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Employee Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Summary of RSAs and RSUs Activity | The following table summarizes activity relating to RSAs and RSUs for the year ended December 31, 2023:
|  | Shares |  |  | Weighted- Average Grant-Date Fair Value per Share |
Outstanding at December 31, 2022 |  |  | 323,179 |  |  | $ | 87.59 |
Granted |  |  | 171,710 |  |  |  | 71.81 |
Vested |  |  | (80,452 | ) |  |  | 90.82 |
Forfeited |  |  | (15,050 | ) |  |  | 80.92 |
Outstanding at December 31, 2023 |  |  | 399,387 |  |  | $ | 80.41 |
Summary of Performance Shares Activity | The following table summarizes activity relating to performance shares for the year ended December 31, 2023:
|  | Shares |  |  | Weighted- Average Grant-Date Fair Value per Share |
Outstanding at December 31, 2022 |  |  | 367,552 |  |  | $ | 114.25 |
Granted 1 |  |  | 98,708 |  |  |  | 96.65 |
Forfeited 1 |  |  | (3,932 | ) |  |  | 119.15 |
Canceled 1 |  |  | (133,712 | ) |  |  | 99.79 |
Outstanding at December 31, 2023 |  |  | 328,616 |  |  | $ | 114.79 |
1. The number of shares granted and forfeited are presented at their maximum payout; and the number of shares canceled includes the number of shares that did not vest due to performance results falling below those required for maximum payout.
Summary of Non-Cash Compensation Expense under LTI Programs | Non-Cash Compensation Expense. Non-cash compensation expense is primarily included in SG&A and R&D. The following table presents non-cash compensation expense by type of award under LTI Programs (in millions of dollars):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
RSAs and RSUs |  | $ | 10.7 |  |  | $ | 8.8 |  |  | $ | 8.1 |
Performance shares |  |  | 4.7 |  |  |  | 4.9 |  |  |  | 4.5 |
Total non-cash compensation expense |  | $ | 15.4 |  |  | $ | 13.7 |  |  | $ | 12.6 |
Summary of Unrecognized Gross Compensation Cost and Expected Period Over Which Remaining Gross Compensation Costs Will Be Recognized By Type of Award | Unrecognized Gross Compensation Cost Data. The following table presents unrecognized gross compensation costs and the expected period over which the remaining gross compensation costs will be recognized by type of award as of December 31, 2023:
|  | Unrecognized Gross Compensation Costs (in millions of dollars) |  |  | Expected Period (in years) Over Which the Remaining Gross Compensation Costs Will Be Recognized |
RSAs and RSUs |  | $ | 14.0 |  |  |  | 2.3 |
Performance shares |  | $ | 6.0 |  |  |  | 1.8 |
Summary of Weighted-Average Grant-Date Fair Value per Share for Shares Granted by Type of Award | The following table presents the weighted-average grant-date fair value per share for shares granted by type of award:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
RSAs and RSUs |  | $ | 71.81 |  |  | $ | 84.16 |  |  | $ | 107.24 |
Performance shares |  | $ | 96.65 |  |  | $ | 111.37 |  |  | $ | 137.06 |
Performance Shares |
Summary of Weighted Average Inputs and Assumptions Used to Calculate Fair Value at Grant Date | The following table presents the weighted average inputs and assumptions used in the Monte Carlo simulations to calculate the fair value at the grant date of our TSR-Based Performance Shares:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Grant date fair value |  | $ | 104.87 |  |  | $ | 122.22 |  |  | $ | 151.98 |
Grant date stock price |  | $ | 84.33 |  |  | $ | 95.13 |  |  | $ | 114.71 |
Expected volatility of Kaiser Aluminum 1 |  |  | 49.72 | % |  |  | 49.37 | % |  |  | 45.71 | %
Expected volatility of peer companies 1 |  |  | 45.14 | % |  |  | 51.08 | % |  |  | 50.69 | %
Risk-free interest rate |  |  | 4.59 | % |  |  | 1.59 | % |  |  | 0.29 | %
Dividend yield |  |  | 3.65 | % |  |  | 3.24 | % |  |  | 2.51 | %
1. Weighted average expected volatility based on 2.8 years of daily closing share prices from the valuation date to the end of the performance period.

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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