Company: SLG-PI
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001040971-25-000010
Chunk: 113

Company: SL GREEN REALTY CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 113
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59 Options exercisable at end of year115,980 $103.52 115,980 $103.52 313,480 $97.59 The remaining weighted average contractual life of the options outstanding was 6.9 years and the remaining average contractual life of the options exercisable was 2.0 years.During the years ended December 31, 2024, 2023, and 2022, we recognized no compensation expense related to options. As of December 31, 2024, there was $4.5 million unrecognized compensation cost related to unvested stock options.Restricted SharesShares may be granted to certain employees, including our executives, and vesting occurs upon the completion of a service period or our meeting established financial performance criteria. Vesting occurs at rates ranging from 15% to 35% once performance criteria are reached.A summary of the Company's restricted stock as of December 31, 2024, 2023, and 2022 and changes during the years ended December 31, 2024, 2023, and 2022 are as follows:Year Ended December 31,202420232022Balance at beginning of year4,089,174 3,758,174 3,459,363 Granted371,285 337,350 314,995 Canceled(10,750)(6,350)(16,184)Balance at end of year4,449,709 4,089,174 3,758,174 Vested during the year143,453 147,915 118,255 Compensation expense recorded$10,939,602 $7,766,055 $10,133,905 Total fair value of restricted stock granted during the year$24,676,422 $15,789,540 $16,804,931 The fair value of restricted stock that vested during the years ended December 31, 2024, 2023, and 2022 was $7.4 million, $10.2 million and $9.7 million, respectively. As of December 31, 2024, there was $33.3 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.3 years.We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $34.1 million and $38.