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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Vishay Precision Group, Inc. 2022 Stock Incentive Plan (the "2022 plan") permits the issuance of up to 608,000 shares of common stock. At December 31, 2023, the Company had reserved 525,239 shares of common stock for future grant of equity awards (restricted stock, unrestricted stock, restricted stock units (“RSUs”), or stock options) pursuant to the 2022 Plan. If any outstanding awards are forfeited by the holder or canceled by the Company, the underlying shares would be available for re-grant to others. If shares are withheld for payment of taxes, those shares do not become available for future grant under the 2022 plan. Restricted Stock Units Pursuant to the 2022 plan, the Company issued RSUs to board members, executive officers, and certain employees of the Company during 2023. The amount of compensation cost related to share-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. VPG determines compensation cost for RSUs based on the grant-date fair value of the underlying common stock. Compensation cost is recognized over the period that the participant provides service in exchange for the award. The Company recognizes compensation cost for RSUs that are expected to vest and for which performance criteria are expected to be met. On February 28, 2023, and in accordance with their respective employment agreements, VPG’s three executive officers were granted annual equity awards in the form of RSUs, of which 50% are performance-based. The awards have an aggregate target grant-date fair value of $1.9 million were comprised of 43,243 RSUs. Fifty percent of these awards will vest on January 1, 2026, subject to the executives' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2026, subject to the executives' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative “adjusted free cash flow” and net earnings goals, each weighted equally. On March 9, 2023, certain non-executive VPG employees were granted annual equity awards in the form of RSUs. Certain employees received awards, of which 75% are performance-based and certain employees received awards of which 50% are performance based. The awards have an aggregate target grant-date fair value of $0.6 million and were comprised of 14,338 RSUs. The non-performance portion of these awards (twenty-five percent for certain employees and fifty percent for certain employees) will vest on January 1, 2026, subject to the employees' continued employment. The performance-based portion of the RSUs will also vest on January 1, 2026, subject to the employees' continued employment and the satisfaction of certain performance objectives relating to three-year cumulative earnings and cash flow goals, each weighted equally. On May 24, 2023 and in accordance with the Company's 2017 Non-Employee Director Compensation Plan, as amended at such time, the Board of Directors approved the issuance of an aggregate of 13,923 RSUs to each of the Company's non-employee directors. The awards have an aggregate grant-date fair value of $0.5 million and will vest on the earlier of the 2024 Annual Stockholders meeting or May 24, 2024, subject to the directors' continued service on the Board of Directors. Vesting of equity awards may be subject to acceleration under certain circumstances. RSU activity is presented below (number of RSUs in thousands):
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
| Number of RSUs |  | Weighted Average Grant-date Fair Value |  | Number of RSUs |  | Weighted Average Grant-date Fair Value |  | Number of RSUs |  | Weighted Average Grant-date Fair Value
Outstanding: |  |  |  |  |  |  |  |  |  |  |
Beginning of year | 204 |  |  | $ | 29.92 |  |  | 198 |  |  | $ | 31.07 |  |  | 205 |  |  | $ | 28.23 |
Granted | 72 |  |  | 42.09 |  |  | 82 |  |  | 30.68 |  |  | 80 |  |  | 33.13 |
Vested | (67) |  |  | 26.54 |  |  | (40) |  |  | 34.29 |  |  | (77) |  |  | 25.87 |
Forfeited | (7) |  |  | 24.85 |  |  | (36) |  |  | 33.15 |  |  | (10) |  |  | 29.43 |
End of year | 202 |  |  | $ | 35.50 |  |  | 204 |  |  | $ | 29.92 |  |  | 198 |  |  | $ | 31.07 |
The fair value of the RSUs vested during 2023 was $2.7 million. Included in the 2023, 2022 and 2021 activity are RSU's forfeited as a result of performance objectives not being met. These awards are therefore available for future grants under the Plan. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
Vesting Date |  | Expected to Vest |  | Not Expected to Vest |  | Total
January 1, 2024 |  | 33 |  |  | 1 |  |  | 34 |
January 1, 2025 and July 1 2025 |  | 24 |  |  | 10 |  |  | 34 |
January 1, 2026 |  | 14 |  |  | 16 |  |  | 30 |
Share-Based Compensation Expense The following table summarizes pre-tax share-based compensation expense recognized (in thousands):
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Restricted stock units | $ | 2,290 |  |  | $ | 2,439 |  |  | $ | 2,244 |
Share-based compensation expense is recognized ratably over the vesting period of the awards and for RSUs with performance criteria, is recognized for RSU's that are expected to vest and for which performance criteria are expected to be met. During 2023, a net adjustment of $0.4 million decreasing share-based compensation expense was recorded, based on the evaluation of performance objectives associated with awards granted in 2021, 2022 and 2023. It was determined that certain objectives were not likely to be fully met, necessitating a reversal of certain compensation expense associated with those awards. During the fourth quarter of 2022, a net adjustment of $0.3 million increasing share-based compensation expense was recorded, based on the evaluation of performance objectives associated primarily with awards granted in 2020. It was determined that certain objectives, which were deemed not likely to be met in previous years, were met. During the fourth quarter of 2021, a net adjustment of $0.5 million increasing share-based compensation expense was recorded, based on the evaluation of performance objectives associated with awards granted in 2019. It was determined that certain objectives, which were deemed not likely to be met in previous years, were met. The total tax benefit on share-based compensation expense was $0.5 million, $0.5 million and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. The deferred tax benefit on share-based compensation expense was $0.1 million, $0.2 million, and $0.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the Company had $2.2 million of unrecognized share-based compensation expense related to share-based awards that will be recognized over a weighted-average period of approximately 1.5 years.

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