EAGLE MATERIALS INC [EXP] Filings

10-Q 1 exp-20240630.htm 10-Q 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended

June 30, 2024

Commission File Number 1-12984

EAGLE MATERIALS INC.

(Exact name of registrant as specified in its charter)

Delaware (State of Incorporation)

75-2520779 (I.R.S. Employer Identification No.)

5960 Berkshire Lane, Suite 900, Dallas, Texas 75225 (Address of principal executive offices)

(214) 432-2000 (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange on which registered

    Common Stock (par value $.01 per share)

    EXP

    New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)

Yes ☐ No ☒

As of July 26, 2024, the number of outstanding shares of common stock was:


Class		Outstanding Shares
Common Stock, $.01 Par Value		33,618,968

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION (unaudited)


		Page
Item 1.	Consolidated Financial Statements

	Consolidated Statements of Earnings for the Three Months Ended June 30, 2024 and 2023	1

	Consolidated Statements of Comprehensive Earnings for the Three Months Ended June 30, 2024 and 2023	2

	Consolidated Balance Sheets as of June 30, 2024, and March 31, 2024	3

	Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2024 and 2023	4

	Consolidated Statements of Stockholders' Equity for the Three Months Ended June 30, 2024 and 2023	5

	Notes to Unaudited Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	31

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	32

Item 1a.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 4.	Mine Safety Information	33

Item 5.	Other Information	33

Item 6.	Exhibits	34

SIGNATURES		35

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)


	For the Three Months Ended June 30,
	2024			2023
	(dollars in thousands, except share and per share data)
Revenue	$	608,689		$	601,521
Cost of Goods Sold		421,821			425,526
Gross Profit		186,868			175,995
Equity in Earnings of Unconsolidated Joint Venture		7,716			3,159
Corporate General and Administrative Expense		(15,649	)		(11,679	)
Other Non-Operating Income (Expense)		2,683			213
Interest Expense, net		(10,684	)		(12,239	)
Earnings before Income Taxes		170,934			155,449
Income Taxes		(37,092	)		(34,600	)
Net Earnings	$	133,842		$	120,849

EARNINGS PER SHARE
Basic	$	3.97		$	3.43
Diluted		3.94			3.40
AVERAGE SHARES OUTSTANDING
Basic		33,734,280			35,274,753
Diluted		33,993,023			35,532,284
CASH DIVIDENDS PER SHARE	$	0.25		$	0.25

See Notes to Unaudited Consolidated Financial Statements.

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (unaudited)


	For the Three Months Ended June 30,
	2024			2023
	(dollars in thousands)
Net Earnings	$	133,842		$	120,849
Net Actuarial Change in Defined Benefit Plans
Amortization of Net Actuarial Loss		60			63
Tax Expense		(15	)		(15	)
Comprehensive Earnings	$	133,887		$	120,897

See Notes to Unaudited Consolidated Financial Statements.

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited)


	June 30,			March 31,
	2024			2024
	(dollars in thousands)
ASSETS
Current Assets
Cash and Cash Equivalents	$	46,540		$	34,925
Accounts and Notes Receivable, net		278,428			202,985
Inventories		371,619			373,923
Income Tax Receivable		2,605			9,910
Prepaid and Other Assets		13,797			5,950
Total Current Assets		712,989			627,693
Property, Plant, and Equipment, net		1,676,041			1,676,217
Investment in Joint Venture		121,409			113,478
Operating Lease Right-of-Use Assets		17,970			19,373
Goodwill and Intangible Assets, net		484,298			486,117
Other Assets		30,160			24,141
Total Assets	$	3,042,867		$	2,947,019
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable	$	148,231		$	127,183
Accrued Liabilities		89,537			94,327
Operating Lease Liabilities		7,008			7,899
Income Tax Payable		35,774			—
Current Portion of Long-term Debt		10,000			10,000
Total Current Liabilities		290,550			239,409
Long-term Debt		1,091,116			1,083,299
Noncurrent Operating Lease Liabilities		17,902			19,037
Other Long-term Liabilities		49,916			51,942
Deferred Income Taxes		242,585			244,797
Total Liabilities		1,692,069			1,638,484
Stockholders’ Equity
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued		—			—
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 33,761,968 and 34,143,945 Shares, respectively		338			341
Capital in Excess of Par Value		—			—
Accumulated Other Comprehensive Losses		(3,328	)		(3,373	)
Retained Earnings		1,353,788			1,311,567
Total Stockholders’ Equity		1,350,798			1,308,535
	$	3,042,867		$	2,947,019

See Notes to Unaudited Consolidated Financial Statements.

