Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 230

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 230
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 grant.  The restricted stock is subject to transfer and forfeiture restrictions during an applicable “restricted period”.  The restrictions have both time-based and performance-based components.  The restricted period expires (and the restrictions lapse) on the third anniversary of the date of grant, subject to the achievement of stated performance objectives over a specified three-year performance period.  If employment is terminated (other than by death, retirement or disability) during the restricted period, the stock grant is forfeited. The estimated expense for restricted stock awards with both time-based and performance-based components to employees is based on a lattice-based simulation which takes into consideration several factors including volatility, risk free interest rates and the correlation of Teledyne’s stock price with the comparator, which has been the S&P 500 Index for awards granted since 2021.  The Company recorded $6.6 million, $5.2 million and $5.1 million in compensation expense related to restricted stock awards to employees for fiscal years 2024, 2023 and 2022, respectively.  At December 29, 2024, there was $6.8 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 1.3 years.Non-Employee Directors Restricted StockNon-employee directors each received restricted stock units valued at $170,000 in 2024, 2023 and 2022 or valued at half the amount for a person who becomes a director for the first time after the date of the Annual Meeting.  The restricted stock units generally vest one year following the date of grant and are settled in shares of common stock on the date of vesting unless a director has elected to defer settlement of the award until his or her separation from Board service.  The annual expense related to non-employee director’s restricted stock units was $1.7 million for 2024, 2023 and 2022, with an immaterial amount of unrecognized compensation cost that will be recognized over the first half of 2025.

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Note 12. Earnings Per Share

The following table sets forth the computations of basic and diluted earnings per common share (amounts in millions, except per share data):Earnings Per Common Share:202420232022Net income attributable to Teledyne$819.2 $885.7 $788.6 Basic earnings per common share:Weighted average common shares outstanding47.0 47.1 46.