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Equity-Based Incentive Plans | 12 Months Ended
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Dec. 31, 2024
Equity-Based Incentive Plans |
Equity-Based Incentive Plans | Note 6. Equity-Based Incentive Plans 2023 Equity Incentive Plan In May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance. Note 6. Equity-Based Incentive Plans (Continued) Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2024, 2023, and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2024, presented below, the company awarded 13,000, 18,000 and 20,000 DSUs in 2024, 2023 and 2022, respectively. The 1,300 SARs awards outstanding at December 31, 2024, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $42.83. Restricted Stock Units A summary of the company’s RSU activity and outstanding RSUs as of December 31, 2024, are presented below (dollars in thousands except grant date fair value):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Weighted | ​ | Aggregate | ​ | ​ | ​
​ | Number | ​ | Average Grant | ​ | Intrinsic | ​ | Unrecognized
​ | of RSUs | ​ | Date Fair Value | ​ | Value | ​ | Compensation
Outstanding RSUs as of January 1, 2022 | 1,348,258 | ​ | $ | 43.82 | ​ | $ | 83,686 | ​ | $ | 39,657
Granted | 481,926 | ​ | ​ | 98.29 | ​ | ​ | ​ | ​ | ​ | ​
Vested | (786,622) | ​ | ​ | 37.38 | ​ | ​ | ​ | ​ | ​ | ​
Forfeited | (70,011) | ​ | ​ | 46.82 | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2022 | 973,551 | ​ | $ | 71.80 | ​ | $ | 94,765 | ​ | $ | 44,394
Granted | 433,810 | ​ | ​ | 108.95 | ​ | ​ | ​ | ​ | ​ | ​
Vested | (517,041) | ​ | ​ | 64.03 | ​ | ​ | ​ | ​ | ​ | ​
Forfeited | (40,829) | ​ | ​ | 78.70 | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2023 | 849,491 | ​ | $ | 99.13 | ​ | $ | 101,480 | ​ | $ | 43,073
Granted | 374,370 | ​ | ​ | 137.14 | ​ | ​ | ​ | ​ | ​ | ​
Vested | (394,675) | ​ | ​ | 94.28 | ​ | ​ | ​ | ​ | ​ | ​
Forfeited | (39,874) | ​ | ​ | 104.21 | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2024 (nonvested) | 789,312 | ​ | $ | 115.47 | ​ | $ | 90,037 | ​ | $ | 54,964
​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2024, is 1.6 years. The fair value of RSUs vesting during 2024, 2023, and 2022 was $56.2 million, $58.3 million, and $79.1 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2024, 2023, and 2022 were approximately 287,000, 342,000, and 249,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price. ​ Long-Term Incentive Compensation Program (LTIP) The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance. ​ Note 6. Equity-Based Incentive Plans (Continued) The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maximum | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares That | ​ | Award | ​ | ​ | ​ | ​
​ | ​ | Could Be Issued | ​ | Earned | ​ | Award Issued/Issuable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2021 LTIP Award: | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three-year performance period award | 360,189 | ​ | 324,173 | ​ | 324,173 | ​ | March 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2022 LTIP Award: | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three-year performance period award | 249,759 | ​ | 249,759 | ​ | 249,759 | ​ | March 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2023 LTIP Award: | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three-year performance period award | 193,946 | ​ | * | ​ | * | ​ | ​
​ | Two-year performance period transition award | 5,517 | ​ | 4,690 | ​ | 4,690 | ​ | March 2025
​ | One-year performance period transition award | 3,678 | ​ | 2,759 | ​ | 2,759 | ​ | March 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2024 LTIP Award: | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three-year performance period award | 172,425 | ​ | * | ​ | * | ​ | ​
* | Not yet earned as performance period not complete.
2018 Executive Incentive Compensation Plan (2018 Executive Plan) The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2024, 2023, and 2022, 1.3 million, 1.3 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 17,000, 29,000, and 26,000 shares were awarded with a market value of $2.2 million, $3.5 million, and $3.2 million for the 2024, 2023, and 2022 award years, respectively.

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