Company: TDY
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001094285-25-000131
Chunk: 40

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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, stock options and restricted stock units have been issued to its directors.  The Company issues shares of common stock upon the exercise of stock options.  The Company uses the Black–Scholes option pricing model to determine the fair value of stock options.Stock-based compensation expense was $11.3 million and $20.2 million for the second quarter and first six months of 2025, respectively, and $9.3 million and $21.3 million for the second quarter and first six months of 2024, respectively.Stock option activity for the second quarter and first six months of 2025 is as follows:Second QuarterSix Months SharesWeighted Average Exercise PriceSharesWeighted AverageExercise PriceBeginning balance997,876$286.90 1,135,749$278.34 Granted (a)63,062 $461.10 63,062 $461.10 Exercised(23,549)$199.16 (160,673)$212.98 Canceled(2,611)$390.87 (3,360)$394.14 Ending balance1,034,778$299.25 1,034,778$299.25 Exercisable at end of period892,532$278.54 892,532 $278.54 (a) In the second quarter of 2025, the Company granted stock options with a grant date fair value of $179.30 per share.Restricted stock activity for the second quarter and first six months of 2025 is as follows:Second QuarterSix MonthsSharesWeighted Average Fair Value per ShareSharesWeighted Average Fair Value per ShareBeginning balance136,817$402.70 160,344 $398.79 Granted75,289$451.49 94,477 $456.89 Vested(3,419)$334.87 (40,706)$403.53 Forfeited/canceled(2,816)$427.43 (8,244)$396.24 Ending balance205,871$424.63 205,871 $424.63 

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Note 11. Earnings Per Share

The weighted average number of common shares used in the calculation of basic and diluted earnings per share consisted of the following (in millions): Second QuarterSix Months2025202420252024Weighted average basic common shares outstanding46.9 47.2 46.8 47.3