Stock-Based Compensation Plans

6 Months Ended

Jul. 03, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation PlansTeledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock and performance shares to certain employees. Performance shares are not significant. The Company also has non-employee Board of Director stock compensation plans, pursuant to which common stock, stock options and restricted stock units have been issued to its directors.

Stock Incentive Plan

Stock option compensation expense was $3.6 million for both the second quarter of 2022 and the second quarter of 2021. Stock option compensation expense was $7.9 million for first six months of 2022 and $7.8 million for the first six months of 2021. The Company issues shares of common stock upon the exercise of stock options.

Stock option transactions for the second quarter and first six months of 2022 are summarized as follows:

	2022
	Second Quarter			Six Months
	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
Beginning balance	1,690,872	$	209.55	1,793,857	$	206.08
Exercised	(32,876)	$	148.62	(129,458)	$	135.52
Canceled	(8,111)	$	362.37	(14,514)	$	388.59
Ending balance	1,649,885	$	210.01	1,649,885	$	210.01
Exercisable at end of period	1,381,273	$	168.06	1,381,273	$	168.06

Restricted Stock

The following table shows the restricted stock activity for the first six months of 2022:

	Shares	Weighted average fair value per share
Balance, January 2, 2022 (a)	87,180	$	352.94
Granted	19,492	$	384.76
Vested	(33,739)	$	300.66
Forfeited/Canceled	(2,897)	$	401.91
Balance, July 3, 2022	70,036	$	384.96

(a) includes restricted stock units issued on May 14, 2021 in connection with the FLIR acquisition.