Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 152

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 152
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 earn long-term incentive awards through the achievement of performance goals and to align compensation with the interests of our stockholders. This is achieved by linking compensation to share price appreciation and total stockholder return over a multi-year period. Awards made under the LTIP are granted subject to the Stock Incentive Plan to the extent the award is deliverable in stock. We provide two types of LTIP awards: restricted stock units ("RSU") and performance stock units ("PSU").RSUs are stock-settled awards which do not contain any performance-based vesting requirements. PSUs can be settled in cash or stock and vest based on the achievement of pre-determined performance metrics at the discretion of the Board. Our PSU liability was approximately $7.1 million and $3.3 million as of December 31, 2024 and 2023, respectively. Both the PSUs and RSUs vest, in their entirety, after three years.Service-based share awardsNumberOutstanding at January 1, 20241,156,774 Granted650,755 Vested(263,227)Forfeited(139,407)Outstanding at December 31, 20241,404,895 Performance-based share awardsNumberOutstanding at January 1, 2024602,564 Granted475,226 Vested(303,315)Forfeited— Outstanding at December 31, 2024774,475  Year ended December 31,Service-based share awards202420232022Weighted average per share fair value of service-based share grants$10.11 $12.58 $17.30 Fair Value Measurement of Share-Based Compensation Awards. We estimate the fair value of each stock option award using the Black-Scholes model on the date of grant. Our last grant of stock options, awarded in 2009, expired in May 2019. We 

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CENTURY ALUMINUM COMPANYNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(amounts in millions, except share and per share amounts)

have not granted any stock options since 2009. For our service-based awards, fair value is equal to the closing stock price on the date of grant. For our performance-based awards, fair value is equal to the closing stock price at each reporting period end.The following table summarizes the compensation cost recognized for the years ended December 31, 2024, 2023 and 2022 for all service-based and performance-based share