v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Stock Awards
The following table summarizes the Company's RSA activity during the years ended December 31, 2024, 2023 and 2022:
Number of SharesWeighted-Average Grant Date Fair Value
Balance December 31, 202136,176 $29.30 
Granted35,244 $37.17 
Vested(36,176)$29.30 
Balance December 31, 202235,244 $37.17 
Granted28,946 $44.44 
Vested(35,244)$37.17 
Balance December 31, 202328,946 $44.44 
Granted36,346 $38.11 
Vested(28,946)$44.44 
Balance December 31, 202436,346 $38.11 
Compensation expense for RSAs recognized in SG&A expense in the consolidated statements of operations was $1.3 million, $1.3 million, and $1.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024, unrecognized compensation cost related to RSAs totaled $0.7 million and was expected to be recognized over the remaining weighted average vesting period of 0.5 years. The total fair value of RSA's vested in 2024, 2023, and 2022 was $1.1 million, $1.6 million, and $1.3 million, respectively.
Time-Based RSUs
The following table summarizes the Company's Time-Based RSU activity during the years ended December 31, 2024, 2023 and 2022:
Number of SharesWeighted-Average Grant Date Fair Value
Balance December 31, 2021997,451 $18.54 
Granted377,804 $35.40 
Forfeited(106,570)$31.35 
Vested(478,906)$16.42 
Balance December 31, 2022789,779 $26.16 
Granted213,388 $50.74 
Forfeited(61,848)$36.75 
Vested(322,483)$21.38 
Balance December 31, 2023618,836 $36.07 
Granted273,524 $48.68 
Forfeited(45,544)$46.58 
Vested(270,164)$30.41 
Balance December 31, 2024576,652 $43.87 
Compensation expense for Time-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $10.2 million, $8.1 million, and $8.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024, unrecognized compensation cost related to Time-Based RSUs totaled $15.1 million and was expected to be recognized over the remaining weighted average vesting period of 2.1 years. The total fair value of Time-Based RSU's vested in 2024, 2023, and 2022 was $12.4 million, $16.2 million, and $18.0 million, respectively.
Performance-Based RSUs
The following table summarizes the Company's Performance-Based RSU award activity during the years ended December 31, 2024 and 2023 and 2022:
Number of SharesWeighted-Average Grant Date Fair Value
Balance December 31, 20211,536,394 $26.34 
Granted745,079 $42.34 
Forfeited(74,071)$41.66 
Vested(313,152)$16.45 
Balance December 31, 20221,894,250 $33.67 
Granted376,826 $69.52 
Forfeited(37,451)$47.52 
Vested(293,934)$16.34 
Balance December 31, 20231,939,691 $42.95 
Granted295,833 $66.60 
Forfeited(62,074)$63.46 
Vested(404,990)$39.30 
Balance December 31, 20241,768,460 $47.02 
Compensation expense for Performance-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $24.5 million, $24.9 million and $20.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024, unrecognized compensation cost related to Performance-Based RSUs totaled $25.3 million and was expected to be recognized over the remaining weighted average vesting period of 1.0 year. The total fair value of Performance-Based RSU's vested in 2024, 2023, and 2022 was $36.3 million, $15.0 million and $11.9 million, respectively. Refer to Note 1 for the details of conditions required for the performance-based RSUs to vest.
Stock Options
The following table summarizes the Company's stock option activity during the years ended December 31, 2024, 2023 and 2022:
WillScot OptionsWeighted-Average Exercise Price per ShareConverted
Mobile Mini Options		Weighted-Average Exercise Price per Share
Balance at December 31, 2021534,188 $13.60 1,527,643 $14.66 
Exercised— $— (663,367)$16.93 
Balance at December 31, 2022534,188 $13.60 864,276 $12.91 
Exercised— $— (35,030)$14.21 
Balance at December 31, 2023534,188 $13.60 829,246 $12.86 
Exercised— $— (14,357)$17.59 
Balance at December 31, 2024534,188 $13.60 814,889 $12.77 
Fully vested and exercisable options, December 31, 2024
534,188 $13.60 814,889 $12.77 
Under our stock option plans, the Company may issue shares on a net basis at the request of the option holder. This occurs by netting the option costs in shares from the shares exercised. No options were granted in the years ended December 31, 2024, 2023, and 2022.
At December 31, 2024, the intrinsic value of both stock options outstanding and stock options fully vested and currently exercisable was $27.5 million. At December 31, 2024, the weighted-average remaining contractual term of options outstanding was 3.2 years for WillScot options and 2.9 years for converted Mobile Mini options. The total pre-tax intrinsic value of stock options exercised during the years ended December 31, 2024, 2023, and 2022 was $0.4 million, $1.1 million, and $16.0 million, respectively.
Compensation expense for stock option awards, recognized in SG&A expense in the consolidated statements of operations, was $0.2 million for the year ended December 31, 2022. At December 31, 2022, all compensation cost related to stock option awards had been recognized.