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Stock-based compensation plans | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation plans | Stock-based compensation plans The Company’s equity incentive compensation plan allows for the issuance of various forms of stock-based compensation, including stock options, restricted stock and restricted stock units, including performance-based awards. Stock-based awards granted to employees generally vest over three years. At December 31, 2024, there were 3,168,796 shares available for future grant under the Company’s equity incentive compensation plan. Stock-based awards Select information on employee stock-based compensation plans is summarized in the following table.
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Stock-based compensation expense (a) | $ | 116 |  |  | $ | 118 |  |  | $ | 111 |
Income tax benefits recognized | 25 |  |  | 24 |  |  | 26 |
Cash received from exercised stock options | 138 |  |  | 32 |  |  | 37 |
Fair value of stock-based awards granted | 141 |  |  | 124 |  |  | 99 |
Intrinsic value of vested restricted stock and restricted stock units and exercised stock options | 134 |  |  | 96 |  |  | 125 |
__________________________________________________________________________________ (a) Unrecognized stock-based compensation expense of $48 million at December 31, 2024 is expected to be recognized over a weighted-average period of approximately one year. A summary of restricted stock and restricted stock unit activity follows:
| Restricted Stock Units Outstanding |  | Weighted- Average Grant Price |  | Restricted Stock Outstanding |  | Weighted- Average Grant Price
Unvested at January 1, 2024 | 1,330,278 |  | $ | 154.46 |  |  | 31,715 |  | $ | 164.63 |
Granted | 969,427 |  | 139.56 |  |  | — |  | — |
Vested | (696,738) |  | 147.81 |  |  | (20,836) |  | 164.66 |
Cancelled | (58,929) |  | 148.75 |  |  | (267) |  | 161.18 |
Unvested at December 31, 2024 | 1,544,038 |  | 148.33 |  |  | 10,612 |  | 164.66 |
Stock options granted to employees are generally exercisable over terms not exceeding ten years and one day. A summary of stock option activity follows:
|  |  | Weighted-Average |  |
| Stock Options Outstanding |  | Exercise Price |  | Life (In Years) |  | Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2024 | 2,198,664 |  | $ | 152.33 |  |  |  |  |
Granted | 133,834 |  | 138.10 |  |  |  |  |
Exercised | (1,026,259) |  | 142.00 |  |  |  |  |
Cancelled/Expired | (345,406) |  | 166.48 |  |  |  |  |
Outstanding at December 31, 2024 | 960,833 |  | 156.30 |  |  | 6.2 |  | $ | 30,664 |
Exercisable at December 31, 2024 | 654,215 |  | $ | 158.70 |  |  | 5.3 |  | $ | 19,371 |
Stock purchase plan The stock purchase plan provides eligible employees of the Company with the right to purchase shares of M&T common stock at a discount through accumulated payroll deductions. As of December 31, 2024, there were 1,871,663 shares available for issuance under the plan. In connection with the employee stock purchase plan, shares of M&T common stock issued were 100,964 in 2024, 90,575 in 2023 and 75,232 in 2022. M&T received cash for shares purchased through the employee stock purchase plan of $13 million in each of 2024 and 2023 and $11 million in 2022. Deferred bonus plan The Company provided a deferred bonus plan pursuant to which eligible employees could elect to defer all or a portion of their annual incentive compensation awards and allocate such awards to several investment options, including M&T common stock. The deferred bonus plan was frozen effective January 1, 2010 and did not allow any additional deferrals after that date. Participants could elect the timing of distributions from the plan. Such distributions are payable in cash with the exception of balances allocated to M&T common stock which are distributable in the form of M&T common stock. Shares of M&T common stock distributable pursuant to the terms of the deferred bonus plan were 9,831 and 10,238 at December 31, 2024 and 2023, respectively. The obligation to issue shares is included in Common stock issuable in the Consolidated Balance Sheet. Directors’ stock compensation programs The Company maintains compensation programs for members of the Company’s boards of directors and its regional director advisory councils that provides for a portion of their compensation to be received in shares or restricted stock units. In 2024 and 2023, 22,990 and 27,027 shares, respectively, were granted under such programs. Through acquisitions, the Company assumed obligations to issue shares of M&T common stock related to deferred directors' compensation plans. Shares of common stock issuable under such plans were 1,811 and 1,979 at December 31, 2024 and 2023, respectively. The obligation to issue shares is included in Common stock issuable in the Consolidated Balance Sheet.

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