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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation On April 10, 2018, the Company adopted the Tutor Perini Corporation Omnibus Incentive Plan (the “Current Plan”), which was approved by the Company’s shareholders on May 23, 2018. The Current Plan effected the merger of the Company’s Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan, as amended and restated on October 2, 2014 (the “2014 Plan”) and the Tutor Perini Corporation Incentive Compensation Plan adopted on April 3, 2017 (the “2017 Plan,” together with the 2014 Plan and the Current Plan, the “Plans”). As of December 31, 2024, there w ere 1,904,324 shares of common stock available for grant under the Company’s Current Plan. As of December 31, 2024, the Plans had an aggregate of 1,305,349 RSUs and stock options from outstanding, historical awards that either have not vested or have vested but have not been exercised. Any awards that were granted under the Plans that are forfeited, cancelled or held back for net settlement will become available to be issued under the Current Plan. The terms of the Plans give the Company the right to settle the vesting of RSU grants in cash or shares. CPSU and CRSU grants must only be settled in cash. The following table summarizes RSU, stock option, CPSU and CRSU activity:
| RSUs |  | Stock Options |  | CPSUs |  | CRSUs
| Number |  | Weighted- Average Grant Date Fair Value Per Share |  | Number |  | Weighted- Average Exercise/ (Strike) Price Per Share |  | Number |  | Weighted- Average Grant Date Fair Value Per Unit |  | Number |  | Weighted- Average Grant Date Fair Value Per Unit
Outstanding as of December 31, 2021 | 1,188,851 |  |  | $ | 18.98 |  |  | 2,167,765 |  |  | $ | 20.11 |  |  | 398,852 |  |  | $ | 20.39 |  |  | — |  |  | $ | — |
Granted | 375,769 |  |  | 10.53 |  |  | — |  |  | — |  |  | 415,768 |  |  | 12.99 |  |  | 100,000 |  |  | 6.99 |
Expired or cancelled | (42,500) |  |  | 19.27 |  |  | (542,500) |  |  | 11.66 |  |  | — |  |  | — |  |  | — |  |  | — |
Vested/exercised | (415,450) |  |  | 20.14 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding as of December 31, 2022 | 1,106,670 |  |  | $ | 15.66 |  |  | 1,625,265 |  |  | $ | 22.93 |  |  | 814,620 |  |  | $ | 16.61 |  |  | 100,000 |  |  | $ | 6.99 |
Granted | 590,188 |  |  | 8.66 |  |  | — |  |  | — |  |  | 901,541 |  |  | 11.18 |  |  | 214,379 |  |  | 8.43 |
Expired or cancelled | (45,000) |  |  | 16.19 |  |  | (190,000) |  |  | 19.88 |  |  | (380,782) |  |  | 20.37 |  |  | — |  |  | — |
Vested/exercised | (404,229) |  |  | 15.75 |  |  | — |  |  | — |  |  | (150,696) |  |  | 11.98 |  |  | (30,000) |  |  | 8.98 |
Outstanding as of December 31, 2023 | 1,247,629 |  |  | $ | 12.30 |  |  | 1,435,265 |  |  | $ | 23.33 |  |  | 1,184,683 |  |  | $ | 11.86 |  |  | 284,379 |  |  | $ | 7.87 |
Granted | 30,000 |  |  | 12.68 |  |  | — |  |  | — |  |  | 645,180 |  |  | 19.17 |  |  | 673,855 |  |  | 12.75 |
Earned for performance above target | — |  |  | — |  |  | — |  |  | — |  |  | 72,864 |  |  | 19.24 |  |  | — |  |  | — |
Expired or cancelled | (50,000) |  |  | 23.14 |  |  | (287,337) |  |  | 26.62 |  |  | (157,884) |  |  | 10.53 |  |  | — |  |  | — |
Vested/exercised | (598,913) |  |  | 13.24 |  |  | (471,295) |  |  | 20.12 |  |  | (230,748) |  |  | 19.24 |  |  | (171,459) |  |  | 7.59 |
Outstanding as of December 31, 2024 | 628,716 |  |  | $ | 10.57 |  |  | 676,633 |  |  | $ | 24.17 |  |  | 1,514,095 |  |  | $ | 14.34 |  |  | 786,775 |  |  | $ | 12.11 |
Vested and expected to vest at December 31, 2024 | 628,716 |  |  | $ | 10.57 |  |  | 676,633 |  |  | $ | 24.17 |  |  | 1,019,604 |  |  | $ | 16.20 |  |  | 786,775 |  |  | $ | 12.11 |
