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SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION: | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based compensation | SHARE-BASED COMPENSATION IDACORP has one share-based compensation plan — the LTICP. The LTICP (for officers, key employees, and directors) permits the grant of stock options, restricted stock and restricted stock units, performance shares and performance-based units, and several other types of share-based awards. At December 31, 2023, the maximum number of shares available under the LTICP was 244,938. Restricted Stock Unit and Performance-Based Unit Awards Restricted stock unit awards have three-year vesting periods, entitle the recipients to dividend equivalents, and units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, reduced for any forfeitures during the vesting period. Performance-based unit awards have three-year vesting periods and do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on the level of attainment of the performance conditions and the year issued, the final number of shares awarded can range from zero to 200 percent of the target award. Dividend equivalents are accrued during the vesting period and paid out based on the final number of shares awarded. The grant-date fair value of the CEPS portion is based on the closing market value at the date of grant, reduced by the loss in time-value of the estimated future dividend payments. The fair value of this portion of the awards is charged to compensation expense over the requisite service period based on the estimated achievement of performance targets, reduced for any forfeitures during the vesting period. The grant-date fair value of the TSR portion is estimated using the market value at the date of grant and a statistical model that incorporates the probability of meeting performance targets based on historical returns relative to the peer group. The fair value of this portion of the awards is charged to compensation expense over the requisite service period, provided the requisite service period is rendered, regardless of the level of TSR metric attained. A summary of restricted stock units and performance-based units award activity is presented below. Idaho Power unit amounts represent the portion of IDACORP amounts related to Idaho Power employees:
|  | IDACORP |  | Idaho Power
|  | Number of Units |  | Weighted-Average Grant Date Fair Value |  | Number of Units |  | Weighted-Average Grant Date Fair Value
Nonvested units at January 1, 2023 |  | 188,468 |  |  | $ | 99.92 |  |  | 187,816 |  |  | $ | 99.91 |
Units granted |  | 94,580 |  |  | 103.98 |  |  | 94,118 |  |  | 103.98 |
Units forfeited |  | (2,604) |  |  | 99.37 |  |  | (2,604) |  |  | 99.37 |
Units vested |  | (70,344) |  |  | 113.07 |  |  | (70,106) |  |  | 113.07 |
Nonvested units at December 31, 2023 |  | 210,100 |  |  | $ | 97.35 |  |  | 209,224 |  |  | $ | 97.34 |
The total fair value of shares vested was $7.5 million in 2023, $6.9 million in 2022, and $6.7 million in 2021. At December 31, 2023, IDACORP had $8.0 million of total unrecognized compensation cost related to nonvested share-based compensation, nearly all of which was Idaho Power's share. These costs are expected to be recognized over a weighted-average period of 1.6 years. IDACORP uses original issue shares for these awards. In 2023, a total of 12,459 shares were awarded to directors at an average grant date fair value of $103.48 per share. Directors elected to defer receipt of 4,640 of these shares, which are being held as deferred stock units with dividend equivalents reinvested in additional stock units. Compensation Expense: The following table shows the compensation cost recognized in income and the tax benefits resulting from the LTICP, as well as the amounts allocated to Idaho Power for those costs associated with Idaho Power’s employees (in thousands of dollars):
|  | IDACORP |  | Idaho Power
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Compensation cost |  | $ | 9,578 |  |  | $ | 10,279 |  |  | $ | 8,583 |  |  | $ | 9,508 |  |  | $ | 10,204 |  |  | $ | 8,497 |
Income tax benefit |  | 2,465 |  |  | 2,646 |  |  | 2,209 |  |  | 2,447 |  |  | 2,627 |  |  | 2,187 |
No equity compensation costs have been capitalized. These costs are primarily reported within "Other operations and maintenance" expense on the consolidated statements of income.

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