Stock-based Compensation

9 Months Ended

Oct. 01, 2023

Share-Based Payment Arrangement [Abstract]

Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock awards and restricted stock units. The Company also has non-employee director stock compensation plans, pursuant to which common stock, stock options and restricted stock units have been issued to its directors. The Company issues shares of common stock upon the exercise of stock options.

Stock-based compensation expense was $8.0 million and $24.3 million for the third quarter and first nine months of 2023, respectively, and $6.7 million and $22.1 million for the third quarter and first nine months of 2022, respectively.

Stock option activity for the third quarter and first nine months of 2023 is as follows:



	Third Quarter			Nine Months
	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
Beginning balance	1,587,655	$	230.70	1,726,731	$	223.43

Exercised	(111,455)	$	109.23	(238,758)	$	113.83
Canceled	(2,945)	$	390.58	(14,718)	$	385.28
Ending balance	1,473,255	$	239.57	1,473,255	$	239.57
Exercisable at end of period	1,277,837	$	217.11	1,277,837	$	217.11

Restricted stock activity for the first nine months of 2023 is as follows:


	Shares	Weighted average fair value per share
Balance at January 1, 2023	166,395	$	368.62
Granted	20,645	$	372.67
Vested	(24,435)	$	394.33
Forfeited/Canceled	(12,362)	$	363.49
Balance at October 1, 2023	150,243	$	363.48