Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 152

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 152
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, 2022

        1,238,090

        7.52

        Granted

        1,236,598

        5.62

        Vested

        (456,487
        )

        6.90

        Forfeited or unearned

        (573,205
        )

        7.97

        Nonvested at December 31, 2023

        1,444,996

        6.12

        Granted

        552,705

        11.38

        Vested

        (354,305
        )

        8.29

        Forfeited or unearned

        (489,891
        )

        6.72

        Nonvested at December 31, 2024

        1,153,505

        $
        7.91

       The total fair value of the performance shares that vested in 2024, 2023, and 2022 was $2,937,000, $3,148,000, and $2,849,000, respectively. Compensation expense recognized for all performance shares totaled $4,361,000, $4,212,000, and $3,478,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Compensation cost for these awards is net of estimated or actual award forfeitures. Certain performance awards are based on service time, with no cumulative earnings per share targets. These awards vest ratably, by tranche, from their grant date to their vesting date. As of December 31, 2024, there was an estimated $4,750,000 of unearned compensation cost for nonvested performance shares. This unearned compensation cost is expected to be fully recognized by the end of 2026.

91

Restricted SharesThe Company's Board of Directors may elect to issue restricted shares of CRD-A in lieu of, or in addition to, cash payments to certain key employees or directors. Employees or directors receiving these shares are subject to restrictions on their ability to transfer the shares. Such restrictions generally lapse ratably over vesting periods ranging from several months to five years. The grant-date fair value of a restricted share of CRD-A is based on the market value of the stock on the date of grant. Compensation cost is recognized on an accelerated basis over the requisite service period.A summary of the