Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 276

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 276
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47.11 Fair value of awards vested and issued2.9 4.8 4.7 Tax expense for restricted stock compensation expense(0.7)(0.4)(0.1)As of December 31, 2024, the Company had $3.7 million of unrecognized compensation expense before tax related to RSUs, which is expected to be recognized over a weighted average period of 1.7 years. Performance Stock Units ("PSUs")PSUs are granted to officers and other key employees. Vesting is subject to both the continued employment of the participant with the Company and the achievement of certain performance metrics established by the Compensation Committee. A participant generally must be employed by the Company on the vesting date of each award; however, a portion of a participant's awards will vest if employment terminates earlier on account of a qualifying employment termination event such as death, disability or retirement at age 65. Awards granted generally cliff vest three years from the date of grant. The number of PSUs that vest may range from zero to 200% of the target shares granted and is determined for each award based on the achievement of two equally weighted performance criteria: ROIC and TSR. The PSUs are settled in common stock of the Company, with holders receiving one common share for each PSU that vests.Changes in PSUs during the year ended December 31, 2024 are as follows:(in thousands, except weighted average grant date fair value)Performance Stock UnitsWeighted Average Grant Date Fair ValueUnvested as of January 1, 2024106 $56.72 Granted104 $36.62 Vested (1)(20)$92.98 Forfeited(39)$42.94 Unvested as of December 31, 2024151 $41.56 (1) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, no shares were earned and distributed for the performance period ended during 2024.

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The following additional activity occurred for the Company's performance stock units:Years Ended December 31, (in millions, except weighted average grant date fair value per award granted)202420232022Weighted average grant date fair value per award$36.62 $43.19 $51.56 Fair value of awards vested and issued (2)— 1.6 1.7 Tax (expense) benefit