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STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of changes in the Company's stock option awards
Busey has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the three months ended March 31, 2024, follows:
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life
Outstanding at December 31, 202321,266$23.53 2.88 years
Forfeited(880)23.53 
Outstanding at March 31, 202420,38623.53 2.63 years
Exercisable at March 31, 202420,38623.53 2.63 years
Summary of changes in the Company's RSU, PSU, and DSU awards
A summary of changes in Busey’s RSU awards for the three months ended March 31, 2024, is as follows:
RSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 20231,041,444$22.05 
Granted 189,17923.35 
Dividend equivalents earned 10,21924.46 
Vested (7,681)23.23 
Forfeited (5,347)23.38 
Nonvested at March 31, 20241,227,81422.25 
A summary of changes in Busey’s PSU awards for the three months ended March 31, 2024, is as follows:
PSU Awards
Shares1
Weighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 2023341,700 $22.67 
Granted189,208 23.35 
Dividend equivalents earned2
4,264 22.95 
Vested2
(4,264)22.95 
Forfeited(1,754)22.76 
Nonvested at March 31, 2024529,154 $22.91 
___________________________________________
1.Shares for PSU awards represent target shares at the grant date.
2.PSUs granted in 2021 vested on December 31, 2023, with performance determination and settlement activity in the first quarter of 2024. Final performance was determined to be at 50% of target.
A summary of changes in Busey’s DSU awards for the three months ended March 31, 2024, is as follows:
DSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 202343,026 $20.41 
Granted 35,847 23.35 
Dividend equivalents earned 1,836 24.46 
Vested (44,862)20.57 
Nonvested at March 31, 202435,847 23.35 
 
Vested and outstanding at March 31, 2024189,000 22.82 
Schedule of Stock-based compensation expense
Busey recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):
Three Months Ended March 31,
20242023
Stock-based compensation expense
RSU awards$894 $1,020 
PSU awards1
1,210 360 
DSU awards215 196 
2021 ESPP84 93 
Total stock-based compensation expense$2,403 $1,669 
___________________________________________
1.Expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.
Schedule of Unamortized stock-based compensation expense
Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):
As of
March 31,
2024		December 31,
2023
Unamortized stock-based compensation
RSU awards$10,259 $6,842 
PSU awards1
8,743 3,607 
DSU awards812 190 
Total unamortized stock-based compensation$19,814 $10,639 
 
Weighted average period over which expense is to be recognized
2.7 years
2.4 years
___________________________________________
1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.