Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 183

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 183
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 Return on Adjusted Equity (“ROAE”) and EPS growth (starting with the 2020 award) for the Company over a three-year performance period, as well as a threshold ROAE and EPS growth below which no shares would be earned and an ROAE and EPS growth metric at which the maximum number of shares can be earned. Awards are earned two months after the performance period ends. Depending on the ROAE and EPS growth, if applicable, achieved within the specified range, recipients may receive shares of common stock equal to between 0% and 150% of the number of PSUs granted. In addition, PSUs accrue forfeitable dividend equivalents, which are also paid out based on the number of shares earned. PSU awards provide for vesting upon the voluntary termination of employment by any employee who is “retirement eligible” as of his or her termination date. The number of shares that will be earned for a retirement-eligible employee is equal to the amount calculated using the Company’s actual performance metrics for the entire performance period, even if that employee retires prior to the completion of the performance period. In connection with our granting of PSU awards, we recognized expense and tax benefit offsets as follows: 

        Year ended December 31,

        2024

        2023

        2022

        (In thousands)

        Total employee PSU award expense
         
        $
        3,563

        $
        2,565

        $
        2,092

        Tax benefit associated with total employee PSU award expense

        -

        -

        -

102

The following table summarizes PSU activity during the years ended December 31, 2024, 2023, and 2022. 

        Shares

        Weighted-average measurement-date fair value per share

        (Shares in thousands)

        Unvested employee PSUs, December 31, 2021(1)

        73

        $
        128.30

        Granted

        27

        130.30

        Forfeited

        -

        -

        Performance Adjustment

        2

        122.62

        Vested

        (28
        )

        122.62

        Unvested employee PSUs, December 31, 2022(1)

        74

        130.97

        Granted

        17

        185.24

        Forfeited

        -

        -

        Performance Adjustment

        (5