Share-Based Compensation:
The Company has a stockholder approved Omnibus Incentive Plan (the "Plan") that is intended to assist the Company in attracting and retaining selected individuals to serve as employees and directors who are expected to contribute to the Company's success and achievement of long-term objectives that will benefit the Company's stockholders. The Plan enables the Company to award shares of the Company's common stock to select employees and directors. As of December 31, 2024, there were approximately 2.9 million shares available to be awarded under the Plan.
Total share-based compensation expense was $13.5 million, $11.1 million and $13.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company recognizes all excess tax benefits and tax deficiencies in the income statement when the awards vest or are settled. The total tax benefit/(deficiency) realized from share-based compensation was $(3.2) million, $(1.6) million and $6.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Nonvested shares
As of December 31, 2024, total future compensation expense related to nonvested share grants to individual employees and directors (not including nonvested shares granted under the Long-Term Incentive ("LTI") program discussed below), is estimated to be $13.1 million, with a weighted average remaining life of two years. For most of these grants, the Company assumed a 5.0% forfeiture rate, ratable vesting over one to three years and expense recognition over the vesting period.
The following table summarizes nonvested share activity, excluding those issued pursuant to the LTI program, from December 31, 2021 through December 31, 2024 (amounts in thousands, except per share amounts):
Nonvested Shares OutstandingWeighted-Average Price at Grant Date
Balance as of December 31, 2021510 $36.76 
Granted351 41.64 
Vested(269)35.41 
Forfeited(36)40.85 
Balance as of December 31, 2022556 40.23 
Granted482 32.90 
Vested(278)40.14 
Forfeited(208)41.08 
Balance as of December 31, 2023552 33.55 
Granted567 24.48 
Vested(338)31.21 
Forfeited(43)27.47 
Balance as of December 31, 2024738 $28.00 
The total grant date fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, excluding those granted under the LTI program, was $10.5 million, $11.2 million and $9.5 million, respectively.
Long-term incentive program
Pursuant to the Plan, the Compensation Committee may grant time-vested and performance-based share awards. All shares granted under the LTI program were granted to key employees of the Company.
The following table summarizes LTI share activity from December 31, 2021 through December 31, 2024 (amounts in thousands, except per share amounts):
Nonvested LTI Shares OutstandingWeighted-Average Price at Grant Date
Balance as of December 31, 2021407 $34.01 
Granted at target level127 44.90 
Adjustments for actual performance64 28.28 
Vested(222)28.28 
Forfeited(21)40.45 
Balance as of December 31, 2022355 40.07 
Granted at target level130 52.55 
Adjustments for actual performance17 39.04 
Vested(153)39.47 
Forfeited(191)46.58 
Balance as of December 31, 2023158 42.94 
Granted at target level230 28.78 
Adjustments for actual performance(32)37.45 
Vested(38)37.45 
Forfeited(2)28.78 
Balance as of December 31, 2024316 $33.93 
The total grant date fair value of LTI shares vested during the years ended December 31, 2024, 2023 and 2022, was $1.4 million, $6.0 million and $6.3 million, respectively.
As of December 31, 2024, total future compensation expense related to nonvested shares granted under the LTI program, assuming the current estimated performance levels are achieved, is estimated to be $5.3 million. The Company assumed a 5.0% forfeiture rate for these grants, and the remaining shares have a weighted average remaining life of two years as of December 31, 2024.
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About Stock Compensation Disclosures

Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.

Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.