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Share-Based Payments | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Payments | Regions administers long-term incentive compensation plans that permit the granting of incentive awards in the form of restricted stock awards, performance awards, stock options and stock appreciation rights. While Regions has the ability to issue stock appreciation rights, none has been issued to date. The terms of all awards issued under these plans are determined by the CHR Committee of the Board; however, no awards may be granted after the tenth anniversary from the date the plans were initially approved by shareholders. Incentive awards usually vest based on employee service, generally within three years from the date of the grant. The contractual lives of options, issued in periods prior to 2021, granted under these plans were typically ten years from the date of the grant. On April 23, 2015, the shareholders of the Company approved the Regions Financial Corporation 2015 LTIP, which permits the Company to grant to employees and directors various forms of incentive compensation. These forms of incentive compensation are similar to the types of compensation approved in prior plans. The 2015 LTIP authorizes 60 million common share equivalents available for grant, where grants of options and grants of full value awards (e.g., shares of restricted stock, restricted stock units and performance stock units) count as one share equivalent. Unless otherwise determined by the CHR Committee of the Board, grants of restricted stock, restricted stock units, and performance stock units accrue dividends, or their notional equivalent, as they are declared by the Board, and are paid upon vesting of the award. Upon adoption of the 2015 LTIP, Regions closed the prior long-term incentive plan to new grants, and, accordingly, prospective grants must be made under the 2015 LTIP or a successor plan. All existing grants under prior long-term incentive plans are unaffected by adoption of the 2015 LTIP. The number of remaining share equivalents available for future issuance under the 2015 LTIP was approximately 24 million at December 31, 2023. Grants of performance-based restricted stock typically have a three-year performance period, and shares vest within three years after the grant date. Restricted stock units typically vest over three years. Grantees of restricted stock awards or units must either remain employed with the Company for certain periods from the date of grant in order for shares to be released or issued or retire after meeting the standards of a retiree, at which time shares would be issued and released. The terms of these plans generally stipulate that the exercise price of options may not be less than the fair market value of Regions' common stock at the date the options are granted. Regions issues new shares from authorized reserves upon exercise. The following table summarizes the elements of compensation cost recognized in the consolidated statements of income for the years ended December 31:
| 2023 |  | 2022 |  | 2021
| (In millions)
Compensation cost of share-based compensation awards: |  |  |  |  |
Restricted and performance stock awards | $ | 61 |  |  | $ | 60 |  |  | $ | 57 |
Tax benefits related to share-based compensation cost | (16) |  |  | (15) |  |  | (14) |
Compensation cost of share-based compensation awards, net of tax | $ | 45 |  |  | $ | 45 |  |  | $ | 43 |
RESTRICTED STOCK AWARDS AND PERFORMANCE STOCK AWARDS During 2023, 2022 and 2021, Regions made restricted stock grants that vest upon satisfaction of service conditions and restricted stock award and performance stock award grants that vest based upon service conditions and performance conditions. Incremental shares earned above the performance target associated with previous performance stock awards are included when and if performance targets are achieved. Dividend payments during the vesting period are deferred to the end of the vesting term. The fair value of these restricted shares, restricted stock units and performance stock units was estimated based upon the fair value of the underlying shares on the date of the grant. The valuation was not adjusted for the deferral of dividends. Activity related to restricted stock awards and performance stock awards for 2023, 2022 and 2021 is summarized as follows:
| Number of Shares/Units |  | Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2020 | 11,682,160 |  |  | $ | 12.14 |
Granted | 2,984,065 |  |  | 21.18 |
Vested | (3,227,513) |  |  | 15.91 |
Forfeited | (231,818) |  |  | 13.24 |
Non-vested at December 31, 2021 | 11,206,894 |  |  | $ | 13.39 |
Granted | 2,831,304 |  |  | 21.39 |
Vested | (3,543,152) |  |  | 14.24 |
Forfeited | (331,283) |  |  | 14.73 |
Non-vested at December 31, 2022 | 10,163,763 |  |  | $ | 15.23 |
Granted | 3,943,474 |  |  | 17.54 |
Vested | (5,844,477) |  |  | 10.25 |
Forfeited | (262,719) |  |  | 18.08 |
Non-vested at December 31, 2023 | 8,000,041 |  |  | $ | 19.90 |
As of December 31, 2023, the pre-tax amount of non-vested restricted stock, restricted stock units and performance stock units not yet recognized was $60 million, which will be recognized over a weighted-average period of 1.68 years. The total fair value of shares vested during the years ended December 31, 2023, 2022, and 2021, was $109 million, $76 million, and $75 million, respectively. No share-based compensation costs were capitalized during the years ended December 31, 2023, 2022, or 2021.

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