AFFILIATED MANAGERS GROUP, INC.AMG
AFFILIATED MANAGERS GROUP, INC. Stock Compensation Disclosure
Share-Based Compensation
Share-Based Incentive Plans
The Company has established various plans under which it is authorized to grant restricted stock, restricted stock units,
stock options, and stock appreciation rights. The Company may also grant cash awards that can be notionally invested in one or
more specified measurement funds, including the Company’s common stock. Awards granted under the Company’s share-
based incentive plans typically participate in any dividends declared, but such amounts are deferred until delivery of the shares
and are forfeitable if the requisite service is not satisfied. Dividends may accrue in cash or may be reinvested in the Company’s
common stock.
Share-Based Compensation
The following table presents share-based compensation expense:
Share-Based Compensation Expense | Tax Benefit | |||
2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $59.4 | $7.4 | ||
2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 52.0 | 6.3 | ||
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 59.2 | 5.2 |
The excess tax benefit recognized from share-based incentive plans was $4.4 million, $10.3 million, and $20.3 million for
the years ended December 31, 2023, 2024, and 2025, respectively.
As of December 31, 2024, the Company had unrecognized share-based compensation expense of $38.1 million. As of
December 31, 2025, the Company had unrecognized share-based compensation of $70.2 million, which will be recognized over
a weighted average period of approximately three years (assuming no forfeitures).
Restricted Stock
The following table summarizes transactions in the Company’s restricted stock units:
Restricted Stock Units | Weighted Average Grant Date Value Per Unit | |||
Unvested units, as of December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.8 | $147.46 | ||
Units granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.3 | 167.96 | ||
Units vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (0.4) | 137.69 | ||
Units forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (0.0) | 154.29 | ||
Performance condition changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.3 | 164.94 | ||
Unvested units, as of December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1.0 | $161.80 |
The Company granted restricted stock units with fair values of $49.3 million, $31.3 million, and $54.8 million for the years
ended December 31, 2023, 2024, and 2025, respectively. These restricted stock units were valued based on the closing price of
the Company’s common stock on the grant date and the number of shares expected to vest. Restricted stock units containing
vesting conditions generally require service over a period of three years to four years and may also require the satisfaction of
certain performance conditions. For awards with performance conditions, the number of restricted stock units expected to vest
may change over time depending upon the performance level expected to be achieved.
The total fair value of restricted stock units vested was $86.2 million, $50.5 million, and $59.0 million for the years ended
December 31, 2023, 2024, and 2025, respectively. As of December 31, 2025, the Company had 1.6 million shares available for
grant under its plans.
Stock Options
The following table summarizes transactions in the Company’s stock options:
Stock Options | Weighted Average Exercise Price Per Option | Weighted Average Remaining Contractual Life (Years) | ||||
Unexercised options outstanding, as of December 31, 2024 . . . . . . . . . . . . . . | 1.7 | $78.45 | ||||
Options granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | — | — | ||||
Options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (1.4) | 75.69 | ||||
Options forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | — | — | ||||
Options expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (0.0) | 203.22 | ||||
Performance condition changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.0 | 129.17 | ||||
Unexercised options outstanding, as of December 31, 2025 . . . . . . . . . . . . . . | 0.3 | $92.73 | 1.4 | |||
Exercisable at December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.2 | $76.60 | 0.7 |
The Company did not grant any stock options for the years ended December 31, 2023, 2024, and 2025. Stock options
generally vest over a period of four years to five years and expire seven years after the grant date. All stock options have been
granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. Substantially all of
the Company’s outstanding stock options contain both service and performance conditions. For awards with performance
conditions, the number of stock options expected to vest may change over time depending upon the performance level expected
to be achieved.
The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of stock options
exercised for the years ended December 31, 2023, 2024, and 2025 was $0.2 million, $150.7 million, and $187.6 million,
respectively. The cash received for stock options exercised was zero, $0.3 million, and $2.8 million for the years ended
December 31, 2023, 2024, and 2025, respectively. As of December 31, 2025, the intrinsic value of exercisable stock options
outstanding was $37.0 million, and 1.1 million options were available for grant under the Company’s option plans.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.