Company: MWA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001350593-25-000029
Chunk: 63

Company: Mueller Water Products, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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Note 6.  Stock-based Compensation Plans 

We grant various forms of stock-based compensation, including market-based restricted stock units (“MRSUs”), restricted stock units, stock options and performance-based restricted stock units (“PRSUs”) under our Amended and Restated 2006 Mueller Water Products, Inc. Stock Incentive Plan (the “2006 Stock Plan”), Phantom Plan instruments under our Mueller Water Products, Inc. 2012 Phantom Plan, and Employee stock purchase plan instruments under our 2006 Employee Stock Purchase Plan.  Grants issued during the six months ended March 31, 2025 are as follows:Number grantedWeighted average grant date fair value per instrumentTotal grant date fair value(in millions)Quarter ended December 31, 2024MRSUs64,044 $38.25 $2.4 PRSUs64,044 25.58 1.6 Restricted stock units87,344 25.58 2.2 Phantom Plan instruments134,382 25.58 3.4 Non-qualified stock options207,417 7.90 1.6 Employee stock purchase plan instruments24,621 $3.86 0.1 Total - Quarter ended December 31, 2024$11.3 Quarter ended March 31, 2025MRSUs7,692 $41.24 $0.3 PRSUs7,692 25.19 0.2 Restricted stock units84,355 26.60 2.2 Non-qualified stock options21,198 9.14 0.2 Employee stock purchase plan instruments24,802 $4.53 0.1 Total - Quarter ended March 31, 20253.0 Total - Year-to-date ended March 31, 2025$14.3 

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An MRSU award represents a target number of units that may be paid out at the end of a three-year award cycle based on a calculation of our relative total shareholder return (“TSR”) performance as compared with the TSR of a selected peer group.  Settlements in our common shares will range from zero to two times the number of MRSUs granted, depending on our TSR performance relative to that of the peer group.Compensation expense attributed to MRSUs is based on the fair value of the awards on their respective grant dates, as determined using a Monte Carlo model.  For these awards