the grant.
    
   During  May 2023, the Company granted 2,295 shares of common stock to non-employee directors. These stock awards had a grant date fair value of $23.95 per share, based on the closing price of the Company’s stock on the date of grant, and vested immediately.
    
   During  February 2022, the Company granted 29,120 shares of common stock to certain key employees. These stock awards had grant date fair values of $38.80 per share, based on the closing price of the Company’s stock on the date of grant, and vest in 25% increments over four years, beginning one year from the anniversary date of the grant.
    
   During  May 2022, the Company granted 1,855 shares of common stock to non-employee directors. These stock awards had a grant date fair value of $29.60 per share, based on the closing price of the Company’s stock on the date of grant, and vested immediately.
    
   During  June 2022, the Company granted 3,500 shares of common stock to a key employee. This stock award had a grant date fair value of $27.68 per share, based on the closing price of the Company’s stock on the date of grant, and vests in 25% increments over four years, beginning one year from the anniversary date of the grant.
    
   During 2024, 2023 and 2022, there were no grants of stock options and there were no outstanding stock options at  December 31, 2024 or  December 31, 2023. At  December 31, 2024, approximately 1,600,000 shares were available for granting future options or restricted stock under the recently approved 2024 Equity Incentive Plan.
    
   The grant date fair value of stock and stock options vested during 2024, 2023 and 2022 was approximately $928,000, $576,000 and $392,000, respectively. Total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits was approximately $723,000 during 2024 and includes approximately $37,000 recognized as a result of the grant of a total of 2,130 shares of stock to four non-employee directors during the second quarter of 2024. The Company recognized a total income tax benefit of approximately $170,000 related to stock-based compensation