Stock-based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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