Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

As of March 31, 2023, there were 868,622 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the three months ended March 31, 2023 and 2022, the Company granted the following share-based instruments: (1) RSUs totaling 590,188 and 375,769, respectively, with weighted-average grant date fair values per unit of $8.66 and $10.53, respectively; and (2) cash-settled performance stock units (“CPSUs”) totaling 901,541 and 315,768, respectively, with weighted-average grant date fair values per unit of $13.78 and $14.89, respectively. During the three months ended March 31, 2023, the Company also granted a cash award with a service-based vesting condition and payout indexed to 90,000 shares of the Company’s common stock, with a weighted-average grant date fair value of $8.98 per share. During the three months ended March 31, 2022, the Company granted 7,500 shares of unrestricted stock with a weighted-average grant date fair value of $19.24 per share.

As of March 31, 2023 and December 31, 2022, the Company recognized liabilities for CPSUs and RSUs with guaranteed minimum payouts and certain cash-settled awards on the Condensed Consolidated Balance Sheets totaling approximately $3.4 million and $2.1 million, respectively. During the three months ended March 31, 2022, the Company paid approximately $2.6 million to settle certain awards.

For the three months ended March 31, 2023 and 2022, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $3.1 million and $3.4 million, respectively. As of March 31, 2023, the balance of unamortized share-based compensation expense was $25.3 million, which is expected to be recognized over a weighted-average period of 2.3 years.