SHARE-BASED COMPENSATION

9 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

We have one share-based compensation plan, the Raymond James Financial, Inc. Amended and Restated 2012 Stock Incentive Plan (“the Plan”), for our employees, Board of Directors, and independent contractor financial advisors. We may utilize treasury shares for grants under the Plan, though we are also permitted to issue new shares. Our share-based compensation awards are primarily issued during the first quarter of each fiscal year. Our share-based compensation accounting policies are described in Note 2 of our 2023 Form 10-K.  Other information related to our share-based awards is presented in Note 23 of our 2023 Form 10-K.

Restricted stock units

During the three and nine months ended June 30, 2024, we granted approximately 90 thousand and 1.9 million RSUs, respectively, with a weighted-average grant-date fair value of $125.42 and $108.09, respectively, compared with approximately 47 thousand and 2.1 million RSUs granted during the three and nine months ended June 30, 2023, respectively, with a weighted-average grant-date fair value of $90.86 and $116.18, respectively. For the three and nine months ended June 30, 2024, total share-based compensation amortization related to RSUs was $51 million and $191 million, respectively, compared with $50 million and $180 million for the three and nine months ended June 30, 2023, respectively.

As of June 30, 2024, there were $337 million of total pre-tax compensation costs not yet recognized (net of estimated forfeitures) related to RSUs, including those granted during the nine months ended June 30, 2024. These costs are expected to be recognized over a weighted-average period of three years.

Restricted stock awards

Restricted stock awards (“RSAs”) were issued as a component of our total purchase consideration for TriState Capital on June 1, 2022, in accordance with the terms of the acquisition. See Note 23 of our 2023 Form 10-K for further discussion of these awards. For the three and nine months ended June 30, 2024 total share-based compensation amortization related to these RSAs was $1 million and $5 million, respectively, compared with $2 million and $7 million for the three and nine months ended June 30, 2023, respectively. As of June 30, 2024, there were $7 million of total pre-tax compensation costs not yet recognized for these RSAs. These costs are expected to be recognized over a weighted-average period of two years.