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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation [Abstract]  
Schedule of Pre-tax Compensation Expense and Related Income Tax Benefit

The following table presents the Registrants' pre-tax compensation expense and related income tax benefit for the years ended December 31, 2023, 2022 and 2021 related to performance units and restricted stock units for the Registrants' employees.

 

OGE Energy

 

 

OG&E

 

Year Ended December 31 (In millions)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Performance units

 

$

9.3

 

 

$

7.2

 

 

$

7.5

 

 

$

2.2

 

 

$

2.2

 

 

$

1.8

 

Restricted stock units

 

 

3.8

 

 

 

2.5

 

 

 

2.3

 

 

 

0.9

 

 

 

0.7

 

 

 

0.4

 

Total compensation expense

 

$

13.1

 

 

$

9.7

 

 

$

9.8

 

 

$

3.1

 

 

$

2.9

 

 

$

2.2

 

Income tax benefit

 

$

3.2

 

 

$

2.3

 

 

$

2.5

 

 

$

0.7

 

 

$

0.7

 

 

$

0.6

 
Schedule of Performance Units Granted and Assumptions Used to Calculate Grant Date Fair Value of Performance Units The following table presents the number of performance units granted and the assumptions used to calculate the grant date fair value of the performance units.

OGE Energy

 

 

OG&E

 

2023

 

2022

 

2021

 

 

2023

 

2022

 

2021

 

Number of units granted

 

213,442

 

 

216,437

 

 

249,909

 

 

 

65,069

 

 

60,923

 

 

68,720

 

Fair value of units granted

$

43.74

 

$

41.10

 

$

38.14

 

 

$

43.74

 

$

41.10

 

$

38.14

 

Expected dividend yield

 

4.2

%

 

4.8

%

 

4.7

%

 

 

4.2

%

 

4.8

%

 

4.7

%

Expected price volatility

 

31.0

%

 

29.0

%

 

29.0

%

 

 

31.0

%

 

29.0

%

 

29.0

%

Risk-free interest rate

 

4.47

%

 

1.71

%

 

0.22

%

 

 

4.47

%

 

1.71

%

 

0.22

%

Expected life of units (in years)

 

2.85

 

 

2.85

 

 

2.84

 

 

 

2.85

 

 

2.85

 

 

2.85

 
Schedule of Restricted Stock Units Granted and Grant Date Fair Value The following table presents the number of restricted stock units granted and the grant date fair value.

 

OGE Energy

 

 

OG&E

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Restricted stock units granted

 

 

114,926

 

 

 

116,539

 

 

 

89,197

 

 

 

35,034

 

 

 

32,804

 

 

 

22,911

 

Fair value of restricted stock units granted

 

$

37.52

 

 

$

35.72

 

 

$

31.11

 

 

$

37.52

 

 

$

35.72

 

 

$

30.91

 
Schedule of Activity for Performance Units and Restricted Stock Units

The following tables present a summary of the activity for the Registrants' performance units and restricted stock units for the year ended December 31, 2023. The table designated as "OGE Energy" below includes the OG&E standalone activity, as OGE Energy represents consolidated results.

OGE Energy

Performance Units

 

 

Restricted Stock Units

 

(Dollars in millions)

Number
of Units

 

 

Aggregate Intrinsic Value

 

 

Number
of Shares

 

 

Aggregate Intrinsic Value

 

Units/shares outstanding at 12/31/22

 

608,375

 

 

 

 

 

 

189,483

 

 

 

 

Granted

 

213,442

 

(A)

 

 

 

 

114,926

 

 

 

 

Converted

 

(161,690

)

(B)

$

3.7

 

 

N/A

 

 

 

 

Vested

N/A

 

 

 

 

 

 

(76,664

)

 

$

2.7

 

Forfeited

 

(8,009

)

 

 

 

 

 

(4,599

)

 

 

 

Units/shares outstanding at 12/31/23

 

652,118

 

 

$

28.8

 

 

 

223,146

 

 

$

7.8

 

Units/shares fully vested at 12/31/23

 

234,672

 

(C)

$

12.7

 

 

N/A

 

 

N/A

 

 

 

OG&E

Performance Units

 

 

Restricted Stock Units

 

(Dollars in millions)

Number
of Units

 

 

Aggregate Intrinsic Value

 

 

Number
of Shares

 

 

Aggregate Intrinsic Value

 

Units/shares outstanding at 12/31/22

 

170,623

 

 

 

 

 

 

52,759

 

 

 

 

Granted

 

65,069

 

(A)

 

 

 

 

35,034

 

 

 

 

Converted

 

(44,550

)

