Stock Options, Restricted Stock, and Dividend Reinvestment Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted and Performance Stock Activity

A summary of restricted and performance stock and unit activity during the year ended December 31, 2022, is presented below:

Table 8.18.1

RESTRICTED AND PERFORMANCE EQUITY AWARD ACTIVITY

	Shares/ Units (a)	Weighted average grant date fair value (per share) (b)
January 1, 2022	9,296,888	$	13.14
Shares/units granted	6,363,454	20.64
Shares/units vested/distributed	(2,085,465)	11.09
Shares/units canceled	(541,231)	18.01
December 31, 2022	13,033,646	$	17.09

(a)Includes only units that settle in shares; nonvested performance units are included at 100% payout level.

(b)The weighted average grant date fair value for shares/units granted in 2021 and 2020 was $13.14 and $12.47, respectively.

Schedule of Stock Options

The summary of stock option activity for the year ended December 31, 2022, is shown below:

Table 8.18.2

STOCK OPTION ACTIVITY

	Options Outstanding	Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
January 1, 2022	4,980,929	$	15.81
Options granted	—	—
Options exercised	(2,349,432)	15.36
Options expired/canceled	(194,051)	22.35
December 31, 2022	2,437,446	$	15.72	3.42	$	21
Options exercisable	1,836,692	15.76		2.88	16
Options expected to vest	600,754	15.59		5.05	5

Schedule of Valuation Assumptions, Stock Options

FHN used the Black-Scholes Option Pricing Model to estimate the fair value of stock options granted or converted in 2021 and 2020 with the following assumptions:

Table 8.18.3

STOCK OPTION FAIR VALUE ASSUMPTIONS

	2021	2020
Expected dividend yield	4.16%	3.77%
Expected weighted-average lives of options granted	6.29 years	6.25 years
Expected weighted-average volatility	38.44%	23.94%
Expected volatility range	37.86% - 39.02%	23.32% - 24.56%
Risk-free interest rate	0.62%	1.47%