Page 144 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
million shares of common stock were reserved for issuance. Through December 31, 2023, 42,025 shares have been issued under
this plan. No awards have been granted under this plan since 2000.
The Company adopted and the shareholders approved the Common Stock Purchase Plan for Directors in 1996, which provides
nonemployee members of the Board of Directors the election to receive all or a portion of their total fees in the form of the
Company’s common stock. Beginning in 2016, members of the Board of Directors were not required to defer any of their fees in
the form of the Company’s common stock. Under the terms of this plan, 0.3 million shares of common stock were reserved for
issuance. Nonemployee members of the Board of Directors elected to defer portions of their fees representing 1,333, 1,767 and
1,686 shares of the Company’s common stock under this plan during 2023, 2022 and 2021, respectively.
The following table summarizes stock‐based compensation expense for the years ended December 31, 2023, 2022 and 2021,
unrecognized compensation cost for nonvested awards at December 31, 2023 and the weighted‐average period over which
unrecognized compensation cost will be recognized:

Incentive Directors’
Restricted Compensation Fees Paid in
(in millions, except year data) Stock Stock Stock Total
Stock‐based compensation expense recognized for
years ended December 31:
2023 $ 48.7 $ 0.8 $ 0.5 $ 50.0
2022 $ 41.0 $ 1.1 $ 0.6 $ 42.7
2021 $ 41.4 $ 1.0 $ 0.6 $ 43.0
Unrecognized compensation cost at
December 31, 2023 $ 39.5 $ 0.4 $ — $ 39.9
Weighted‐average period over which unrecognized
compensation cost will be recognized 1.8 years 1.3 years

Total tax benefits related to stock‐based compensation expense were $8.6 million, $7.6 million and $7.9 million for the years ended
December 31, 2023, 2022 and 2021, respectively.
The following presents expected stock‐based compensation expense in future periods for outstanding awards as of December 31,
2023:
(in millions)
2024 $ 28.2
2025 9.1
2026 1.8
2027 0.7
2028 0.1
Total $ 39.9

x
Stock‐based compensation expense is included in Selling, general and administrative expenses in the Company’s consolidated
statements of earnings.

Note L: Leases
The Company has leases, primarilyfor equipment, railcars, fleet vehicles, office space, land, information technology equipment
and software. The Company’s leases have remaining lease terms ranging from less than one year to 96 years, some of which may
include options to extend the leases for up to 30 years, and some of which may include options to terminate the leases within one
year.

Certain of the Company’s lease agreements include payments based upon variable rates, including, but not limited to, hours used,
tonnage processed and factors related to indices. The Company’s lease agreements do not contain any material residual value
guarantees or material restrictive covenants.

ge 42 ♦ 2023 Annual Report