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)


	For the Three Months Ended June 30,
	2024			2023
	(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Earnings	$	133,842		$	120,849
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities, Net of Effect of Noncash Activity
Depreciation, Depletion, and Amortization		38,350			36,682
Deferred Income Tax Provision		(2,212	)		2,312
Stock Compensation Expense		4,539			6,457
Equity in Earnings of Unconsolidated Joint Venture		(7,716	)		(3,159	)
Distributions from Joint Venture		—			2,500
Changes in Operating Assets and Liabilities
Accounts and Notes Receivable		(75,443	)		(46,213	)
Inventories		2,304			4,166
Accounts Payable and Accrued Liabilities		15,503			(5,100	)
Other Assets		(16,724	)		(9,577	)
Income Taxes Payable (Receivable)		40,193			31,570
Net Cash Provided by Operating Activities		132,636			140,487
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant, and Equipment		(33,128	)		(35,999	)
Acquisition Spending		—			(55,053	)
Net Cash Used in Investing Activities		(33,128	)		(91,052	)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in Credit Facility		10,000			65,000
Repayment of Term Loan		(2,500	)		(2,500	)
Dividends Paid to Stockholders		(8,538	)		(8,995	)
Purchase and Retirement of Common Stock		(85,490	)		(74,058	)
Proceeds from Stock Option Exercises		56			10,385
Shares Redeemed to Settle Employee Taxes on Stock Compensation		(1,421	)		(1,360	)
Net Cash Used in Financing Activities		(87,893	)		(11,528	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		11,615			37,907
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		34,925			15,242
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	46,540		$	53,149

See Notes to Unaudited Consolidated Financial Statements.

EAGLE MATERIALS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)


	Common Stock			Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Losses			Total
	(dollars in thousands)
Balance at March 31, 2023	$	358		$	—		$	1,188,883		$	(3,547	)	$	1,185,694
Net Earnings		—			—			120,849			—			120,849
Stock Compensation Expense		—			6,457			—			—			6,457
Stock Option Exercises and Restricted Share Issuances		2			10,383			—			—			10,385
Shares Redeemed to Settle Employee Taxes		(1	)		(1,359	)		—			—			(1,360	)
Purchase and Retirement of Common Stock		(5	)		(15,481	)		(59,313	)		—			(74,799	)
Dividends to Shareholders		—			—			(8,863	)		—			(8,863	)
Unfunded Pension Liability, net of tax		—			—			—			48			48
Balance at June 30, 2023	$	354		$	—		$	1,241,556		$	(3,499	)	$	1,238,411

	Common Stock			Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Losses			Total
	(dollars in thousands)
Balance at March 31, 2024	$	341		$	—		$	1,311,567		$	(3,373	)	$	1,308,535
Net Earnings		—			—			133,842			—			133,842
Stock Compensation Expense		—			4,539			—			—			4,539
Stock Option Exercises and Restricted Share Issuances		—			56			—			—			56
Shares Redeemed to Settle Employee Taxes		—			(1,421	)		—			—			(1,421	)
Purchase and Retirement of Common Stock		(3	)		(3,174	)		(83,168	)		—			(86,345	)
Dividends to Shareholders		—			—			(8,453	)		—			(8,453	)
Unfunded Pension Liability, net of tax		—			—			—			45			45
Balance at June 30, 2024	$	338		$	—		$	1,353,788		$	(3,328	)	$	1,350,798

See Notes to Unaudited Consolidated Financial Statements.

Eagle Materials Inc. and Subsidiaries
Notes to Consolidated Financial Statements

(A) BASIS OF PRESENTATION

The accompanying Unaudited Consolidated Financial Statements as of and for the three-month period ended June 30, 2024, include the accounts of Eagle Materials Inc. and its majority-owned subsidiaries (collectively, the Company, us, or we) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. These Unaudited Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 22, 2024.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading. In our opinion, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the information in the following Unaudited Consolidated Financial Statements of the Company have been included. The results of operations for interim periods are not necessarily indicative of the results for the full year.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

PENDING ADOPTION

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will become effective for public companies during annual reporting periods beginning after December 15, 2023, and interim reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires public entities to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts organized by specified categories with certain reconciling items broken out by nature and jurisdiction to the extent those items exceed a specified threshold. Additionally, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and local, and by individual jurisdiction if the amount is at least 5% of the total income tax payments, net of refunds received. ASU 2023-09 is effective prospectively for annual periods beginning after December 15, 2024. Early adoption and retrospective application are permitted. ASU 2023-09 will not have any impact on the Company's results of operations, cash flows, and financial condition.

