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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | A combined summary of activity in our active stock plans is presented in the table below. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. On April 24, 2024, the shareholders of Cullen/Frost approved the 2024 Equity Incentive Plan (the “2024 Plan”) to replace the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2024 Plan, shareholders approved the issuance, pursuant to the plan, of 2,576,038 shares of our common stock. This amount included 2,350,000 newly authorized shares and the 226,038 shares remaining available for issuance under the superseded 2015 Plan. As of September 30, 2024, there were 2,567,893 shares remaining available for grant for future stock-based compensation awards.
|  | Deferred Stock Units Outstanding |  | Non-Vested Restricted Stock Units Outstanding |  | Performance Stock Units Outstanding |  | Stock Options Outstanding
|  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Shares |  | Weighted- Average Exercise Price
Balance, January 1, 2024 |  | 54,164 |  |  | $ | 89.71 |  |  | 566,806 |  |  | $ | 99.77 |  |  | 267,054 |  |  | $ | 89.99 |  |  | 485,941 |  |  | $ | 71.25 |
Granted |  | 7,997 |  |  | 116.84 |  |  | 2,826 |  |  | 107.95 |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised/vested |  | (9,382) |  |  | 80.99 |  |  | (858) |  |  | 83.86 |  |  | (45,818) |  |  | 57.89 |  |  | (198,035) |  |  | 78.19 |
Forfeited/expired |  | — |  |  | — |  |  | (2,237) |  |  | 107.53 |  |  | (22,913) |  |  | 57.89 |  |  | — |  |  | — |
Balance, September 30, 2024 |  | 52,779 |  |  | 95.37 |  |  | 566,537 |  |  | 99.80 |  |  | 198,323 |  |  | 101.12 |  |  | 287,906 |  |  | 66.47 |
Shares Issued in Connection with Stock Compensation Awards | Shares issued in connection with stock compensation awards along with other related information were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
New shares issued from available authorized shares | — |  |  | — |  |  | — |  |  | 49,887 |
Shares issued from available treasury stock | 131,465 |  |  | 8,483 |  |  | 254,093 |  |  | 22,609 |
Proceeds from stock option exercises | $ | 10,275 |  |  | $ | 596 |  |  | $ | 15,484 |  |  | $ | 3,042 |
Share-based Payment Arrangement, Cost by Plan | Stock-based compensation expense or benefit and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Non-vested stock units | $ | 3,128 |  |  | $ | 2,423 |  |  | $ | 9,607 |  |  | $ | 8,594 |
Deferred stock units | — |  |  | — |  |  | 934 |  |  | 880 |
Performance stock units | (1,369) |  |  | 688 |  |  | (521) |  |  | 3,172 |
Total | $ | 1,759 |  |  | $ | 3,111 |  |  | $ | 10,020 |  |  | $ | 12,646 |
Income tax benefit | $ | 556 |  |  | $ | 531 |  |  | $ | 2,547 |  |  | $ | 2,399 |
Unrecognized Stock-Based Compensation Expense | Unrecognized stock-based compensation expense at September 30, 2024 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria.
Non-vested stock units | $ | 13,122 |
Performance stock units | 8,953 |
Total | $ | 22,075 |

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