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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-based compensation | The following table summarizes stock-based compensation expense recognized during 2024, 2023 and 2022:
Year Ended December 31, | 2024 |  | 2023 |  | 2022
(Dollars in millions) |  |  |  |  |
Stock option awards | $ | — |  |  | $ | — |  |  | $ | 1 |
Restricted stock unit awards | 41 |  |  | 32 |  |  | 28 |
Performance share unit awards | 28 |  |  | 7 |  |  | 11 |
Awards under Non-Employee Director compensation plan | 2 |  |  | 2 |  |  | 2 |
Total stock-based compensation, before income taxes | 71 |  |  | 41 |  |  | 42 |
Income tax benefit | (18) |  |  | (10) |  |  | (11) |
Total stock-based compensation expense, net of income taxes | $ | 53 |  |  | $ | 31 |  |  | $ | 31 |
Stock-based compensation, allocation by financial statement line item | The following table provides a summary of the classification of stock-based compensation expense included in the Consolidated Statement of Operations for the years ended:
December 31, | 2024 |  | 2023 |  | 2022
(Dollars in millions) |  |  |  |  |
Selling, general and administrative expense | $ | 63 |  |  | $ | 36 |  |  | $ | 36 |
Cost of services expense | 8 |  |  | 5 |  |  | 6 |
Total stock-based compensation expense | $ | 71 |  |  | $ | 41 |  |  | $ | 42 |
Summary of nonvested restricted stock units | A summary of TDS nonvested restricted stock units and changes during 2024 is presented in the table below:
Common Restricted Stock Units | Number |  | Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023 | 3,635,000 |  |  | $ | 9.76 |
Granted | 717,000 |  |  | $ | 20.12 |
Vested | (1,357,000) |  |  | $ | 12.87 |
Forfeited | (319,000) |  |  | $ | 11.50 |
Nonvested at December 31, 2024 | 2,676,000 |  |  | $ | 11.75 |
A summary of UScellular nonvested restricted stock units and changes during 2024 is presented in the table below:
Common Restricted Stock Units | Number |  | Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023 | 2,548,000 |  |  | $ | 27.26 |
Granted | 728,000 |  |  | $ | 35.67 |
Vested | (782,000) |  |  | $ | 31.98 |
Forfeited | (56,000) |  |  | $ | 27.68 |
Nonvested at December 31, 2024 | 2,438,000 |  |  | $ | 29.01 |
Summary of nonvested performance share units | A summary of TDS nonvested performance share units and changes during 2024 is presented in the table below:
Common Performance Share Units | Number |  | Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023 | 2,201,000 |  |  | $ | 12.17 |
Granted | 468,000 |  |  | $ | 20.26 |
Vested | (192,000) |  |  | $ | 23.61 |
Change in units based on approved performance factors | 69,000 |  |  | $ | 23.76 |
Forfeited | (500,000) |  |  | $ | 16.80 |
Accumulated dividend equivalents | 31,000 |  |  | $ | 11.22 |
Nonvested at December 31, 2024 | 2,077,000 |  |  | $ | 12.48 |
A summary of UScellular’s nonvested performance share units and changes during 2024 is presented in the table below:
Common Performance Share Units | Number |  | Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023 | 1,457,000 |  |  | $ | 27.37 |
Granted | 409,000 |  |  | $ | 36.59 |
Vested | (263,000) |  |  | $ | 20.06 |
Change in units based on approved performance factors | 114,000 |  |  | $ | 23.06 |
Forfeited | (109,000) |  |  | $ | 21.35 |
Nonvested at December 31, 2024 | 1,608,000 |  |  | $ | 31.91 |
Summary of stock options | A summary of TDS stock options and changes during 2024 is presented in the tables and narrative below.
Common Share Options | Number of Options |  | Weighted Average Exercise Prices |  | Aggregate Intrinsic Value (in millions) |  | Weighted Average Remaining Contractual Life (in years)
Outstanding at December 31, 2023 | 2,517,000 |  |  | $ | 26.72 |  |  |  |  |
Exercised | (357,000) |  |  | $ | 25.69 |  |  |  |  |
Forfeited | (4,000) |  |  | $ | 25.36 |  |  |  |  |
Expired | (543,000) |  |  | $ | 26.88 |  |  |  |  |
Outstanding at December 31, 2024 | 1,613,000 |  |  | $ | 26.90 |  |  | $ | 12 |  |  | 2.9
(1,613,000 exercisable) |  |  | $ | 26.90 |  |  | $ | 12 |  |  | 2.9

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