SERVICE CORP INTERNATIONAL
For the period ended May 6, 2025. Filed Mar 27, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 6, 2025 · Filed Mar 27, 2025
Contents
Pay Versus Performance
As discussed in the Compensation Discussion and Analysis beginning on page 35, our Compensation Committee has implemented an executive compensation program designed to link our NEOs’ compensation to the achievement of SCI’s financial, operational, and strategic objectives, and to align our executive pay with changes in the value of our shareholders’ investments. The following table sets forth additional compensation information for our NEOs, calculated in accordance with SEC regulations, for fiscal years 2024, 2023, 2022, 2021, and 2020.
| Value of Initial Fixed $100 Investment Based on: | ||||||||
|---|---|---|---|---|---|---|---|---|
| Year | SummaryCompensationTable (SCT)TotalCompensationfor CEO(1) | CompensationActually Paidto CEO(1),(2),(4) | AverageSCT TotalCompensationfor OtherNEOs(1) | AverageCompensationActually Paid toOther NEOs(1),(3),(4) | CumulativeTSR | Peer GroupCumulativeTSR(5) | Post-TaxNet Income(In thousands) | NormalizedEarnings PerShare(6) |
| 2024 | $11,774,889 | $17,758,374 | $2,818,182 | $4,401,771 | $188.20 | $106.50 | $518,648 | $3.48 |
| 2023 | 11,256,728 | 11,187,121 | 3,001,820 | 2,971,933 | 158.90 | 126.90 | 537,317 | 3.44 |
| 2022 | 12,736,183 | 14,191,951 | 3,528,998 | 4,193,758 | 157.70 | 116.00 | 565,338 | 3.85 |
| 2021 | 11,708,035 | 29,259,594 | 3,229,307 | 6,124,407 | 159.40 | 155.30 | 802,939 | 4.53 |
| 2020 | 11,529,920 | 13,218,050 | 2,920,816 | 3,233,364 | 108.60 | 109.00 | 515,907 | 2.86 |
(1)For each year presented, Thomas L. Ryan was our CEO and Eric D. Tanzberger, Sumner J. Waring, III, and Steven A. Tidwell were included in Other NEOs. For years 2022 and 2021, Gregory T. Sangalis was included in Other NEOs. Gregory T. Sangalis effectively retired on March 22, 2023 and was replaced as a NEO by Elisabeth G. Nash. For years 2024 and 2023, Elisabeth G. Nash was included in Other NEOs. Steven A. Tidwell effectively retired on October 1, 2024. For year 2024, John H. Faulk was added to the individuals comprising the Other NEOs.
| 60 | Service Corporation International |
(2)To calculate the amounts in the "Compensation Actually Paid to CEO" column in the table above, the following amounts were deducted from and added to (as applicable) our CEO's "Total" compensation as reported in the SCT:
| Compensation Actually Paid to CEO | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total Compensation as Reported in SCT | $11,774,889 | $11,256,728 | $12,736,183 | $11,708,035 | $11,529,920 |
| Pension and Equity Values Reported in SCT | (8,467,395) | (7,448,241) | (6,879,013) | (6,021,236) | (7,318,678) |
| Fair Value of Equity Compensation Granted in Current Year - Value at Year End | 10,425,682 | 6,644,691 | 9,821,155 | 12,367,931 | 6,744,257 |
| Dividends Paid on Unvested Restricted Share Awards | 91,080 | 77,728 | 77,588 | 73,011 | 69,654 |
| Change in the Fair Value of Awards Made in Prior Fiscal Years That Were Unvested at End of Current Fiscal Year | 3,032,178 | (194,998) | 2,187,970 | 10,527,347 | 1,233,016 |
| Change in the Fair Value of Awards Made in Prior Fiscal Years That Vested During Current Fiscal Year | 901,940 | 851,213 | (3,751,932) | 604,506 | 959,881 |
| Compensation Actually Paid to CEO | $17,758,374 | $11,187,121 | $14,191,951 | $29,259,594 | $13,218,050 |
(3)To calculate the amounts in the "Average Compensation Actually Paid to Other NEOs" column in the table above, the following amounts were deducted from and added to (as applicable) our Other NEOs "Total" compensation as reported in the SCT for that year:
| Average Compensation Actually Paid to Other NEOs | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total Compensation as Reported in SCT | $2,818,182 | $3,001,820 | $3,528,998 | $3,229,307 | $2,920,816 |
