Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 150

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 150
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 and shares are purchased on the last day of the offering period at a 15% discount to the stock’s market value. For offering periods in 2024, 2023 and 2022, we issued approximately 45,000, 38,000 and 50,000 shares of common stock, respectively, at average prices of $79.91, $63.85 and $44.08 per share, respectively.Options granted over the last several years have generally become exercisable in four equal installments beginning on the first anniversary of the date of grant or when certain performance targets are determined to have been met. All such options have been granted with a maximum term of ten years. RSUs typically vest in three or four equal installments beginning on the first anniversary of the date of grant or when certain performance targets are determined to have been met. 

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We recognize expense for stock-based compensation plans based on the estimated grant date fair value of the related awards in accordance with ASC 718. Stock options are granted with exercise prices that are not less than the fair market value of our common stock on the date of grant. We periodically grant certain stock-based awards that are contingent upon L&W or certain of our subsidiaries achieving certain pre-determined financial performance targets. Upon determining that the performance target is probable, the fair value of the award is recognized over the service period. Determining the probability of achieving a performance target requires estimates and judgment.As of December 31, 2024, we had approximately 27 million shares of common stock authorized for awards under the 2003 Incentive Compensation Plan, as amended and restated (the “2003 Plan”) (plus available shares from a pre-existing equity-based compensation plan). As of December 31, 2024, we had approximately 4 million shares reserved under the 2003 Plan for future grants of equity awards and less than 0.1 million shares available under a pre-existing plan.Stock OptionsA summary of the changes in stock options outstanding under our equity-based compensation plans during 2024 is presented below:Number of OptionsWeighted Average Remaining Contract Term (Years)Weighted Average Exercise Price (per share)Aggregate Intrinsic ValueOptions outstanding as of December 31, 20231.5 3.1$34.98 $72 Granted— — $80.36 $— Exercised— — $35.42 $2 Cancelled— — $— $