Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Cash Proceeds Received and Tax Benefit from Share-based Payment Awards

	Year Ended December 31,
Excess Tax Benefits	2020		2019		2018
	(In thousands)
PNM	$	279	$	559	$	1,007
TNMP	112		236		377
PNMR	391		795		1,384

Summary of Awards

The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value:

	Year Ended December 31,
Restricted Shares and Performance-Based Shares	2020			2019			2018
Expected quarterly dividends per share	$	0.3075		$	0.2900		$	0.2650
Risk-free interest rate	0.72 %			2.47		%	2.38		%
Market-Based Shares
Dividend yield	2.51		%	2.59		%	2.96		%
Expected volatility	19.41		%	19.55		%	19.12		%
Risk-free interest rate	0.72		%	2.51		%	2.36		%

The following table summarizes activity in restricted stock awards, including performance-based and market-based shares, and stock options:

	Restricted Stock			Stock Options
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted Average Exercise Price
Outstanding at December 31, 2019	161,542	$	38.21	2,000	$	12.22
Granted	246,029	36.73		—	—
Exercised	(238,054)	34.86		(2,000)	12.22
Forfeited	(1,456)	41.32		—	—
Outstanding at December 31, 2020	168,061	$	40.77	—	$	—

The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options:

	Year Ended December 31,
Restricted Stock	2020		2019		2018
Weighted-average grant date fair value	$	36.73	$	37.92	$	29.65
Total fair value of restricted shares that vested (in thousands)	$	8,299	$	6,246	$	8,558
Stock Options
Total intrinsic value of options exercised (in thousands)	$	84	$	2,617	$	3,117