The following table summarizes the compensation actually paid to our principal executive officer (PEO) and average compensation paid to our other NEOs for the past four years. These are presented with respect to each year's NEOs as reported in the 2024, 2023, 2022 and 2021 proxy statements. Fair value amounts below are computed in a manner consistent with the fair value methodology used to account for share-based payments in our financial statements under generally accepted accounting principles. For any awards that are subject to performance conditions, the change in fair value is calculated based upon the probable outcome of such conditions as of the last day of the applicable year. The change in fair value in the tables below compare the fair value at the end of the applicable year with the prior year-end fair value. Total shareholder return has been calculated in a manner consistent with Item 402(v) of Regulation S-K.
| AVERAGE |
|---|
| SUMMARY · AVERAGE · VALUE OF INITIAL FIXED $100 |
|---|
| SUMMARY · COMPENSATION · COMPENSATION · INVESTMENT BASED ON: |
|---|
| COMPENSATION | COMPENSATION | TABLE TOTAL | ACTUALLY PAID | TOTAL | PEER GROUP | NET | NET |
|---|
| TABLE TOTAL | ACTUALLY PAID | FOR NON-PEO | TO NON-PEO | SHAREHOLDER | SHAREHOLDER | INCOME | REVENUEf |
|---|
| YEAR | FOR PEO | TO PEO | NEOs | NEOs | RETURN | RETURNe | (in millions)1 | (in millions) |
|---|
| 2023a | $12,841,931 | $13,510,536 | $ 8,077,675 | $ 8,191,931 | $102.91 | $174.60 | $1,835.7 | $6,460.5 |
|---|
| 2022b | $13,838,613 | $ 2,999,756 | $ 8,430,654 | $ 5,616,935 | $ 99.67 | $129.13 | $1,449.6 | $6,488.4 |
|---|
| 2021c | $17,127,330 | $23,404,280 | $ 9,119,220 | $10,768,644 | $172.50 | $175.40 | $3,098.5 | $7,671.9 |
|---|
| 2020d | $15,337,274 | $19,367,486 | $10,969,887 | $13,917,124 | $127.89 | $118.99 | $2,523.3 | $6,206.7 |
|---|
| 1 | Figures shown reflect net income before the impact of net income (loss) attributable to redeemable non-controlling interests for the years ended December 31, 2023, 2022, 2021 and 2020 in the amount of $47.0 million, $(108.3) million, $15.6 million and $150.6 million, respectively. |
| a | The adjustments to the Summary Compensation Table totals to arrive to compensation actually paid in 2023 are outlined below. No awards were modified in 2023. These valuations assume a year-end share price of $107.69 and average vest share price of $101.79. During this period Mr. Sharps served as the PEO and Ms. Dardis, Messrs. August, Thomson, and Veiel served as the Non-PEO NEOs. |
| AVERAGE |
|---|
| COMPENSATION FOR |
|---|
| As of 12/31/2023 | PEO COMPENSATION | NON-PEO NEOs |
|---|
| Summary Compensation Table—2024 Proxy | $12,841,931 | $8,077,675 |
|---|
| Subtract Grant Date Fair Value of Stock Awards Granted in 2023 | $(5,100,097) | $(1,468,859) |
|---|
| Add Year-End Fair Value of Stock Awards Granted and Unvested in 2023 | $5,462,252 | $1,573,162 |
|---|
| Add Change in Fair Value of Prior Year Grants Unvested and Outstanding | $(132,516) | $(35,248) |
|---|
| Add Change in Fair Value of Stock Awards (made in prior years) Vested as of Vesting Date in 2023 | $(230,044) | $(97,994) |
|---|
| Add Dividend Equivalents Paid in 2023 | $669,010 | $143,195 |
|---|
| Compensation Actually Paid in 2023 | $13,510,536 | $8,191,931 |
|---|
| b | The adjustments to the Summary Compensation Table totals to arrive to compensation actually paid in 2022 are outlined below. No awards were modified in 2022. These valuations assume a year-end share price of $109.06 and average vest share price of $126.58. During this period Mr. Sharps served as the PEO and Ms. Dardis, Messrs. August, Thomson, and Veiel served as the Non-PEO NEOs. |
| AVERAGE |
|---|
| COMPENSATION FOR |
|---|
| As of 12/31/2022 | PEO COMPENSATION | NON-PEO NEOs |
|---|
| Summary Compensation Table—2023 Proxy | $13,838,613 | $8,430,654 |
|---|
| Subtract Grant Date Fair Value of Stock Awards Granted in 2022 | $(5,400,156) | $(1,604,741) |
|---|
