LandBridge Corp
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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8. Share-Based Compensation
Share-Based Compensation
A summary of the Company’s aggregate share-based compensation expense is shown below. Share-based compensation expense allocated to the Company is recognized as a deemed non-cash contribution to or distribution from shareholders’ equity on the condensed consolidated balance sheets. Substantially all share-based compensation expense is included in general and administrative expense on the condensed consolidated statements of operations.
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Incentive units | $8,945 | $810 |
| Restricted share units | 2,195 | - |
| Total share-based compensation expense | $11,140 | $810 |
Incentive Units
A summary of Incentive Units activity during thethree months ended March 31, 2025 is shown in the following table:
| Incentive Units | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | |
|---|---|---|---|
| Outstanding at December 31, 2024 | 30,020 | $5,130 | |
| Granted | - | - | |
| Forfeited | - | - | |
| Outstanding at March 31, 2025 | 30,020 | $5,130 | 1.21 |
As of March 31, 2025, remaining unrecognized compensation expense for the Incentive Units was$71.4 million and the weighted average remaining period was approximately 2.2 years.
Restricted Share Units
Under the LandBridge Company LLC Long Term Incentive Plan (the “LTIP”), participants were granted restricted share units (“RSUs”) which are subject to graded vesting generally ranging from one to three years. The fair value of the awards is based on our stock price on the date of grant with compensation expense recognized on a straight-line basis over the applicable vesting period.
A summary of RSU activity during thethree months ended March 31, 2025 is shown in the following table:
| RSUs | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | |
|---|---|---|---|---|
| Outstanding at December 31, 2024 | 749,529 | $31.37 | ||
| Granted | 2,677 | 65.37 | ||
| Forfeited | - | - | ||
| Vested | - | - | ||
| Outstanding at March 31, 2025 | 752,206 | $31.49 | 1.22 | $54,114 |
As of March 31, 2025, remaining unrecognized compensation expense for the RSUs was$17.5 million and the weighted average remaining period was approximately 2.3 years.
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