Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 149

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 149
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 based on tax laws of the U.S. or other applicable country. Accordingly, the Company does not recognize tax benefits on all of its stock-based compensation expense. 

89

Stock OptionsThe Company has granted nonqualified and incentive stock options to key employees and directors. All stock options are for shares of CRD-A. Option awards are granted with an exercise price equal to the fair market value of the Company's stock on the date of grant. The Company's stock option plans have been approved by shareholders, and the Company's Board of Directors is authorized to make specific grants of stock options under active plans. Employee stock options typically are subject to graded vesting over three years (33% each year) and have a typical life of ten years. Compensation cost for stock options is recognized on an accelerated basis over the requisite service period for the entire award. For the years ended December 31, 2024, 2023 and 2022, compensation expense of $0, $12,000, and $129,000, respectively, was recognized for employee stock option awards.A summary of option activity as of December 31, 2024, 2023 and 2022, and changes during each year, is presented below: 

        Shares

        Weighted-AverageExercise Price

        Weighted-AverageRemainingContractualTerm
         
        AggregateIntrinsicValue

        (In thousands)

        (In thousands)

        Outstanding at December 31, 2021

        1,618

        $
        8.99

        6.5 years
         
        $
        143

        Granted

        —

        —

        Exercised

        —

        —

        Forfeited or expired

        (76
        )

        9.16

        Outstanding at December 31, 2022

        1,542

        8.98

        5.5 years

        7

        Granted

        —

        —

        Exercised

        (485
        )

        8.84

        Forfeited or expired

        (15
        )

        9.01

        Outstanding at December 31, 2023

        1,042

        9.05

        4.7 years

        4,305

        Granted

        —

        —

        Exercised

        (321
        )

        8.98

        Forfeited or expired