| Add Year-End Fair Value of Stock Awards Granted and Unvested in 2022 | $4,854,042 | $1,442,455 |
|---|
| Add Change in Fair Value of Prior Year Grants Unvested and Outstanding | $(8,444,026) | $(1,999,648) |
|---|
| Add Change in Fair Value of Stock Awards (made in prior years) Vested as of Vesting Date in 2022 | $(2,138,845) | $(749,289) |
|---|
| Add Dividend Equivalents Paid in 2022 | $290,128 | $97,504 |
|---|
| Compensation Actually Paid in 2022 | $2,999,756 | $5,616,935 |
|---|
| c | The adjustments to the Summary Compensation Table totals to arrive to compensation actually paid in 2021 are outlined below. No awards were modified in 2021. These valuations assume a year-end share price of $196.64 and an average vest share price of $190.44. During this period Mr. Stromberg served as the PEO and Ms. Dardis, and former CFO Ms.Dufétel, and Messrs. Sharps, Thomson, and Veiel served as the Non-PEO NEOs. |
| AVERAGE |
|---|
| COMPENSATION FOR |
|---|
| As of 12/31/2021 | PEO COMPENSATION | NON-PEO NEOs |
|---|
| Summary Compensation Table—2022 Proxy | $17,127,330 | $9,119,220 |
|---|
| Subtract Grant Date Fair Value of Stock Awards Granted in 2021 | $(6,600,390) | $(3,020,250) |
|---|
| Add Year-End Fair Value of Stock Awards Granted and Unvested in 2021 | $6,355,405 | $2,908,148 |
|---|
| Add Change in Fair Value of Prior Year Grants Unvested and Outstanding | $4,807,722 | $1,693,273 |
|---|
| Add Change in Fair Value of Stock Awards (made in prior years) Vested as of Vesting Date in 2021 | $1,110,196 | $958,513 |
|---|
| Subtract Prior Year LTI Awards Forfeited in 2021 | $— | $(1,223,322) |
|---|
| Add Dividend Equivalents Paid in 2021 | $604,017 | $333,062 |
|---|
| Compensation Actually Paid in 2021 | $23,404,280 | $10,768,644 |
|---|
| d | The adjustments to the Summary Compensation Table totals to arrive to compensation actually paid in 2020 are outlined below. No awards were modified in 2020. These valuations assume a year-end share price of $151.39 and average vest share price of $139.84. During this period Mr. Stromberg served as the PEO and Ms. Dufétel, and Messrs. Sharps, Alderson and Veiel served as the Non-PEO NEOs. |
| AVERAGE |
|---|
| COMPENSATION FOR |
|---|
| As of 12/31/2020 | PEO COMPENSATION | NON-PEO NEOs |
|---|
| Summary Compensation Table—2021 Proxy | $15,337,274 | $10,969,887 |
|---|
| Subtract Grant Date Fair Value of Stock Awards Granted in 2020 | $(5,900,108) | $(3,512,648) |
|---|
| Add Year-End Fair Value of Stock Awards Granted and Unvested in 2020 | $5,831,543 | $3,471,827 |
|---|
| Add Change in Fair Value of Prior Year Grants Unvested and Outstanding | $3,066,315 | $1,956,299 |
|---|
| Add Change in Fair Value of Stock Awards (made in prior years) Vested as of Vesting Date in 2020 | $504,223 | $718,559 |
|---|
| Add Dividend Equivalents Paid in 2020 | $528,239 | $313,200 |
|---|
| Compensation Actually Paid in 2020 | $19,367,486 | $13,917,124 |
|---|
| e | Our peer group total stockholder return is calculated with respect to the NASDAQ Asset Manager Index, which is the same peer group as reported pursuant to Item 201(e) of Regulation S-K. |
| f | In no particular order, the following table outlines what we believe to be our NEO's key performance measures. These measures are highlighted on pages 51 and 52. We believe net revenue to be the most significant measure in determining the compensation of our NEOs. |
| KEY PERFORMANCE MEASURES |
|---|
| Assets Under Management | Investment Performance |
|---|
| Net Income | Net Operating Income |
|---|
| Net Revenue | Non-GAAP Diluted Earnings per Share |
|---|
| Operating Margin |
|---|
The charts below illustrate the correlation between NEO compensation and (i) total stockholder return, (ii) net revenue, and (iii) net income attributable to T. Rowe Price Group, Inc. for 2020 through 2023. The charts below also provide a comparison between the Price Group total shareholder return against the total shareholder return of our peer group.
