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SHARE-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION |
13. | SHARE-BASED COMPENSATION
We maintain the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”) for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) restricted stock and restricted stock units (“RSUs”) of our common stock, (2) stock appreciation rights (“SARs”) relating to our common stock, and (3) stock options to purchase our common stock. A total of approximately 3 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of March 31, 2025, approximately 1 million shares were available for grants under the MVW Equity Plan. The following table details our share-based compensation expense related to award grants to our officers, directors, and employees:
| Three Months Ended |  |
($ in millions) | March 31, 2025 |  | March 31, 2024 |  |  |  |
Service-based RSUs | $ | 6 |  |  | $ | 6 |  |  |  |  |
Performance-based RSUs | — |  |  | 1 |  |  |  |  |
| 6 |  |  | 7 |  |  |  |  |
SARs | 1 |  |  | — |  |  |  |  |
| $ | 7 |  |  | $ | 7 |  |  |  |  |
The following table details our deferred compensation costs related to unvested awards:
($ in millions) | At March 31, 2025 |  | At December 31, 2024
Service-based RSUs | $ | 49 |  |  | $ | 24 |
Performance-based RSUs | 12 |  |  | 5 |
| 61 |  |  | 29 |
SARs | 4 |  |  | 1 |
| $ | 65 |  |  | $ | 30 |
Restricted Stock Units We granted 497,543 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $63.90, to our employees and non-employee directors during the first quarter of 2025. During the first quarter of 2025, we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 307,780 RSUs may be earned under the performance-based RSU awards granted during the first quarter of 2025. Stock Appreciation Rights We granted 145,440 SARs, with a weighted average grant-date fair value of $23.17 and a weighted average exercise price of $71.17, to members of management during the first quarter of 2025. We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts. The following table outlines the assumptions used to estimate the fair value of grants during the first quarter of 2025:
Expected volatility | 45.79%
Dividend yield | 4.35%
Risk-free rate | 4.03%
Expected term (in years) | 6.25

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