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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | NOTE 18 - SHARE-BASED COMPENSATION Citizens has share-based employee compensation plans as outlined below, pursuant to which awards are granted to employees and non-employee directors. The Company has granted time-based restricted stock units and performance-based restricted stock units, which represent the right to receive shares of stock on a future date subject to applicable vesting conditions. Citizens Financial Group, Inc. 2014 Omnibus Incentive Plan. The Company grants select employees time-based restricted stock units and performance-based restricted stock units under this plan. Time-based restricted stock units generally become vested ratably over a 3-year period and performance-based restricted stock units generally become vested in a single installment at the end of a 3-year performance period, depending on the level of performance achieved during such period relative to established targets. If a dividend is paid on shares underlying the awards prior to the date such shares are distributed, those dividends will be distributed following vesting in the same form as the dividend that was paid to common stockholders generally. Citizens Financial Group, Inc. 2014 Non-Employee Directors Compensation Plan. The Company grants time-based restricted stock units to non-employee directors as compensation for their services under this plan. Restricted stock units granted to directors are fully vested on the grant date, with settlement of the awards deferred until a director’s cessation of service. If a dividend is paid on the shares underlying the awards prior to the date such shares are distributed, they are reinvested into additional restricted stock units. Citizens Financial Group, Inc. 2014 Employee Stock Purchase Plan. This plan provides eligible employees an opportunity to purchase CFG common stock at a 10% discount. Participants may contribute up to 10% of eligible compensation to the ESPP and may purchase up to $25,000 worth of stock in any calendar year. Offering periods under the ESPP are quarterly, with shares of CFG common stock purchased on the last day of each quarter at a 10% discount from the fair market value, defined as the closing price on the day of purchase. Prior to the date the shares are purchased, participants have no rights or privileges as a stockholder with respect to shares purchased at the end of the offering period. Restricted Stock Unit Activity The following table presents the activity related to the Company’s restricted stock unit activity:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Units |  | Weighted-Average Grant Price |  | Units |  | Weighted-Average Grant Price |  | Units |  | Weighted-Average Grant Price
Outstanding, January 1 | 3,876,601 |  |  | $43.06 |  |  | 3,502,956 |  |  | $38.23 |  |  | 3,496,231 |  |  | $34.37 |
Assumed | — |  |  | — |  |  | — |  |  | — |  |  | 82,013 |  |  | 49.95 |
Granted | 2,575,234 |  |  | 39.88 |  |  | 1,844,352 |  |  | 48.12 |  |  | 1,417,370 |  |  | 44.97 |
Vested & Distributed | (1,729,136) |  |  | 40.84 |  |  | (1,359,543) |  |  | 37.47 |  |  | (1,400,722) |  |  | 38.88 |
Forfeited | (149,042) |  |  | 42.92 |  |  | (111,164) |  |  | 43.36 |  |  | (91,936) |  |  | 35.00 |
Outstanding, December 31 | 4,573,657 |  |  | $42.23 |  |  | 3,876,601 |  |  | $43.06 |  |  | 3,502,956 |  |  | $38.23 |
There are 40,750,357 shares of common stock available for awards to be granted under the Omnibus Plan and Directors Plan. In addition, there are 2,991,009 shares available for issuance under the ESPP. Upon settlement of share-based awards, the Company generally issues new shares, but may also issue shares from treasury stock. Compensation Expense Citizens measures compensation expense related to stock awards based upon the fair value of the awards on the grant date. Compensation expense is adjusted for forfeitures as they occur. The related expense is charged to earnings on a straight-line basis over the requisite service period (i.e., vesting period) of the award. With respect to performance-based stock awards, compensation expense is adjusted upward or downward based upon the probability of achievement of performance. Awards that continue to vest after retirement are expensed over the shorter of the period of time from grant date to the final vesting date or from the grant date to the date when an employee is retirement eligible. Awards granted to employees who are retirement eligible at the grant date are generally expensed immediately. Share-based compensation expense was $87 million, $84 million and $59 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, the total unrecognized compensation expense for unvested awards granted was $76 million. This expense is expected to be recognized over a weighted-average period of approximately two years. Citizens recognized income tax benefits related to share-based compensation arrangements of $16 million, $19 million and $12 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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