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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
Note 14—Stock-Based Compensation
Globe Life's stock-based compensation consists of stock options, restricted stock, restricted stock units, and performance shares. Certain employees and members of the board of directors (directors) have been granted fixed equity options to buy shares of Globe Life stock at the market value of the stock on the date of grant, under the provisions of the Globe Life stock option plans. The options are exercisable during the period commencing from the date they vest until expiring according to the terms of the grant. Options generally expire the earlier of employee termination or option contract term, which are either seven-year or ten-year terms. However, depending on the circumstances of termination, options may be exercised for a period of time following termination of employment or upon death or disability. Options generally vest in accordance with the following schedule:
Shares vested by period
Contract Period6 MonthsYear 1Year 2Year 3Year 4Year 5
Directors
7 years100%—%—%—%—%—%
Employees
7 years—%—%50%50%—%—%
Employees
10 years—%—%25%25%25%25%

All employee options vest immediately upon retirement on or after the attainment of age 65, upon death, or disability. Globe Life generally issues shares for the exercise of stock options from treasury stock. The Company generally uses the proceeds from option exercises to buy shares of Globe Life common stock in the open market to reduce the dilution from option exercises.
An analysis of shares available for grant is as follows:
Available for Grant
202320222021
Balance at January 1,
3,177,886 4,727,088 5,984,418 
Options expired and forfeited during year(1)
122,962 13,405 5,304 
Performance shares expired and forfeited during year(2)
39,060 23,250 34,255 
Restricted stock units expired and forfeited during the year(2)
12,513 — — 
Options granted during year(1)
(422,501)(1,105,180)(1,091,495)
Restricted stock, restricted stock units, and performance shares granted(2)
(598,604)(480,677)(205,394)
Balance at December 31,
2,331,316 3,177,886 4,727,088 
(1)Plan allows for grant of options such that each grant reduces shares available for grant in a range from 0.85 share to 1.0 share.
(2)Plan allows for grant of restricted stock, restricted stock units and performance shares such that each stock grant reduces shares available for grant in a range from 3.10 shares to 3.88 shares.
A summary of stock compensation activity for each of the three years ended December 31, 2023 is presented below:
202320222021
Stock-based compensation expense recognized(1)
$30,736 $35,650 $30,272 
Tax benefit recognized11,178 12,738 11,954 
(1)No stock-based compensation expense was capitalized in any period in accordance with applicable GAAP.

Additional stock compensation information is as follows at December 31:
20232022
Unrecognized compensation(1)
$36,599 $33,977 
Weighted average period of expected recognition (in years)(1)
0.530.56
(1)Includes stock options, restricted stock units and performance shares.

No equity awards were cash settled during the three years ended December 31, 2023.
Options: The following table summarizes information about stock options outstanding at December 31, 2023.
 Options OutstandingOptions Exercisable
Range of
Exercise Prices		Number
Outstanding		Weighted-
Average
Remaining
Contractual
Life (Years)		Weighted-
Average
Exercise
Price		Number
Exercisable		Weighted-
Average
Exercise
Price
$50.64 - $82.56
1,210,102 2.25$78.28 1,210,102 $78.28 
87.60 - 98.32
1,908,002 3.3393.98 1,435,140 92.55 
100.74
1,039,117 3.09100.74 1,039,117 100.74 
103.23 - 120.49
1,783,099 5.35108.04 318,669 103.46 
$50.64 - $120.49
5,940,320 3.68$96.19 4,003,028 $91.23 
An analysis of option activity for each of the three years ended December 31, 2023, is as follows:
202320222021
OptionsWeighted-Average
Exercise Price		OptionsWeighted-Average
Exercise Price		OptionsWeighted-Average
Exercise Price
Outstanding—beginning of year
6,962,374 $91.73 7,197,662 $85.11 7,111,231 $78.28 
Granted:
7-year term
497,060 120.49 1,300,211 103.20 1,284,112 98.28 
Exercised(1,375,313)82.95 (1,519,728)70.14 (1,191,704)58.59 
Expired and forfeited(143,801)90.92 (15,771)96.54 (5,977)74.15 
Outstanding—end of year
5,940,320 $96.19 6,962,374 $91.73 7,197,662 $85.11 
Exercisable at end of year
4,003,028 $91.23 3,666,871 $84.00 3,659,755 $75.55 

Additional information about Globe Life's stock option activity as of December 31, 2023 and 2022 is as follows:
20232022
Outstanding options:
Weighted-average remaining contractual term (in years)3.684.08
Aggregate intrinsic value$151,685 $200,681 
Exercisable options:
Weighted-average remaining contractual term (in years)3.013.01
Aggregate intrinsic value$122,052 $134,033 

Selected stock option activity for the three years ended December 31, 2023, is presented below:
202320222021
Weighted-average grant-date fair value of options granted
(per share)		$32.25 $22.03 $18.01 
Intrinsic value of options exercised49,163 58,201 50,641 
Cash received from options exercised114,080 106,592 69,826 
Actual tax benefit received9,379 11,907 10,545 

