Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

6. STOCK-BASED COMPENSATION

The Stock Award and Incentive Plan ("SAIP") provides for the granting of various stock awards to eligible employees of JLL. These awards have historically been RSUs which generally vest over three years (either cliff or graded vesting) and PSUs which generally vest in three years (cliff vesting), subject to performance and/or market conditions.

There were approximately 1.5 million shares available for grant under the SAIP as of December 31, 2024.

Stock-based compensation expense, excluding expense related to retention awards issued in conjunction with acquisitions, is included within Compensation and benefits expense on the Consolidated Statements of Comprehensive Income. The expense related to retention awards issued in conjunction with acquisitions is included within Restructuring and acquisition charges.

Stock-based compensation expense by award type is presented below. In 2023, we recognized $13.5 million of stock-based compensation expense reversal associated with the expected achievement against performance measures of certain PSU awards.


	Year Ended December 31,
(in millions)	2024		2023	2022
Restricted stock unit awards	$	82.5	65.9	48.5
Performance stock unit awards	12.6		9.0	26.8

Total	$	95.1	74.9	75.3

Restricted Stock Units and Performance Stock Units


	RSU Shares (in 000's)	PSU Shares (in 000's)	Total Shares (in 000's)	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2021	912.4	646.0	1,558.4	$	152.27
Granted	353.2	116.5	469.7	204.05
Vested	(395.7)	(175.1)	(570.8)	147.78
Forfeited	(28.6)	(20.4)	(49.0)	168.92
Unvested as of December 31, 2022	841.3	567.0	1,408.3	170.78
Granted	520.5	185.2	705.7	143.64
Vested	(296.8)	(257.2)	(554.0)	126.28
Forfeited	(74.9)	(36.9)	(111.8)	164.42
Unvested as of December 31, 2023	990.1	458.1	1,448.2	175.07
Granted	500.9	168.7	669.6	210.34
Vested	(347.5)	(109.0)	(456.5)	184.86
Forfeited	(52.8)	(92.1)	(144.9)	173.88
Unvested as of December 31, 2024	1,090.7	425.7	1,516.4	$	187.78

As of December 31, 2024, we had $93.5 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate to be recognized over a weighted average period of 1.3 years.

Shares vested during the years ended December 31, 2024, 2023 and 2022 had grant date fair values of $84.4 million, $70.0 million, and $84.3 million, respectively. Shares granted during the years ended December 31, 2024, 2023 and 2022 had grant date fair values of $140.8 million, $101.4 million and $95.8 million, respectively.