Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 185

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 185
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 Black-Scholes valuation method.  No stock options were granted in 2024 or 2023.Expected volatilities are based on historical volatility of PG&E Corporation’s common stock.  The expected dividend payment is the dividend yield at the date of grant.  The risk-free interest rate for periods within the contractual term of the stock option is based on the U.S. Treasury rates in effect at the date of grant.  The expected life of stock options is derived from historical data that estimates stock option exercises and employee departure behavior.There was no tax benefit recognized from stock options for the year ended December 31, 2024.The following table summarizes stock option activity for PG&E Corporation and the Utility for 2024:Number ofStock OptionsWeighted Average Grant-Date Fair ValueWeighted Average Remaining Contractual Term (Years)Outstanding at January 11,396,261 $8.2 Granted (1)— — Exercised— — Forfeited or expired(652,298)6.89 Outstanding at December 31743,963 10.23 2.58Vested or expected to vest at December 31743,963 10.23 2.58Exercisable at December 31743,963 $10.23 2.58(1) Represents additional payout of existing stock option grants.Restricted Stock UnitsRestricted stock units generally vest equally over three years.  Vested restricted stock units are settled in shares of PG&E Corporation common stock accompanied by cash payments to settle any dividend equivalents associated with the vested restricted stock units.  Compensation expense is generally recognized ratably over the vesting period based on grant-date fair value.  The weighted average grant-date fair value for restricted stock units granted during 2024, 2023, and 2022 was $16.74, $15.70, and $11.40, respectively.  The total fair value of restricted stock units that vested during 2024, 2023, and 2022 was $62 million, $64 million, and $46 million, respectively.  The tax benefit from restricted stock units that vested in 2024 was $21 million.  In general, forfeitures are recorded ratably over the vesting period, using historical averages and adjusted to actuals when vesting occurs.  As of December 31, 2024, $90 million of total unrecognized compensation costs related to nonvested