XML 48 R37.htm IDEA: XBRL DOCUMENT v3.24.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
A combined summary of activity in our active stock plans is presented in the table below. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. On April 24, 2024, the shareholders of Cullen/Frost approved the 2024 Equity Incentive Plan (the “2024 Plan”) to replace the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2024 Plan, shareholders approved the issuance, pursuant to the plan, of 2,576,038 shares of our common stock. This amount included 2,350,000 newly authorized shares and the 226,038 shares remaining available for issuance under the superseded 2015 Plan. As of September 30, 2024, there were 2,567,893 shares remaining available for grant for future stock-based compensation awards.
Deferred
Stock Units
Outstanding
Non-Vested
Restricted Stock Units
Outstanding
Performance
Stock Units
Outstanding
Stock Options
Outstanding
Number
of Units
Weighted-
Average
Fair Value
at Grant
Number
of Units
Weighted-
Average
Fair Value
at Grant
Number
of Units
Weighted-
Average
Fair Value
at Grant
Number
of Shares
Weighted-
Average
Exercise
Price
Balance, January 1, 202454,164 $89.71 566,806 $99.77 267,054 $89.99 485,941 $71.25 
Granted7,997 116.84 2,826 107.95 — — — — 
Exercised/vested(9,382)80.99 (858)83.86 (45,818)57.89 (198,035)78.19 
Forfeited/expired— — (2,237)107.53 (22,913)57.89 — — 
Balance, September 30, 202452,779 95.37 566,537 99.80 198,323 101.12 287,906 66.47 
Shares Issued in Connection with Stock Compensation Awards Shares issued in connection with stock compensation awards along with other related information were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
New shares issued from available authorized shares— — — 49,887 
Shares issued from available treasury stock131,465 8,483 254,093 22,609 
Proceeds from stock option exercises$10,275 $596 $15,484 $3,042 
Share-based Payment Arrangement, Cost by Plan
Stock-based compensation expense or benefit and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Non-vested stock units$3,128 $2,423 $9,607 $8,594 
Deferred stock units— — 934 880 
Performance stock units(1,369)688 (521)3,172 
Total$1,759 $3,111 $10,020 $12,646 
Income tax benefit$556 $531 $2,547 $2,399 
Unrecognized Stock-Based Compensation Expense
Unrecognized stock-based compensation expense at September 30, 2024 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria.
Non-vested stock units$13,122 
Performance stock units8,953 
Total$22,075