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Stock-Based Compensation | 3 Months Ended
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Apr. 01, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Options A summary of activity under Nucor’s stock option plans for the first quarter of 2023 is as follows (shares and aggregate intrinsic value in thousands):
|  |  |  |  | Weighted- |  |  | Weighted- |  |  |
|  |  |  |  | Average |  |  | Average |  | Aggregate |
|  |  |  |  | Exercise |  |  | Remaining |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Contractual Life |  | Value |
Number of shares under stock options: |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of year |  |  | 837 |  |  | $ | 66.76 |  |  |  |  |  |
Granted |  |  | - |  |  | $ | - |  |  |  |  |  |
Exercised |  |  | (131 | ) |  | $ | 54.49 |  |  |  |  | $ | 15,539 |
Canceled |  |  | - |  |  | $ | - |  |  |  |  |  |
Outstanding at April 1, 2023 |  |  | 706 |  |  | $ | 69.04 |  |  | 7.4 years |  | $ | 60,364 |
Stock options exercisable at April 1, 2023 |  |  | 182 |  |  | $ | 63.28 |  |  | 6.6 years |  | $ | 16,580 |
Compensation expense for stock options was $0.5 million in the first quarter of both 2023 and 2022. As of April 1, 2023, unrecognized compensation expense related to stock options was $1.7 million, which we expect to recognize over a weighted-average period of 1.5 years. Restricted Stock Units A summary of Nucor’s restricted stock unit (“RSU”) activity for the first quarter of 2023 is as follows (shares in thousands):
|  | Shares |  |  | Grant Date Fair Value Per Share |
Restricted stock units: |  |  |  |  |  |
Unvested at beginning of year |  |  | 1,003 |  |  | $ | 98.66 |
Granted |  |  | - |  |  | $ | - |
Vested |  |  | (161 | ) |  | $ | 94.43 |
Canceled |  |  | (2 | ) |  | $ | 58.29 |
Unvested at April 1, 2023 |  |  | 840 |  |  | $ | 99.55 |
Compensation expense for RSUs was $12.2 million and $9.0 million in the first quarter of 2023 and 2022, respectively. As of April 1, 2023, unrecognized compensation expense related to unvested RSUs was $50.6 million, which we expect to recognize over a weighted-average period of 1.0 year. Restricted Stock Awards A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first quarter of 2023 is as follows (shares in thousands):
|  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value Per Share |
Restricted stock units and restricted stock awards: |  |  |  |  |  |
Unvested at beginning of year |  |  | 209 |  |  | $ | 108.55 |
Granted |  |  | 414 |  |  | $ | 171.38 |
Vested |  |  | (406 | ) |  | $ | 152.68 |
Canceled |  |  | - |  |  | $ | - |
Unvested at April 1, 2023 |  |  | 217 |  |  | $ | 145.82 |
Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $7.7 million and $17.0 million in the first quarter of 2023 and 2022, respectively. As of April 1, 2023, unrecognized compensation expense related to unvested restricted stock awards was $12.2 million, which we expect to recognize over a weighted-average period of 2.2 years.

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