Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Target grants of restricted stock units outstanding at December 31, 2023, were as follows:

Assumptions used for initial grants applicable to the market condition for certain performance shares issued in 2022 and 2021 were:


	2022	2021
Weighted average grant-date fair value	$36.25	$37.96
Blended volatility range	24.07% - 31.41%	35.37% - 46.35%
Risk-free interest rate range	.71% - 1.68%	.02% - 0.20%
Weighted average discounted dividends per share	$2.93	$3.16

A summary of the status of the restricted stock units and performance share awards for the year ended December 31, 2023, was as follows:


	Performance Share Awards			Restricted Stock Units
	Number of Shares	Weighted Average Grant-Date Fair Value		Number of Shares	Weighted Average Grant-Date Fair Value		**
Nonvested at beginning of period	565,545	$	32.32	188,499	$	27.54
Granted pre-separation of Knife River	—			432,557	30.42
Adjustments for performance	(114,543)			—
Forfeited	(1,858)	30.47		(5,532)	30.43
Non-vested pre-separation of Knife River	449,144			615,524
Adjustments related to the Knife River separation*	(449,144)			562,944
Granted post-separation of Knife River	—			21,159	22.48
Vested shares	—			(326,327)	18.68
Nonvested at end of period	—			873,300	$	21.16
Includes the conversion adjustments to preserve the intrinsic value of the awards and the cancellation of outstanding awards held by employees that transferred to Knife River, which were replaced with awards issued by Knife River as part of the separation. * Weighted average grant-date fair values post-separation of Knife River reflects the Company's adjusted stock price due to the separation.