Page 143 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2023:

Restricted Stock ‐ Restricted Stock ‐
Service Based Performance Based Incentive Compensation Stock
Weighted‐ Weighted‐ Weighted‐
Average Average Average
Number of Grant‐Date Number of Grant‐Date Number of Grant‐Date
Awards Fair Value Awards Fair Value Awards Fair Value
January 1, 2023 215,644 $ 272.86 103,795 $ 339.17 32,149 $ 341.72
Awarded 60,982 $ 369.18 33,103 $ 392.73 4,012 $ 362.08
Distributed (59,184) $ 305.80 (70,370) $ 266.97 (18,835) $ 325.48
Forfeited (6,799) $ 341.96 (1,626) $ 371.00 — $ —
Adjustment for performance — $ — 33,248 $ 266.97 — $ —
December 31, 2023 210,643 $ 289.26 98,150 $ 384.02 17,326 $ 364.09

The weighted‐average grant‐date fair value per share of service‐based restricted stock awards granted during 2023, 2022 and 2021
was $369.18, $362.77 and $342.11, respectively. The weighted‐average grant‐date fairvalue per share of performance‐based
restricted stock awards granted during 2023, 2022 and 2021 was $392.73, $406.99 and $352.52, respectively. The weighted‐
average grant‐date fairvalue per share of incentive compensation stock awards granted during 2023, 2022 and 2021 was $362.08,
$369.05 and $325.30, respectively.
The aggregate intrinsic values for unvested restricted stock awards and unvested incentive compensation stock awards at
December 31, 2023 were $154.1 million and $3.6 million, respectively, and were based on the closing price of the Company’s
common stock at December 31, 2023, which was $498.91. The aggregate intrinsic values of restricted stock awards distributed
during the years ended December 31, 2023, 2022 and 2021were $47.6 million, $64.5 million and $41.1 million, respectively. The
aggregate intrinsic values ofincentive compensation stock awards distributed during the years ended December 31, 2023, 2022
and 2021were $3.9 million, $3.1 million and $4.9 million, respectively. The aggregate intrinsic values for distributed awards were
based on the closing prices of the Company’s common stock on the dates of distribution.

Prior to 2016, under the Plans, the Company granted options to employees to purchase its common stock at a price equal to the
closing market value at the date of grant. Options become exercisable in four annual installments beginning one year after date
of grant. Outstanding options expire ten years after the grant date.
The following table includes summary information for stock options as of December 31, 2023:
Weighted‐
Average
Weighted‐ Remaining
Average Contractual
Number of Exercise Life
Options Price (years)
tstanding at January 1, 2023 15,283 $ 136.55
Exercised (9,180) $ 131.50
Outstanding at December 31, 2023 6,103 $ 144.14 1.1

Exercisable at December 31, 2023 6,103 $ 144.14 1.1

The aggregate intrinsic values of options exercised during the years ended December 31, 2023, 2022 and 2021 were $2.6 million,
$1.3 million and $2.3 million, respectively, and were based on the closing prices of the Company’s common stock on the dates of
exercise. The aggregate intrinsic values for options outstanding and exercisable at December 31, 2023 were $2.2 million and were
based on the closing price of the Company’s common stock at December 31, 2023, which was $498.91.

At December 31, 2023, there were approximately 0.4 million awards available for grant under the Plans. In 2016, the Company’s
shareholders approved the issuance of an additional 0.8 million shares of common stock under the Plans.
In 1996, the Company adopted the Shareholder Value Achievement Plan to award shares of the Company’s common stock to key
senior employees based on certain common stock performance criteria over a long‐term period. Under the terms of this plan, 0.3

23 Annual Report ♦ Page 41