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Stock compensation plans
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock compensation plans Stock compensation plans
In May 2023, our stockholders approved the Teleflex Incorporated 2023 Stock Incentive Plan (the "Plan”), The Plan provides for several different kinds of awards, including stock options, stock appreciation rights, stock awards, stock unit awards and other stock-based awards to directors, officers and key employees. Under the Plan, the Company is authorized to issue up to 4.3 million shares of common stock, subject to adjustment in accordance with special share counting rules in the Plan. Options granted under the Plan have an exercise price equal to the closing price of the Company's common stock on the date of the grant. In 2024, we granted incentive and non-qualified
options to purchase 193,826 shares of common stock and granted restricted stock units representing 108,777 shares of common stock under the Plan.
Under our equity incentive program, we issue performance share units ("PSUs") designed to further incentivize our senior management with respect to the achievement of our long term financial objectives. The PSU component of the equity incentive program is designed to provide shares of our common stock to the holder based upon our achievement of certain financial performance criteria during a designated performance period of three years. The number of shares to be awarded under the PSUs granted are subject to modification based upon our total stockholder return relative to a designated group of public companies. Assuming target performance is achieved, a total of 45,052 shares of common stock would be issuable in respect of the PSUs granted and a maximum of 111,696 shares would be issuable in respect of such PSUs upon achievement of maximum performance levels. The following table summarizes the share-based compensation activity:
202420232022
Share-based compensation expense$31,348 $31,465 $27,224 
Total income tax benefit recognized for share-based compensation arrangements5,325 7,820 6,824 
Net excess tax (deficiency) benefit
(1,542)1,351 1,292 

The unrecognized compensation expense for all awards granted in 2024 as of the grant date was $41.5 million, which will be recognized over the vesting period of the awards. As of December 31, 2024, 3,583,530 shares were available for future grants under the Plan.
Option Awards
The fair value of options granted in 2024, 2023 and 2022 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used:
 202420232022
Risk-free interest rate4.28 %4.13 %1.56 %
Expected life of option5.11 years5.07 years5.03 years
Expected dividend yield0.60 %0.57 %0.41 %
Expected volatility30.00 %31.42 %30.09 %
The following table summarizes the option activity during 2024:
Shares Subject to OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life In Years
Aggregate
Intrinsic
Value
Outstanding, beginning of the year1,293,775 $239.55 
Granted193,826 223.94 
Exercised(50,465)135.91 
Forfeited or expired(43,382)294.22 
Outstanding, end of the year1,393,754 239.43 4.5$13,718 
Exercisable, end of the year1,052,394 $238.65 3.2$13,718 
The weighted average grant date fair value for options granted during 2024, 2023 and 2022 was $70.28, $76.46 and $88.92, respectively. The total intrinsic value of options exercised during 2024, 2023 and 2022 was $4.7 million, $13.5 million and $5.0 million, respectively.
We recorded $12.8 million of expense related to options during 2024, which is included in cost of goods sold or selling, general and administrative expenses. As of December 31, 2024, the unamortized share-based compensation cost related to non-vested stock options, net of expected forfeitures, was $13.7 million, which is expected to be recognized over a weighted-average period of 1.5 years. Authorized but unissued shares of our common stock are issued upon exercises of options.
Stock Awards
The fair value of PSUs granted were determined using a Monte Carlo simulation valuation model. The grant date fair value for the 2024 PSU awards was $220.45. The fair value for restricted stock units approximates the closing market price of Teleflex’s common stock on the grant date, adjusted for units that are ineligible for the accrual of dividend equivalents.
The following table summarizes the non-vested restricted stock unit activity during 2024:
Number of
Non-Vested
Shares
Weighted
Average
Grant-Date
Fair Value
Weighted
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
Outstanding, beginning of the year190,500 $294.63 
Granted108,777 220.18 
Vested(42,896)370.96 
Forfeited(28,057)262.41 
Outstanding, end of the year228,324 $248.79 1.3$40,637 
We issued 108,777, 98,201 and 85,780 of non-vested restricted stock units in 2024, 2023 and 2022, respectively, the majority of which provide for vesting as to all underlying shares on the third anniversary of the grant date. The weighted average grant-date fair value for non-vested restricted stock units granted during 2024, 2023 and 2022 was $220.18, $235.14 and $323.35, respectively.
We recorded $17.6 million of expense related to stock awards during 2024, which is included in cost of goods sold or selling, general and administrative expenses. As of December 31, 2024, the unamortized share-based compensation cost related to non-vested restricted stock units, net of estimated forfeitures, was $20.3 million, which is expected to be recognized over a weighted-average period of 1.3 years. We use treasury stock to provide shares of common stock in connection with vesting of the stock awards.