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Stock-Based Compensation
 3 Months Ended
Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

8. Stock-Based Compensation

Stock Options

A summary of activity under Nucor’s stock option plans for the first quarter of 2024 is as follows (shares and aggregate intrinsic value in thousands):

 

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

 

 

 

Average

 

 

Average

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Remaining

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

Contractual Life

 

Value

 

Number of shares under stock options:

 

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

 

718

 

 

$

78.33

 

 

 

 

 

 

Granted

 

 

-

 

 

$

-

 

 

 

 

 

 

Exercised

 

 

(54

)

 

$

50.09

 

 

 

 

$

7,594

 

Canceled

 

 

-

 

 

$

-

 

 

 

 

 

 

Outstanding at March 30, 2024

 

 

664

 

 

$

80.61

 

 

6.9 years

 

$

77,915

 

Stock options exercisable at March 30, 2024

 

 

380

 

 

$

48.09

 

 

6.1 years

 

$

56,861

 

 

Compensation expense for stock options was $0.4 million and $0.5 million in the first quarter of 2024 and 2023, respectively. As of March 30, 2024, unrecognized compensation expense related to stock options was $1.6 million, which we expect to recognize over a weighted-average period of 1.8 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first quarter of 2024 is as follows (shares in thousands):

 

 

 

Shares

 

 

Grant Date
Fair Value
Per Share

 

Restricted stock units:

 

 

 

 

 

 

Unvested at beginning of year

 

 

947

 

 

$

124.89

 

Granted

 

 

-

 

 

$

-

 

Vested

 

 

(8

)

 

$

130.67

 

Canceled

 

 

(5

)

 

$

129.87

 

Unvested at March 30, 2024

 

 

934

 

 

$

124.82

 

 

Compensation expense for RSUs was $12.9 million and $12.2 million in the first quarter of 2024 and 2023, respectively. As of March 30, 2024, unrecognized compensation expense related to unvested RSUs was $70.5 million, which we expect to recognize over a weighted-average period of 1.0 year.

Restricted Stock Awards

A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first quarter of 2024 is as follows (shares in thousands):

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value
Per Share

 

Restricted stock units and restricted stock awards:

 

 

 

 

 

 

Unvested at beginning of year

 

 

210

 

 

$

145.55

 

Granted

 

 

421

 

 

$

187.54

 

Vested

 

 

(350

)

 

$

176.74

 

Canceled

 

 

-

 

 

$

-

 

Unvested at March 30, 2024

 

 

281

 

 

$

169.57

 

 

Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $8.0 million and $7.7 million in the first quarter of 2024 and 2023, respectively. As of March 30, 2024, unrecognized compensation expense related to unvested restricted stock awards was $17.2 million, which we expect to recognize over a weighted-average period of 2.16 years.