Additional information concerning Globe Life's unvested options is as follows at December 31:
20232022
Number of shares outstanding1,937,292 3,295,503 
Weighted-average exercise price (per share)$106.42 $100.33 
Weighted-average remaining contractual term (in years)5.055.26
Aggregate intrinsic value$29,634 $66,647 

Globe Life expects that substantially all unvested options will vest.
Restricted Stock: Restricted stock grants consist of time-vested grants, restricted stock units, and performance shares. Time-vested restricted stock is available to directors and vests over six months. The directors' restricted stock units vest over six months and are converted to shares upon their retirement from the Board. Employees' restricted stock units vest and become non-forfeitable on the vesting date (generally three years from the grant date) or upon meeting certain retirement criteria, or in the event of death or disability. Director restricted stock and restricted stock units are generally granted on the first business day of the calendar year. Performance shares are
granted to a limited number of senior executives. Performance shares have a three-year performance period and are not settled in shares until the certification of the three-year performance period. While the grant specifies a stated target number of shares, the determination of the actual settlement in shares will be based on the achievement of certain performance objectives of Globe Life over the three-year performance period. Certain executive restricted stock and performance share grants contain terms related to age that could accelerate vesting.

Following are the restricted stock units outstanding for each of the three years ended December 31, 2023.
Year of grantsOutstanding as of year end
202184,426 
202293,381 
2023163,108 

Below is the final determination of the performance share grants in 2019 to 2021:
Year of grantsFinal settlement of sharesFinal settlement date
201966,751 February 23, 2022
202084,298 February 22, 2023
2021143,211 February 28, 2024

For the 2022 and 2023 performance share grants, actual shares that could be distributed range from 0 to 220 thousand for the 2022 grants and 0 to 122 thousand shares for the 2023 grants.

A summary of restricted stock grants for each of the years in the three-year period ended December 31, 2023, is presented in the table below.
202320222021
Directors restricted stock:
Shares7,110 10,746 10,031 
Price per share$119.59 $94.94 $92.40 
Aggregate value$850 $1,020 $927 
Percent vested100 %100 %97 %
Directors restricted stock units (including dividend equivalents):
Shares9,479 8,956 7,258 
Price per share$117.73 $95.62 $92.60 
Aggregate value$1,116 $856 $672 
Percent vested100 %100 %96 %
Employees restricted stock units:
Shares96,975 — — 
Price per share$120.18 $— $— 
Aggregate value$11,654 $— $— 
Percent vested— %— %— %
Performance shares:
Target shares81,300 146,500 139,500 
Target price per share$120.49 $103.23 $98.32 
Aggregate value$9,796 $15,123 $13,716 
Percent vested— %— %— %
Time-vested restricted stockholders are entitled to dividend payments on the unvested stock. Director restricted stock unit holders are entitled to dividend equivalents. These equivalents are granted in the form of additional restricted stock units and vest immediately upon grant. Dividend equivalents are applicable only to directors' restricted stock units. Performance shares held by employees are not entitled to dividend equivalents and are not entitled to dividend payments until the shares are vested and settled.

An analysis of nonvested restricted stock is as follows:
Executive
Performance
Shares		Directors
Restricted
Stock		Directors
Restricted
Stock
Units
Employees
Restricted
Stock
Units
Total
2021:
Balance at December 31, 2020518,976 — — — 518,976 
Grants139,500 10,031 7,258 — 156,789 
Additional performance shares(1)
(94,883)— — — (94,883)
Restriction lapses(210,155)(9,742)(6,969)— (226,866)
Forfeitures(11,050)— — — (11,050)
Balance at December 31, 2021342,388 289 289 — 342,966 
2022:
Grants146,500 10,746 8,956 — 166,202 
Additional performance shares(1)
(16,102)— — — (16,102)
Restriction lapses(66,751)(11,035)(9,245)— (87,031)
Forfeitures(7,500)— — — (7,500)
Balance at December 31, 2022398,535 — — — 398,535 
2023:
Grants81,300 7,110 9,479 96,975 194,864 
Additional performance shares(1)
(28,857)— — — (28,857)
Restriction lapses(84,298)(7,110)(9,479)— (100,887)
Forfeitures(12,600)— — (4,410)(17,010)
Balance at December 31, 2023354,080 — — 92,565 446,645 
(1)Estimated additional (reduced) share grants expected due to achievement of performance criteria.

An analysis of the weighted-average grant-date fair values per share of nonvested restricted stock is as follows for the year 2023:
Executive Performance SharesDirectors Restricted StockDirectors Restricted Stock Units
Employees
Restricted
Stock
Units
Grant-date fair value per share at January 1, 2023
$100.68 $— $— $— 
Grants120.49 119.59 117.92 120.18 
Estimated additional performance shares(99.81)— — — 
Restriction lapses(100.74)(119.59)(117.92)— 
Forfeitures(100.74)— — (120.49)
Grant-date fair value per share at December 31, 2023
105.28 — — 120.16