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Employee Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary of RSAs and RSUs Activity | The following table summarizes activity relating to RSAs and RSUs for the year ended December 31, 2024:
|  | Shares (in whole shares) |  |  | Weighted- Average Grant-Date Fair Value per Share (in whole dollars) |
Outstanding at December 31, 2023 |  |  | 399,387 |  |  | $ | 80.41 |
Granted |  |  | 132,490 |  |  |  | 64.84 |
Vested |  |  | (107,831 | ) |  |  | 97.57 |
Forfeited |  |  | (15,372 | ) |  |  | 70.99 |
Outstanding at December 31, 2024 |  |  | 408,674 |  |  | $ | 71.19 |
Summary of Performance Shares Activity | The following table summarizes activity relating to performance shares for the year ended December 31, 2024:
|  | Shares (in whole shares) |  |  | Weighted- Average Grant-Date Fair Value per Share (in whole dollars) |
Outstanding at December 31, 2023 |  |  | 328,616 |  |  | $ | 114.79 |
Granted 1 |  |  | 175,662 |  |  |  | 86.50 |
Forfeited 1 |  |  | (7,060 | ) |  |  | 94.84 |
Canceled 1 |  |  | (100,212 | ) |  |  | 137.07 |
Outstanding at December 31, 2024 |  |  | 397,006 |  |  | $ | 97.00 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
RSAs and RSUs |  | $ | 8.9 |  |  | $ | 10.7 |  |  | $ | 8.8 |
Performance shares |  |  | 4.9 |  |  |  | 4.7 |  |  |  | 4.9 |
Total non-cash compensation expense |  | $ | 13.8 |  |  | $ | 15.4 |  |  | $ | 13.7 |
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, 2024:
|  | 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 |  | $ | 12.6 |  |  |  | 2.1 |
Performance shares |  | $ | 6.1 |  |  |  | 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 (in whole dollars):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
RSAs and RSUs |  | $ | 64.84 |  |  | $ | 71.81 |  |  | $ | 84.16 |
Performance shares |  | $ | 86.50 |  |  | $ | 96.65 |  |  | $ | 111.37 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Grant date fair value (in whole dollars) |  | $ | 96.34 |  |  | $ | 104.87 |  |  | $ | 122.22 |
Grant date stock price (in whole dollars) |  | $ | 71.76 |  |  | $ | 84.33 |  |  | $ | 95.13 |
Expected volatility of Kaiser Aluminum 1 |  |  | 45.59 | % |  |  | 49.72 | % |  |  | 49.37 | %
Expected volatility of peer companies 1 |  |  | 38.67 | % |  |  | 45.14 | % |  |  | 51.08 | %
Risk-free interest rate |  |  | 4.31 | % |  |  | 4.59 | % |  |  | 1.59 | %
Dividend yield |  |  | 4.29 | % |  |  | 3.65 | % |  |  | 3.24 | %
1. Weighted average expected volatility based on 2.8 ye ars of daily closing share prices from the valuation date to the end of the performance period.

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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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