Shareholders’ Equity and Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share Repurchase Activity

The following table includes the Company’s share repurchase activity for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
(In thousands, except per share data)
Shares repurchased (1)	252		—		252		784
Total cost, including brokerage fees	$	9,134	$	—	$	9,134	$	37,670
Average repurchase price per share (2)	$	36.17	$	—	$	36.17	$	50.08

(1)All repurchased shares were retired and constitute authorized but unissued shares.

(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity:

	Stock Options
	Shares	Weighted-Average Exercise Price
Outstanding at January 1, 2023	2,071,994	$	11.35
Granted	—	$	—
Exercised	(48,140)	$	15.66
Cancelled	—	$	—
Expired	—	$	—
Outstanding at September 30, 2023	2,023,854	$	9.25
Exercisable at September 30, 2023	2,023,854	$	9.25

Schedule of Activity Related To Time-based Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)

The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):

	RSUs			PSUs
	Shares	Weighted-Average Grant Date Fair Value		Shares		Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	547,671	$	26.09	1,076,159	(1)	$	17.17
Granted (2)	159,043	$	42.17	114,898		$	41.92
Vested	(298,644)	$	23.71	(733,574)	(3)	$	8.86
Issuance of dividend equivalent (4)	21,180	$	—	23,151		$	—
Cancelled	—	$	—	(8,699)	(5)	$	53.51
Outstanding at September 30, 2023	429,250	$	34.09	471,935		$	36.40

(1)    Includes PSUs granted in March 2020 and March 2021 at 200% of the target and PSUs granted in March 2022 at target.

(2)    The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the

applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.

(3)    Represents PSUs granted in March 2020 that vested in March 2023 at 200% of the target PSUs.

(4)    In accordance with the provisions of the Golden Entertainment, Inc. 2015 Incentive Award Plan (the “2015 Plan”), the declaration of a one-time cash dividend of $2.00 per share of the outstanding common stock triggered the requirement to make an equitable adjustment to the number and type of securities subject to each outstanding award and the exercise price or grant price. The 2015 Plan allows the Company to make such equitable adjustments at its discretion. As a result, on August 25, 2023, the Company elected to adjust the exercise price of vested but unexercised stock option awards and the number of shares underlying unvested RSU and PSU awards to reflect an amount as if the cash dividend had been paid in stock. The vesting schedule and conditions of each grant remain the same (with these additional share amounts subject to forfeiture on the same terms as the underlying grants).

(5)    The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2023 and 89.6% of the target PSUs granted in March 2022 were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2022 to the number of PSUs eligible to vest from 83,579 to 74,880.