Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 202

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 202
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 12/31/231/1/22 - 12/31/22Range of earnable shares - low end of range— — — Range of earnable shares - high end of range5,652 5,358 3,323 Shares determinedN/A (1)4,814 3,022 Grant date share priceN/A (1)$183.46 168.90 (1)   For this award, the performance conditions and grant date criteria under ASC 718, Compensation - Stock Compensation, have not yet been satisfied and the date of grant and resulting number of shares have not yet been determined.Equity compensation is also awarded to the Company’s non-executive officers, which are subject to service only conditions and expensed on a straight-line basis over the requisite service period (20% vests in each of the following five years).  The total 

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

compensation expense is based upon the fair market value of the shares on the grant date.  The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2024:2024 Award2023 Award2022 AwardGrant date8/5/20246/20/20236/20/2022Shares granted12,150 11,325 11,225 Grant date share price$179.35 172.70 148.48 The Committee has adopted an Equity Award Retirement Policy (the “retirement policy”) which allows for accelerated vesting of unvested shares for retirement-eligible employees (defined as employees who meet certain age and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees.Stock-based compensation cost for employees was $11,729,000, $11,013,000 and $10,236,000 for 2024, 2023 and 2022, respectively, of which $2,017,000, $2,812,000 and $2,510,000 were capitalized as part of the Company’s development costs for the respective years.  As of December 31, 2024, there was $4,425,000 of unrecognized compensation cost