Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

As of March 31, 2024, there were 1,457,658 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the three months ended March 31, 2024 and 2023, the Company granted the following share-based instruments: (1) RSUs totaling 30,000 and 590,188, respectively, with weighted-average grant date fair values per unit of $12.68 and $8.66, respectively; (2) cash-settled performance stock units (“CPSUs”) totaling 645,180 and 901,541, respectively, with weighted-average grant date fair values per unit of $19.17 and $13.78, respectively; and (3) deferred cash awards (“DCAs”), including cash-settled stock units, with service-based vesting conditions and payouts indexed to shares of the Company’s common stock totaling 673,855 and 90,000, respectively, with weighted-average grant date fair values per unit of $12.75 and $8.98, respectively.

As of March 31, 2024 and December 31, 2023, the Company recognized liabilities for CPSUs, RSUs with guaranteed minimum payouts and DCAs on the Condensed Consolidated Balance Sheets totaling approximately $7.5 million and $4.9 million, respectively. During the three months ended March 31, 2024, the Company paid approximately $1.0 million, respectively, to settle certain awards.

For the three months ended March 31, 2024 and 2023, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $5.5 million and $3.1 million, respectively. As of March 31, 2024, the balance of unamortized share-based compensation expense was $37.5 million, which is expected to be recognized over a weighted-average period of 2.4 years.