Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

As of March 31, 2022, there were 927,846 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the three months ended March 31, 2022 and 2021, the Company granted restricted stock units (“RSUs”) totaling 375,769 and 180,000, respectively, with weighted-average grant date fair values per share of $10.53 and $19.30, respectively. During the three months ended March 31, 2022, the Company also granted 315,768 cash-settled performance stock units (“CPSUs”) with a weighted-average grant date fair value per unit of $14.89, and 7,500 shares of unrestricted stock with a weighted-average grant date fair value of $19.24 per share.

For CPSUs and certain RSUs granted with guaranteed minimum payouts, the Company recognized liabilities totaling approximately $4.2 million and $4.8 million as of March 31, 2022 and December 31, 2021, respectively. The Company paid approximately $2.6 million and $0.3 million to settle certain awards upon vesting during the three month periods ended March 31, 2022 and 2021, respectively.

For the three months ended March 31, 2022 and 2021, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $3.4 million and $2.4 million, respectively. As of March 31, 2022, the balance of unamortized share-based compensation expense was $27.1 million, which is expected to be recognized over a weighted-average period of 2.2 years.