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Stock Compensation Plans | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Compensation Plans | Stock Compensation Plans Pursuant to the Company’s 2021 Stock Incentive Plan, as amended, the Company may issue stock, stock options, restricted stock, RSUs including performance-based RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of East West and its subsidiaries. The Company has granted RSUs as its primary incentive awards. There were no outstanding awards other than RSUs as of both September 30, 2024 and December 31, 2023. The following table presents a summary of the total share-based compensation expense and the related net tax benefits (expenses) associated with the Company’s various employee share-based compensation plans for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock compensation costs |  | $ | 10,717 |  |  | $ | 9,495 |  |  | $ | 34,371 |  |  | $ | 29,934 |
Related net tax benefits (expenses) for stock compensation plans |  | $ | 20 |  |  | $ | (18) |  |  | $ | 812 |  |  | $ | 8,797 |
Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs generally cliff vest after three years of continued employment from the date of the grant and are authorized to settle in shares of the Company’s common stock. Dividends are accrued during the vesting period and paid at the time of vesting. While a portion of the RSUs are time-based vesting awards, others vest subject to the attainment of additional specified performance goals, referred to as “performance-based RSUs.” Performance-based RSUs are granted annually upon approval by the Company’s Compensation and Management Development Committee based on the performance in the year prior to the grant date of the award. The number of awards that vest can range from zero percent to a maximum of 200% of the granted number of awards based on the Company’s achievement of specified performance criteria over a performance period of three years. For information on accounting on stock-based compensation plans, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements of the Company’s 2023 Form 10-K. The following table presents a summary of the activities for the Company’s time- and performance-based RSUs that were settled in shares for the nine months ended September 30, 2024. The number of performance-based RSUs stated below reflects the number of awards granted on the grant date.
|  |  |  |  |  | Time-Based RSUs |  | Performance-Based RSUs
|  |  |  |  |  |  |  |  |  | Shares |  | Weighted-Average Grant Date Fair Value |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2024 |  |  |  |  |  |  |  |  |  | 1,206,518 |  |  | $ | 74.29 |  |  | 276,223 |  |  | $ | 78.59 |
Granted |  |  |  |  |  |  |  |  |  | 523,897 |  |  | 75.78 |  |  | 97,798 |  |  | 80.28 |
Vested |  |  |  |  |  |  |  |  |  | (311,902) |  |  | 71.76 |  |  | (91,960) |  |  | 77.67 |
Forfeited |  |  |  |  |  |  |  |  |  | (65,447) |  |  | 74.37 |  |  | — |  |  | — |
Outstanding, September 30, 2024 |  |  |  |  |  |  |  |  |  | 1,353,066 |  |  | $ | 75.45 |  |  | 282,061 |  |  | $ | 79.48 |
As of September 30, 2024, there were $38 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 1.9 years, and $19 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 1.9 years.

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