(B) SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental cash flow information is as follows:


	For the Three Months Ended June 30,
		2024		2023
	(dollars in thousands)
Cash Payments
Interest	$	3,678	$	14,993
Income Taxes		780		636
Operating Cash Flows Used for Operating Leases		2,287		2,391

Noncash Financing Activities
Excise Tax on Share Repurchases	$	855	$	741
Right-of-Use Assets Obtained for Capitalized Operating Leases		719		4,166

We earn Revenue primarily from the sale of products, which include cement, concrete, aggregates, gypsum wallboard, and recycled paperboard. The vast majority of Revenue from the sale of concrete, aggregates, and gypsum wallboard is originated by purchase orders from our customers, who are mostly third-party contractors and suppliers. Revenue from the sale of cement is recognized at the point-of-sale to customers under sales orders. Revenue from our Recycled Paperboard segment is generated mainly through long-term supply agreements. These agreements do not have a stated maturity date, but may be terminated by either party with a two to three-year notice period. We invoice customers upon shipment, and our collection terms range from 30 to 75 days. Revenue from the sale of cement, concrete, aggregates, and gypsum wallboard not related to long-term supply agreements is recognized upon shipment of the related products to customers, which is when title and ownership are transferred, and the customer is obligated to pay.

Revenue from sales under our long-term supply agreements is also recognized upon transfer of control to the customer, which generally occurs at the time the product is shipped from the production facility or terminal location. Our long-term supply agreements with customers define, among other commitments, the volume of product we must provide and the volume that the customer must purchase by the end of the defined periods. Pricing structures under our agreements are generally market-based, but are subject to certain contractual adjustments. Shortfall amounts, if applicable under these arrangements, are constrained and not recognized as Revenue until an agreement is reached with the customer and, therefore, are not subject to the risk of reversal.

The Company offers certain of its customers, including those with long-term supply agreements, rebates and incentives, which we treat as variable consideration. We adjust the amount of Revenue recognized for the variable consideration using the most likely amount method based on past history and projected volumes in the rebate and incentive period. Any amounts billed to customers for taxes are excluded from Revenue.

The Company has elected to treat freight and delivery charges we pay for the delivery of goods to our customers as a fulfillment activity rather than a separate performance obligation. When we arrange for a third party to deliver products to customers, fees for shipping and handling billed to the customer are recorded as Revenue, while costs we incur for shipping and handling are recorded as expenses and included in Cost of Goods Sold.

Other Non-Operating Income includes lease and rental income, asset sale income, non-inventoried aggregates sales income, distribution center income, and trucking income, as well as other miscellaneous revenue items and costs that have not been allocated to a business segment.

See Footnote (M) to the Unaudited Consolidated Financial Statements for disaggregation of revenue by segment.

(D) ACCOUNTS AND NOTES RECEIVABLE

Accounts Receivable are shown net of the allowance for doubtful accounts totaling $6.7 million and $6.7 million at June 30, 2024, and March 31, 2024, respectively. We perform ongoing credit evaluations of our customers’ financial condition and generally require no collateral from our customers. The allowance for non-collection of receivables is based on analysis of economic trends in the construction industry, detailed analysis of the expected collectability of past due accounts receivable, and the expected collectability of overall receivables. We have no significant credit risk concentration among our diversified customer base.