| Pension and Equity Values Reported in SCT | (1,506,072) | (1,490,513) | (1,317,879) | (1,154,731) | (1,373,938) |
| Fair Value of Equity Compensation Granted in Current Year - Value at Year End | 1,854,388 | 1,329,663 | 1,900,629 | 2,013,352 | 1,267,017 |
| Dividends Paid on Unvested Restricted Share Awards | 19,313 | 15,036 | 14,891 | 13,840 | 12,994 |
| Change in the Fair Value of Awards Made in Prior Fiscal Years That Were Unvested at End of Current Fiscal Year | 832,155 | (39,400) | 772,621 | 1,972,241 | 228,765 |
| Change in the Fair Value of Awards Made in Prior Fiscal Years That Vested During Current Fiscal Year | 383,805 | 155,327 | (705,502) | 50,398 | 177,710 |
| Average Compensation Actually Paid to Other NEOs | $4,401,771 | $2,971,933 | $4,193,758 | $6,124,407 | $3,233,364 |
(4)The weighted average key assumptions utilized to determine the equity awards adjustments in the Compensation Actually Paid tables above were as follows:
| Weighted Average Assumptions | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 1.5% | 1.6% | 1.7% | 1.7% |
| Expected Volatility | 26.8% | 27.4% | 26.2% | 24.2% | 21.8% |
| Risk-Free Interest Rate | 4.4% | 4.2% | 2.9% | 0.4% | 0.8% |
| Expected Holding Period (Years) | 2.6 | 2.6 | 2.1 | 2.1 | 2.1 |
| Market Price of Stock | $75.60 | $70.10 | $63.95 | $60.74 | $48.93 |
| Exercise Price | $63.29 | $56.64 | $50.53 | $45.67 | $40.06 |
(5)The Peer Group Cumulative TSR set forth in this table utilizes a custom group of peer companies (the “Peer Group”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024. The Peer Group in 2024 comprises Carriage Services, Inc. and Matthews International Corp. as Hillenbrand spun off their industry related business and Park Lawn Corporation is no longer a public company. The Peer Group in 2020-2023 comprises Carriage Services, Inc., Hillenbrand Inc., Matthews International Corp., and Park Lawn Corporation. TSR is determined based on the value of an initial fixed investment of $100. Total return data assumes reinvestment of dividends.
(6)We believe normalized earnings per share drives the performance of the Company and enhances shareholder value. Normalized Earnings per Share is calculated by applying a targeted effective tax rate of approximately 25.1% to the Company’s calculation of its reported diluted earnings per share and further adjusting to exclude certain non-routine items as described in the Performance Measures section of the Compensation Discussion and Analysis (CD&A) on page 42. The following is the list of the metrics used by the Company to link the compensation of our NEOs to Company performance.
| 2024 Compensation Metrics (discussed in detail in the Compensation Discussion & Analysis section) | |
|---|---|
| Normalized Earnings Per Share | Customer Satisfaction Ratings |
| Normalized Free Cash Flow Per Share | Total Shareholder Return |
| Comparable Preneed Production | Normalized Return on Equity |
| 2025 Proxy Statement | 61 |
|---|
COMPENSATION ACTUALLY PAID AND NORMALIZED EPS ALIGNMENT
| Compensation Actually Paid to CEO (in millions) | |
| Average Compensation Actually Paid to Other NEOs (in millions) | |
| — | Normalized Earnings Per Share |
COMPENSATION ACTUALLY PAID AND POST-TAX NET INCOME ALIGNMENT
| Compensation Actually Paid to CEO (in millions) | |
| Average Compensation Actually Paid to Other NEOs (in millions) | |
| — | Post-Tax Net Income (in millions) |
COMPENSATION ACTUALLY PAID AND TSR ALIGNMENT
| Compensation Actually Paid to CEO (in millions) | |
| Average Compensation Actually Paid to Other NEOs (in millions) | |
| — | SCI Cumulative TSR |
| — | Peer Group Cumulative TSR |
| 62 | Service Corporation International |
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