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Stock-based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation Teledyne has long-term incentive plans pursuant to which it has granted non-qualified stock options, restricted stock awards and restricted stock units. The Company also has non-employee director stock compensation plans, pursuant to which common stock, stock options and restricted stock units have been issued to its directors. The Company issues shares of common stock upon the exercise of stock options. Stock-based compensation expense was $12.0 million for the first quarter of 2024 and $7.9 million first quarter of 2023. Stock option activity for the first quarter of 2024 is as follows:
| First Quarter |  |  |
| Shares |  | Weighted Average Exercise Price |  |  |  |  |
Beginning balance | 1,337,972 |  | $ | 223.43 |  |  |  |  |  |
Granted | 67,003 |  |  | $ | 441.98 |  |  |  |  |  |
Exercised | (83,027) |  |  | $ | 109.33 |  |  |  |  |  |
Canceled | (9,283) |  |  | $ | 389.07 |  |  |  |  |  |
Ending balance | 1,312,665 |  | $ | 267.47 |  |  |  |  |  |
Exercisable at end of period | 1,108,192 |  | $ | 241.34 |  |  |  |  |  |
Restricted stock activity for the first three months of 2024 is as follows:
| Shares |  | Weighted average fair value per share
Balance at December 31, 2023 | 123,089 |  |  | $ | 364.86 |
Granted | 89,267 |  |  | $ | 432.52 |
Vested | (20,863) |  |  | $ | 382.20 |
Forfeited/Canceled | (3,256) |  |  | $ | 373.66 |
Balance at March 31, 2024 | 188,237 |  |  | $ | 394.81 |

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