Pursuit Attractions & Hospitality, Inc. Stock Compensation Disclosure
NOTE 3. SHARE-BASED COMPENSATION |
The Company grants share-based compensation awards to its officers, directors, and certain key employees pursuant to the 2017 Pursuit Attractions and Hospitality, Inc. Omnibus Incentive Plan, as amended (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. As of December 31, 2025, there were approximately 1.0 million shares available for future grant under the 2017 Plan.
The following table summarizes share-based compensation expense for the years ended December 31, 2025, 2024, and 2023:
|
|
Year Ended December 31, |
|
|||||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Restricted stock awards and restricted stock units |
|
$ |
4,650 |
|
|
$ |
6,143 |
|
|
$ |
4,549 |
|
Performance-based restricted stock units |
|
|
2,747 |
|
|
|
4,498 |
|
|
|
2,956 |
|
Stock options |
|
|
51 |
|
|
|
528 |
|
|
|
1,471 |
|
Share-based compensation expense before income tax |
|
|
7,448 |
|
|
|
11,169 |
|
|
|
8,976 |
|
Income tax benefit (1) |
|
|
(190 |
) |
|
|
(153 |
) |
|
|
(126 |
) |
Share-based compensation expense, net of income tax |
|
$ |
7,258 |
|
|
$ |
11,016 |
|
|
$ |
8,850 |
|
Performance-based Restricted Stock Units
PSUs are tied to the Company’s stock price and/or the expected achievement of certain performance-based criteria. The vesting of PSUs is based upon the achievement of the performance-based criteria over a three-year period. The Company accounts for PSUs that will be settled in shares of the Company’s common stock as equity-based awards. Share-based compensation expense of equity-based awards is measured at fair value on the grant date on a straight-line basis over the vesting period. The estimated number of units to be achieved is updated each reporting period.
During the year ended December 31, 2024, PSUs granted in 2021 and 2022 vested, resulting in a total payout of $3.0 million in shares. During the year ended December 31, 2023, PSUs granted in 2020 vested; however, performance metrics were not achieved and accordingly, no awards were paid.
As of December 31, 2025, the unamortized cost of outstanding equity-based PSUs was $3.6 million, which the Company expects to recognize over a weighted-average period of approximately 1.8 years.
The following table summarizes the activity of the outstanding PSU awards during the year ended December 31, 2025:
|
|
Equity-Based |
|
|||||
|
|
Shares |
|
|
Weighted-Average |
|
||
Balance as of December 31, 2024 |
|
|
272,641 |
|
|
$ |
46.23 |
|
Granted (1) |
|
|
76,354 |
|
|
$ |
55.08 |
|
Vested |
|
|
— |
|
|
$ |
— |
|
Forfeited (1) |
|
|
(95,180 |
) |
|
$ |
49.61 |
|
Balance as of December 31, 2025 |
|
|
253,815 |
|
|
$ |
47.63 |
|
Service-based RSUs
RSUs are service-based awards. The Company accounts for RSUs that will be settled in shares of the Company’s common stock as equity-based awards. Share-based compensation expense of equity-based awards is measured at fair value on the grant date on a straight-line basis over the vesting period.
As of December 31, 2025, the unamortized cost of outstanding equity-based RSUs was $2.0 million, which the Company expects to recognize over a weighted-average period of approximately 1.2 years. During the years ended December 31, 2025, 2024, and 2023, respectively, the Company withheld 40,037 shares for $1.4 million, 125,200 shares for $5.1 million, and 48,039 shares for $1.5 million related to tax withholding requirements on vested share-based awards.
The following table summarizes the activity of the outstanding equity-based RSUs during the year ended December 31, 2025:
|
|
Equity-Based |
|
|||||
|
|
Shares |
|
|
Weighted-Average |
|
||
Balance at December 31, 2024 |
|
|
272,368 |
|
|
$ |
35.24 |
|
Granted |
|
|
81,251 |
|
|
$ |
38.53 |
|
Vested |
|
|
(144,290 |
) |
|
$ |
34.24 |
|
Forfeited |
|
|
(37,332 |
) |
|
$ |
35.39 |
|
Balance at December 31, 2025 |
|
|
171,997 |
|
|
$ |
37.60 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 6, 2017 | |
| 2015 | Mar 11, 2016 | |
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.