(E) INVENTORIES

Inventories are stated at the lower of average cost (including applicable material, labor, depreciation, and plant overhead) or net realizable value. Raw Materials and Materials-in-Progress include clinker, which is an intermediary product before it is ground into cement powder. Quantities of Raw Materials and Materials-in-Progress, Aggregates, and Coal inventories, are based on measured volumes, subject to estimation based on the size and location of the inventory piles, and are converted to tonnage using standard inventory density factors. Inventories consist of the following:


	June 30,		March 31,
	2024		2024
	(dollars in thousands)
Raw Materials and Materials-in-Progress	$	126,351	$	122,772
Finished Cement		69,507		71,396
Aggregates		13,983		12,149
Gypsum Wallboard		6,914		5,242
Recycled Paperboard		10,007		14,278
Repair Parts and Supplies		122,247		127,511
Fuel and Coal		22,610		20,575
	$	371,619	$	373,923

(F) ACCRUED EXPENSES

Accrued Expenses consist of the following:


	June 30,		March 31,
	2024		2024
	(dollars in thousands)
Payroll and Incentive Compensation	$	18,768	$	34,274
Benefits		17,514		17,507
Dividends		8,644		6,374
Interest		13,379		8,729
Property Taxes		8,453		5,921
Power and Fuel		2,679		2,993
Freight		5,144		2,893
Excise Tax		5,025		4,170
Legal and Professional		2,904		2,602
Sales and Use Taxes		1,905		1,372
Other		5,122		7,492
	$	89,537	$	94,327

(G) LEASES

We lease certain real estate, buildings, and equipment, including railcars and barges. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of one year to 20 years. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. In calculating the present value of future minimum lease payments, we use the rate implicit in the lease if it can be determined. Otherwise,

we use our incremental borrowing rate in effect at the commencement of the lease to determine the present value of the future minimum lease payments. Additionally, we lease certain equipment under short-term leases with initial terms of less than 12 months, which are not recorded on the balance sheet.

Lease expense for our operating and short-term leases is as follows:


	For the Three Months Ended June 30,
	2024		2023
	(dollars in thousands)
Operating Lease Cost	$	2,047	$	2,274
Short-term Lease Cost		341		223
Total Lease Cost	$	2,388	$	2,497

The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows:


	June 30,		March 31,
	2024		2024
	(dollars in thousands)
Operating Leases
Operating Lease Right-of-Use Assets	$	17,970	$	19,373

Current Operating Lease Liabilities	$	7,008	$	7,899
Noncurrent Operating Lease Liabilities		17,902		19,037
Total Operating Lease Liabilities	$	24,910	$	26,936

Future payments for operating leases are as follows (dollars in thousands):


Fiscal Year	Amount
2025 (remaining nine months)	$	6,355
2026		4,784
2027		3,618
2028		2,752
2029		2,675
Thereafter		11,016
Total Lease Payments	$	31,200
Less: Imputed Interest		(6,290	)
Present Value of Lease Liabilities	$	24,910

Weighted-Average Remaining Lease Term (in years)		9.8
Weighted-Average Discount Rate		4.21	%

(H) Share-BASED EMPLOYEE COMPENSATION

On August 3, 2023, our stockholders approved the Eagle Materials Inc. 2023 Equity Incentive Plan (the 2023 Plan), which reserves 1,425,000 shares for future grants of stock awards. Under the terms of the 2023 Plan, we can issue equity awards, including stock options, restricted stock units, restricted stock, and stock appreciation rights to employees of the Company, members of the Board of Directors and consultants, independent contractors, and agents of the Company. The Compensation Committee of our Board of Directors (Compensation Committee) specifies grant terms for awards under the Plan.

Fiscal 2025 Equity Awards

In May 2024, the Compensation Committee awarded to certain officers and key employees an aggregate of 29,391 performance stock units and 1,963 performance stock options, which represents achievement of the target level of performance (collectively, the Performance Stock Awards). For the Performance Stock Awards to be earned, the Company must achieve performance vesting criteria as modified based on the Company’s average absolute total stockholder return during the performance period. The performance vesting criteria are based upon

certain levels of average annual return on equity (as defined in the Performance Stock Award Agreements) ranging from 10.0% to 20.0% measured at the end of fiscal 2027 (three-year performance period) as modified by total stockholder return. Performance outcomes (taking into account both criteria) will result in a threshold vesting percentage of 50% of target and maximum performance will result in a vesting percentage of 200% of target. If the threshold vesting percentage is not achieved none of the Performance Stock Awards will be earned.

Our Performance Stock Awards are evaluated on a quarterly basis with adjustments to compensation expense based on the likelihood of the performance targets being achieved or exceeded. The maximum expense for our outstanding Performance Stock Awards is approximately $11.7 million. Any forfeitures are recognized as a reduction to expense in the period in which they occur.

The fair value of the above Performance Stock Awards was determined using a Monte Carlo simulation. The following are key inputs in the Monte Carlo analysis for the Fiscal 2025 Employee Performance Stock Awards.