(B)

$

1.0

 

 

N/A

 

 

 

 

Vested

N/A

 

 

 

 

 

 

(20,265

)

 

$

0.7

 

Forfeited

 

(5,889

)

 

 

 

 

 

(2,725

)

 

 

 

Employee migration

 

(1,416

)

(D)

 

 

 

 

(559

)

(D)

 

 

Units/shares outstanding at 12/31/23

 

183,837

 

 

$

8.0

 

 

 

64,244

 

 

$

2.2

 

Units/shares fully vested at 12/31/23

 

63,506

 

(C)

$

3.4

 

 

N/A

 

 

N/A

 
(A)
For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target.
(B)
These amounts represent performance units that vested at December 31, 2022, which were settled in February 2023.
(C)
These amounts represent performance units that vested at December 31, 2023. Actual expected amounts to be paid out in 2024 will differ based on the percentage at which the performance metric was met and are dependent upon Compensation Committee approval.
(D)
Due to certain employees transferring between OG&E and OGE Energy.
Summary of Activity for Non-vested Performance Units and Restricted Stock Units

The following tables present a summary of the activity for the Registrants' non-vested performance units and restricted stock units for the year ended December 31, 2023. The table designated as "OGE Energy" below includes the OG&E standalone activity, as OGE Energy represents consolidated results.

OGE Energy

Performance Units

 

 

Restricted Stock Units

 

Number
of Units

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Number
of Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Units/shares non-vested at 12/31/22

 

446,685

 

 

$

39.53

 

 

 

189,483

 

 

$

33.75

 

Granted

 

213,442

 

(A)

$

43.74

 

 

 

114,926

 

 

$

37.52

 

Vested

 

(234,672

)

 

$

38.14

 

 

 

(76,664

)

 

$

30.95

 

Forfeited

 

(8,009

)

 

$

40.66

 

 

 

(4,599

)

 

$

34.52

 

Units/shares non-vested at 12/31/23

 

417,446

 

 

$

42.44

 

 

 

223,146

 

 

$

36.64

 

 

OG&E

Performance Units

 

 

Restricted Stock Units

 

Number
of Units

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Number
of Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Units/shares non-vested at 12/31/22

 

126,073

 

 

$

39.53

 

 

 

52,759

 

 

$

33.78

 

Granted

 

65,069

 

(A)

$

43.74

 

 

 

35,034

 

 

$

37.52

 

Vested

 

(63,506

)

 

$

38.14

 

 

 

(20,265

)

 

$

30.91

 

Forfeited

 

(5,889

)

 

$

40.92

 

 

 

(2,725

)

 

$

35.17

 

Employee migration

 

(1,416

)

(B)

$

38.36

 

 

 

(559

)

(B)

$

32.25

 

Units/shares non-vested at 12/31/23

 

120,331

 

 

$

42.49

 

 

 

64,244

 

 

$

36.68

 
(A)
For performance units, this represents the target number of performance units granted. Actual number of performance units earned, if any, is dependent upon performance and may range from zero percent to 200 percent of the target.
(B)
Due to certain employees transferring between OG&E and OGE Energy.
Summary of Fair Value for Vested Performance Units and Restricted Stock Units

The following table presents a summary of the Registrants' fair value for vested performance units and restricted stock units.

 

OGE Energy

 

 

OG&E

 

Year Ended December 31 (In millions)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Performance units

 

$

9.0

 

 

$

6.2

 

 

$

8.1

 

 

$

2.4

 

 

$

1.7

 

 

$

2.3

 

Restricted stock units

 

$

2.4

 

 

$

2.1

 

 

$

2.2

 

 

$

0.6

 

 

$

0.5

 

 

$

0.5

 
Summary of Unrecognized Compensation Cost and Weighted-average Periods Over which Compensation Cost is Expected to be Recognized

The following table presents a summary of the Registrants' unrecognized compensation cost for non-vested performance units and restricted stock units and the weighted-average periods over which the compensation cost is expected to be recognized.

 

OGE Energy

 

 

OG&E

 

December 31, 2023

 

Unrecognized
Compensation Cost
(In millions)

 

 

Weighted Average
to be Recognized
(In years)

 

 

Unrecognized
Compensation Cost
(In millions)

 

 

Weighted Average
to be Recognized
(In years)

 

Performance units

 

$

8.3

 

 

 

1.68

 

 

$

2.4

 

 

 

1.70

 

Restricted stock units

 

 

3.6

 

 

 

1.67

 

 

 

1.1

 

 

 

1.69

 

Total unrecognized compensation cost

 

$

11.9

 

 

 

 

 

$

3.5