Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 628

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 628
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, restricted stock, performance awards, stock units, and debentures (collectively, “deferred awards”) to our associates. We are permitted to issue new shares under all stock award plans approved by shareholders or to reissue our treasury shares. Stock awards issued under our company’s incentive stock plan are granted at market value at the date of grant. Our deferred awards generally vest ratably over a one- to ten-year vesting period. We provide compensation to existing employees in the form of cash awards which are subject to ratable vesting terms with service requirements. We amortize these awards to compensation expense over the relevant service period of five years. Our stock-based compensation plans are administered by the Compensation Committee of the Board of Directors (“Compensation Committee”), which has the authority to interpret the plans, determine to whom awards may be granted under the plans, and determine the terms of each award. According to the incentive stock plan, we are authorized to grant an additional 4.2 million shares at December 31, 2024.Expense associated with our stock-based compensation, included in compensation and benefits expense in the consolidated statements of operations for our company’s incentive stock award plan was $146.8 million, $137.6 million, and $135.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, the tax benefit associated with the stock-based compensation expense was $27.6 million, $27.8 million, and $30.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. The excess tax benefit related to stock-based compensation that vested during the year was $53.9 million, $36.9 million, and $23.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.Expense associated with cash awards, included in compensation and benefits expense in the consolidated statements of operations was $12.3 million and $0.8 million for the years ended December 31, 2024 and 2023, respectively. At December 31, 2024 and 2023, there was $57.7 million and $3.9 million, respectively, of cash awards, net, which is included in loans and advances to financial advisors and other employees, net in the consolidated statements of financial condition.Expense associated with our debentures, included in compensation and benefits expense in the