Measurement Period (in years)		2.85
Risk-Free Interest Rate		4.7	%
Dividend Yield		0.4	%
Volatility		31.4	%
Estimated Fair Value of Market-Based PSAs at Grant Date	$	238.27

In addition to the Performance Stock Awards discussed above, the Compensation Committee approved the granting to certain officers and key employees an aggregate of 1,963 time-vesting stock options which vest ratably over three years (the Fiscal 2025 Employee Time-Vesting Stock Option Grant) and 30,272 shares of time-vesting restricted stock units, which vest ratably over three years (the Fiscal 2025 Employee Restricted Stock Unit Time-Vesting Award). The Fiscal 2025 Employee Restricted Stock Unit Time-Vesting Award was valued at the closing price of the stock on the grant date and is being expensed over a three-year period. The Fiscal 2025 Employee Time-Vesting Stock Option Grant was valued at their grant date using the Black-Scholes option pricing model, which used similar input as the Monte Carlo analysis shown above.

In addition to the stock options described above, we may issue equity awards, including stock options, restricted stock, and restricted stock units, to certain employees from time to time. Any options issued are valued using the Black-Scholes options pricing model on the grant date and expensed over the vesting period, while restricted stock and restricted stock units are valued using the closing price on the date of grant and expensed over the vesting period.

Long-Term Compensation Plans

STOCK OPTIONS

Stock option expense for all outstanding stock option awards totaled approximately $0.3 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively. At June 30, 2024, there was approximately $1.9 million of unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted-average period of 1.6 years.

The following table represents stock option activity for the three months ended June 30, 2024:


	Number of Shares			Weighted- Average Exercise Price
Outstanding Options at March 31, 2024		252,364		$	91.28
Granted		3,926		$	238.27
Exercised		(424	)	$	132.70
Cancelled		—		$	—
Outstanding Options at June 30, 2024		255,866		$	93.23
Options Exercisable at June 30, 2024		217,398
Weighted-Average Fair Value of Options Granted During the Year	$	101.99

The following table summarizes information about stock options outstanding at June 30, 2024:


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Shares Outstanding		Weighted- Average Remaining Contractual Life (in years)		Weighted- Average Exercise Price		Number of Shares Outstanding		Weighted- Average Exercise Price
$59.32 - $81.28		107,490		5.39	$	62.50		107,490	$	62.50
$87.37 - $106.24		75,608		4.02	$	94.15		73,750	$	94.07
$118.27 - $139.25		59,839		7.78	$	127.52		31,500	$	128.30
$143.09 - $238.27		12,929		8.74	$	184.69		4,658	$	149.25
		255,866		5.72	$	93.23		217,398	$	84.60

At June 30, 2024, the aggregate intrinsic value for the outstanding and exercisable options was approximately $31.9 million and $28.9 million, respectively. The total intrinsic value of options exercised during the three months ended June 30, 2024, was approximately $0.1 million.

RESTRICTED STOCK UNITS AND RESTRICTED STOCK

The following table summarizes the activity for restricted stock units and nonvested restricted stock during the three months ended June 30, 2024:


	Number of Shares			Weighted-Average Grant Date Fair Value
Restricted Stock Units and Nonvested Restricted Stock at March 31, 2024		204,946		$	121.12
Granted		59,663		$	238.10
Vested		(14,923	)	$	178.58
Forfeited		—		$	—
Restricted Stock Units and Nonvested Restricted Stock at June 30, 2024		249,686		$	150.61

Expense related to restricted stock units and restricted stock was approximately $4.3 million and $6.0 million for the three months ended June 30, 2024, and 2023, respectively. At June 30, 2024, there was approximately $30.9 million of unearned compensation from restricted stock units and nonvested restricted shares, which will be recognized over a weighted-average period of 1.9 years.

The number of shares available for future grants of stock options, restricted stock units, stock appreciation rights, and restricted stock under the Plan was 1,351,520 at June 30, 2024.

(I) COMPUTATION OF EARNINGS PER SHARE

The calculation of basic and diluted common shares outstanding is as follows:


	For the Three Months Ended June 30,
	2024		2023
Weighted-Average Shares of Common Stock Outstanding		33,734,280		35,274,753
Effect of Dilutive Shares
Assumed Exercise of Outstanding Dilutive Options		250,430		320,261
Less Shares Repurchased from Proceeds of Assumed Exercised Options		(98,558