CNS AR24 Digital - Book - Page 82
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS4(Continued)
9. Stock-Based Compensation
Amended and Restated Stock Incentive Plan
The Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (the SIP) provides for the issuance of Restricted
Stock Units (RSUs), stock options and other stock-based awards to eligible employees and directors. The SIP was amended
in 2022 to (i) extend the term for an additional ten years through May 5, 2032, and (ii) increase the number of shares of
common stock of the Company with respect to which awards may be granted under the plan. As of December 31, 2024, a
total of 23.0 million shares of common stock may be granted under the SIP. The board of directors is authorized to increase
the number of shares available for issuance under the SIP, subject to shareholder approval. At December 31, 2024, a total of
20.1 million RSUs, representing the same amount of common stock, had been issued under the SIP. As of December 31,
2024, there was $65.7 million of compensation related to unamortized RSUs that had not yet been recognized in the
consolidated statement of operations. The Company expects to recognize this expense over approximately the next three
years. In January 2025, the Company granted approximately 511,000 RSUs under the SIP with a grant date fair value of
$45.3 million, which generally vest over a four-year period.
Restricted Stock Units
Vested Restricted Stock Unit Grants
The Company grants awards of vested RSUs to the non-management directors and certain employees of the Company
pursuant to the SIP. The fair value at the date of grant is fully expensed. Dividends declared on these awards are paid in cash.
In connection with the grant of these vested RSUs, the Company recorded non-cash stock-based compensation expense of
$0.8 million, $1.0 million and $2.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Unvested Restricted Stock Unit Grants
From time to time, the Company grants awards of unvested RSUs to certain employees pursuant to the SIP. The fair
value at the date of grant is expensed on a straight-line basis over the applicable service period, which is generally four years.
Dividends declared by the Company are paid in additional RSUs which are subject to forfeiture until they are delivered. The
dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant date. The
Company recorded non-cash stock-based compensation expense related to these awards, net of forfeitures, of $8.8 million for
each of the years ended December 31, 2024, 2023 and 2022.
Incentive Bonus Plans for Employees of the Company
The Company has implemented a program for employees which, based upon compensation levels, automatically defers
a portion of their total compensation in the form of unvested RSUs (Mandatory Program). The fair value at the date of grant
of the RSUs under the Mandatory Program is expensed on a straight-line basis over the vesting period, which is typically four
years. Dividends declared by the Company are paid in additional RSUs which are subject to forfeiture until they are
delivered. The dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant
date. The Company recorded non-cash stock-based compensation expense under the Mandatory Program, net of forfeitures,
of $42.5 million, $34.4 million and $37.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.
F-22
