Company: TDY
Filing Date: 2025-04-28
Form Type: 10-Q
Source: 0001094285-25-000105
Chunk: 30

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-04-28
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 (0.2)Amortization of net actuarial loss (gain)2.8 2.9 Pension non-service cost (income)$(2.6)$(2.7)

Note 10. Stock-Based Compensation 

Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock awards and restricted stock units.  The Company also has non-employee director stock compensation plans pursuant to which common stock, 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 $8.9 million and $12.0 million for the first quarter of 2025 and 2024, respectively.Stock option activity for the first quarter of 2025 is as follows: SharesWeighted Average Exercise PriceBeginning balance1,135,749$278.34 Exercised(137,124)$215.36 Canceled(749)$405.53 Ending balance997,876$286.90 Exercisable at end of period916,486$276.56 On April 22, 2025, the Company granted approximately 63,000 stock options at an exercise price of $461.10 per share and a grant date fair value of $179.30 per share.

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Restricted stock activity for the first quarter of 2025 is as follows:SharesWeighted Average Fair Value per ShareBeginning balance160,344$398.79 Granted19,188$442.76 Vested(37,287)$409.82 Forfeited/canceled(5,428)$379.91 Ending balance136,817$402.70 On April 22, 2025, the Company granted approximately 71,000 time-based restricted stock units with a grant date fair value of $461.10 per share.

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): First Quarter20252024Weighted average basic common shares outstanding46.8 47.3 Effect of dilutive securities (primarily stock options)0.5 0.7 Weighted average diluted common shares outstanding47.3 48.0 For the first quarter of