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Share-Based Payment Awards
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Awards Share-based Payment Awards
On April 26, 2022, shareholders approved the Alexander & Baldwin, Inc. 2022 Omnibus Incentive Plan ("2022 Plan"). The 2022 Plan serves as the successor to the 2012 Incentive Compensation Plan ("2012 Plan") and allows for the granting of stock options, stock appreciation rights, stock awards, restricted stock units, dividend equivalent rights, and other awards. The 2012 Plan allowed for the granting of stock options, stock appreciation rights, stock awards, and restricted stock units, including an automatic grant program for non-employee directors. All awards outstanding under the 2012 Plan remain subject to the terms of the 2012 Plan. Effective April 26, 2022, no additional shares will be issued under the 2012 Plan. The shares of common stock authorized to be issued under the 2022 Plan are to be drawn from the shares of the Company's authorized but unissued common stock or from shares of its common stock that the Company acquired, including shares purchased on the open market or private transactions.
The 2022 Plan allows for the granting of up to 3.2 million shares in the form of stock options, restricted stock units or common stock, subject to adjustment for shares under the 2022 Plan or 2012 Plan that expire or are forfeited, canceled, or terminated for any reason prior to the issuance of the shares. This includes 2.5 million new shares and 0.7 million shares that carried over from the 2012 Plan. As of December 31, 2023, there were 3.0 million remaining shares available for future grants.
Under the 2022 Plan, shares of common stock or restricted stock units may be granted as time-based awards, market-based awards, or performance-based awards.
At each annual shareholder meeting, non-employee directors will receive an award of restricted stock units that entitle the holder to an equivalent number of shares of common stock upon vesting. The following table summarizes non-vested restricted stock unit activity for the year ended December 31, 2023, (in thousands, except weighted-average grant-date fair value amounts):

Restricted
Stock Units		Weighted-Average Grant-date
Fair Value
Outstanding, January 1562.4$21.83
Granted403.4$21.82
Vested(279.1)$23.41
Canceled(61.8)$21.17
Outstanding, December 31624.9$21.18
The time-based restricted stock units granted to employees vest ratably over a period of three years, except for the time-based restricted stock units granted to the former Chief Executive Officer in 2023, which will be issued one year from the award date. The time-based restricted stock units granted to non-employee directors vest over a one-year period. The market-based restricted stock units cliff vest over three years, provided that the total shareholder return of the Company's common stock over the relevant period meets or exceeds pre-defined levels of total shareholder returns relative to indices, as defined. The performance-based restricted stock units cliff vest over three years, based on the probability of achieving certain performance metrics.
As of December 31, 2023, there was $4.9 million of total unrecognized compensation cost related to non-vested restricted stock units granted under the 2022 Plan and 2012 Plan; that cost is expected to be recognized over a remaining weighted-average period of 1.8 years.
The fair value of the Company's time-based and performance-based awards was determined using the Company's stock price on the grant date. The fair value of the Company's market-based awards was estimated using the Company's stock price on the date of grant and the probability of vesting using a Monte Carlo simulation. The Monte Carlo simulation was performed with the following weighted-average assumptions:
2023 Grants2022 Grants2021 Grants
Volatility of A&B common stock
31.8% - 49.1%
47.7 %47.2 %
Average volatility of peer companies
33.6% - 48.2%
51.1 %51.1 %
Risk-free interest rate
3.8% - 4.5%
1.4 %0.2 %
The weighted-average grant date fair value of the restricted stock units granted in 2023, 2022, and 2021, was $21.82, $25.56, and $16.63, respectively. No compensation cost is recognized for actual forfeitures of restricted stock awards if an employee is terminated prior to rendering the requisite service period. The Company recognized no tax benefit upon vesting for the years ended December 31, 2023, 2022, and 2021.
The Company recognizes compensation cost net of actual forfeitures of restricted stock awards. A summary of compensation cost related to share-based payments is as follows for the years ended December 31, 2023, 2022, and 2021, (in millions):
202320222021
Share-based expense:
Time-based and market-based restricted stock units$6.1 $4.9 $5.9 
Total share-based expense6.1 4.9 5.9 
Total recognized tax benefit— — — 
Share-based expense (net of tax)$6.1 $4.9 $5.9 
Cash received upon option exercise$— $— $1.4 
Intrinsic value of options exercised$— $— $0.6 
Tax benefit realized upon option exercise$— $— $— 
Fair value of stock vested$9.1 $5.6 $5.4