Share-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

As of June 30, 2022, there were 1,270,316 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the six months ended June 30, 2022 and 2021, the Company granted the following share-based instruments: (1) restricted stock units (“RSUs”) totaling 375,769 and 280,000, respectively, with weighted-average grant date fair values per unit of $10.53 and $18.59, respectively; and (2) shares of unrestricted stock totaling 165,030 and 96,668, respectively, with weighted-average grant date fair values per share of $10.63 and $15.62, respectively. During the six months ended June 30, 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. During the six months ended June 30, 2022, 500,000 stock options with a weighted-average exercise price per share of $11.15 expired.

As of June 30, 2022 and December 31, 2021, liabilities totaling approximately $3.4 million and $4.8 million, respectively, were included on the Condensed Consolidated Balance Sheets for CPSUs and certain RSUs granted with guaranteed minimum payouts. The Company paid approximately $2.6 million and $0.3 million to settle certain awards upon vesting during the six-month periods ended June 30, 2022 and 2021, respectively.

For the three and six months ended June 30, 2022, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $1.4 million and $4.8 million, respectively, and $2.6 million and $5.0 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the balance of unamortized share-based compensation expense was $18.8 million, which is expected to be recognized over a weighted-average period of 2.1 years.