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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation
|  | Third Quarter |  | First Nine Months
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | ($ in millions)
Stock-based compensation expense |  | $ | 10 |  |  | $ | 13 |  |  | $ | 32 |  |  | $ | 49 |
Total tax benefit |  | 2 |  |  | 7 |  |  | 11 |  |  | 24 |
During 2023, we granted stock options, restricted stock units (RSUs) and performance share units (PSUs) pursuant to the Long-Term Incentive Plan (LTIP), as follows:
|  | Third Quarter |  | First Nine Months
|  | Granted |  | Weighted-Average Grant-Date Fair Value |  | Granted |  | Weighted-Average Grant-Date Fair Value
Stock options |  | — |  |  | $ | — |  |  | 69,580 |  |  | $ | 77.60 |
RSUs |  | 6,448 |  |  | 230.82 |  |  | 199,819 |  |  | 233.61 |
PSUs |  | 110 |  |  | 234.37 |  |  | 59,070 |  |  | 236.25 |
Stock Options
|  | Third Quarter |  | First Nine Months
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | ($ in millions)
Options exercised |  | 9,934 |  | 116,881 |  |  | 87,206 |  |  | 275,770 |
Cash received upon exercise |  | $ | 1 |  |  | $ | 9 |  |  | $ | 7 |  |  | $ | 23 |
Related tax benefits realized |  | — |  |  | 5 |  |  | 3 |  |  | 11 |
Restricted Stock Units RSUs granted primarily have a four-year ratable restriction period and will be settled through the issuance of shares of Norfolk Southern common stock (Common Stock). Certain RSU grants include cash dividend equivalent payments during the restriction period in an amount equal to the regular quarterly dividends paid on Common Stock.
|  | Third Quarter |  | First Nine Months
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | ($ in millions)
RSUs vested |  | 2,587 |  |  | 557 |  |  | 155,617 |  |  | 247,510 |
Common Stock issued net of tax withholding |  | 1,734 |  |  | 397 |  |  | 109,153 |  |  | 175,373 |
Related tax benefits realized |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 5 |
Performance Share Units PSUs provide for awards based on the achievement of certain predetermined corporate performance goals at the end of a three-year cycle and are settled through the issuance of shares of Common Stock. All PSUs will earn out based on the achievement of performance conditions and some will also earn out based on a market condition. The market condition fair value was measured on the date of grant using a Monte Carlo simulation model. No PSUs were earned or paid out during the third quarters of 2023 and 2022.
|  | First Nine Months
|  | 2023 |  | 2022
|  | ($ in millions)
PSUs earned |  | 58,599 |  |  | 86,420 |
Common Stock issued net of tax withholding |  | 40,255 |  |  | 54,651 |
Related tax benefits realized |  | $ | — |  |  | $ | 1 |

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