Included in the above table are certain RSU grants which are classified as liabilities in accordance with ASC 718, Stock Compensation because they contain a guaranteed minimum payout. These awards may be performance-based or time-based and may be settled in shares of the Company's stock, cash or a combination thereof, at the Company's discretion. As of December 31, 2023, there were 50,000 RSUs with guaranteed minimum payouts outstanding, with a weighted-average grant date fair value per share of $26.32. As of December 31, 2024 there were no remaining RSUs with guaranteed minimum payouts outstanding. The number of CPSUs granted in the above table are presented at target-level performance and adjusted to actual units upon vesting. Actual payout of these awards can range from 0% to 250% of target-level performance depending upon the terms of the award and the achievement of required performance conditions. Awards paid above target-level performance are included in the “earned for performance above target” line in the table above. The Company recognized liabilities for CPSUs, RSUs wi th guaranteed minimum payouts an d CRSUs totaling approximately $34.6 million a nd $4.9 million as of December 31, 2024 and 2023, respectively. The Company paid approxim ately $4.0 million in 2024, $2.8 million in 2023 and $3.6 million in 2022 to settle certain awards. The following table summarizes unrestricted stock awards, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees:
| Unrestricted Stock Awards
Year | Number |  | Weighted-Average Grant Date Fair Value Per Share
2022 | 165,030 |  |  | $ | 10.63 |
2023 | 302,112 |  |  | 5.66 |
2024 | 73,716 |  |  | 20.89 |
The fair value of unrestricted stock awards issued during 2024, 2023 and 2022 was approximatel y $1.5 million, $1.7 million and $1.8 million, respectively. The fair value of RSUs that vested during 2024, 2023 and 2022 was approximately $10.0 million, $4.1 million and $5.7 million, respectively. The fair value of CPSUs and CRSUs that vested during 2024 was approximately $5.6 million and $3.0 million, respectively. The fair value of CPSUs and CRSUs that vested during 2023 was approximately $1.1 million and $0.2 million, respectively. There were no CPSUs or CRSUs that vested during 2022. As of December 31, 2024, the balance of unamortized RSU, CPSU and CRSU expense was $2.5 million, $24.4 million and $13.8 million, respectively, which is expected to be recognized over weighted-average periods of 1.2 years for RSUs, 1.7 years for CPSUs and 2.0 years for CRSUs. As of December 31, 2024, there was no remaining unamortized stock option expense. The 676,633 outstanding stock options as of December 31, 2024, which were all exercisable, had an intrinsic value of $0.6 million and a weighted-average remaining contractual life of 2.5 years. Stock options that were exercised during 2024 had an intrinsic value of $3.1 million. For the years ended December 31, 2024, 2023 and 2022, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $38.8 million, $10.5 million and $7.4 million, respectively. Additionally for the same periods, the Company recognized as part of general and administrative expenses, costs for share-based awards to non-employee directors of $1.5 million, $1.7 million and $1.6 million, respectively. The aggregate tax benefits for these awards were approximately $0.7 million, $0.3 million and $0.9 million, for the respective periods. During the year ended December 31, 2023, share-based compensation was reduced by $0.5 million due to th e modification of certain share-based awards. The modifications related to the separation of certain employees from the Company. The modifications also resulted in a modification-date fair value totaling $0.4 million which was amortized as share-based compensation expense through March 2024.

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