Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 53

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 53
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, we established the 2012 Long-Term Incentive Plan of BWXT Technical Services Group, Inc., a cash-settled plan for employees of certain subsidiaries and unconsolidated affiliates as selected by the plan committee. The cash-

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settled plan provides for a number of forms of stock-based compensation, including stock appreciation rights, restricted stock units and performance units, subject to satisfaction of specific performance goals. Stock appreciation rights are granted at not less than 100% of the fair market value closing price of a share of BWXT common stock on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant. Stock appreciation rights are cash-settled for the excess of the market price of BWXT common stock on the exercise date minus the exercise price. Restricted stock units and performance units are cash-settled upon vesting as determined when granted. We will not issue any shares of BWXT common stock under this plan, as all awards are cash-settled.In the event of a change in control of the Company, the terms of the awards under the cash-settled plan contain provisions that may cause restrictions to lapse and accelerate the vesting of awards.Stock-based compensation expense for all of our plans recognized for the years ended December 31, 2024, 2023 and 2022 totaled $21.8 million, $16.2 million and $14.6 million, respectively, with associated tax benefit totaling $3.6 million, $2.6 million and $2.3 million, respectively.As of December 31, 2024, unrecognized estimated compensation expense related to nonvested awards was $24.5 million, which is expected to be recognized over a weighted-average period of 1.8 years.Stock OptionsThe following table summarizes activity for our stock options for the year ended December 31, 2024 (share data in thousands):NumberofSharesWeighted-AverageExercisePriceWeighted-AverageRemainingContractualTerm(In Years)AggregateIntrinsicValue(In millions)Outstanding at beginning of period183 $54.73 Granted96 $100.83 Exercised(25)$29.08 Cancelled/expired/forfeited(4)$15.93 Outstanding at end of period250 $74.94 8.2$9.1 Exercisable at end of period58 $53.91 6