Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| DYCOM INDUSTRIES INCDY · Entity 3598 | SVP, GC & Secretary | March 30, 2026 | March 31, 2026 |
Disclosed balances
About these balances
Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.
DYCOM INDUSTRIES INC
Report date March 30, 2026 · Filed March 31, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 39,978 |
Last balance in matching sequence
After 2026-03-30 transaction · row 2
Source-order balances reconcile. Account continuity and personal attribution are not independently verified.
2 source rowsRow 1 · 2026-03-30 · Grant · Acquired 6,042 · Balance 44,418 F1: Represents shares of DY common stock acquired upon the settlement of performance-vesting restricted stock units ("PRSUs") on March 30, 2026. Each PRSU represented a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The annual performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. The shares reported include 1,987 of supplemental shares that vested in connection with the satisfaction of the performance measures described in the previous sentence over the preceding three year performance period. F2: No consideration was paid. F3: Includes unvested time-vesting restricted stock units ("TRSUs"). Row 2 · 2026-03-30 · Tax withholding · Disposed 4,440 · Balance 39,978 F4: Withholding of common stock for the payment of tax liability incident to the vesting of PRSUs and TRSUs. F3: Includes unvested time-vesting restricted stock units ("TRSUs"). |
Filing footnotes · ownership attribution and instrument terms
F1: Represents shares of DY common stock acquired upon the settlement of performance-vesting restricted stock units ("PRSUs") on March 30, 2026. Each PRSU represented a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The annual performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. The shares reported include 1,987 of supplemental shares that vested in connection with the satisfaction of the performance measures described in the previous sentence over the preceding three year performance period.
F2: No consideration was paid.
F3: Includes unvested time-vesting restricted stock units ("TRSUs").
F4: Withholding of common stock for the payment of tax liability incident to the vesting of PRSUs and TRSUs.
Transaction history
JSON APIPurchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”
The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.
| Transaction date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| March 30, 2026 Filed Mar 31, 2026 20:58 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 4,440 | $341.96 | $1,518,302.40 |
DisclosureSEC source: 0001777232-26-000004 · primarydocument.xml · nonDerivative · entry 2 URNESS RYAN F · CIK 0001777232 · SVP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 39,978 F4 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of PRSUs and TRSUs. F3 · balance_after: Includes unvested time-vesting restricted stock units ("TRSUs"). Read SEC document |
| March 30, 2026 Filed Mar 31, 2026 20:58 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 6,042 | $0.00 | $0.00 |
DisclosureSEC source: 0001777232-26-000004 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · SVP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 44,418 F1 · shares: Represents shares of DY common stock acquired upon the settlement of performance-vesting restricted stock units ("PRSUs") on March 30, 2026. Each PRSU represented a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The annual performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. The shares reported include 1,987 of supplemental shares that vested in connection with the satisfaction of the performance measures described in the previous sentence over the preceding three year performance period. F2 · price: No consideration was paid. F3 · balance_after: Includes unvested time-vesting restricted stock units ("TRSUs"). Read SEC document |
| March 24, 2026 Filed Mar 25, 2026 20:58 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 1,695 | $0.00 | $0.00 |
DisclosureSEC source: 0001777232-26-000002 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · SVP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 38,376 F1 · kind: Restricted Stock Units ("RSUs") granted by the Issuer to the Reporting Person. Each RSU represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock") upon vesting. F1 · shares: Restricted Stock Units ("RSUs") granted by the Issuer to the Reporting Person. Each RSU represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock") upon vesting. F2 · shares: The RSUs vest in three substantially equal annual installments beginning March 30, 2027. F3 · price: No consideration was paid for the RSUs. F4 · balance_after: Includes unvested RSUs. Read SEC document |
| December 02, 2025 Filed Dec 2, 2025 21:57 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 318 | $350.06 | $111,319.08 |
DisclosureSEC source: 0001777232-25-000006 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · SVP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 36,681 F1 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2025 Filed Apr 2, 2025 12:02 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 3,960 | $153.89 | $609,404.40 |
DisclosureSEC source: 0001562180-25-002875 · primarydocument.xml · nonDerivative · entry 2 URNESS RYAN F · CIK 0001777232 · SVP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 36,999 F3 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2025 Filed Apr 2, 2025 12:02 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 5,579 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-25-002875 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · SVP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 40,959 F1 · shares: Represents shares of DY common stock acquired upon the settlement of restricted stock units ("RSUs") on March 30, 2025. Each RSU represents a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The annual performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. The shares reported include 1,266 of supplemental shares that vested in connection with the satisfaction of the performance measures described in the previous sentence over the preceding three year performance period. F2 · price: No consideration was paid for the restricted stock units. Read SEC document |
| March 25, 2025 Filed Mar 26, 2025 21:00 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantRestricted Stock Units | 3,483 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-25-002760 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · SVP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 35,380 F1 · security: Each restricted stock unit represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock"). F2 · shares: The restricted stock units vest in three equal annual installments beginning March 30, 2026. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| December 02, 2024 Filed Dec 2, 2024 22:02 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantRestricted Stock Units | 2,907 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-24-008057 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 31,897 F1 · security: Each restricted stock unit represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock"). F2 · shares: The restricted stock units vest in four substantially equal annual installments beginning December 2, 2025. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| March 30, 2024 Filed Apr 2, 2024 21:18 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 5,632 | $143.53 | $808,360.96 |
DisclosureSEC source: 0001562180-24-003191 · primarydocument.xml · nonDerivative · entry 2 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 28,990 F3 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2024 Filed Apr 2, 2024 21:18 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 5,050 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-24-003191 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 34,622 F1 · shares: Represents shares of DY common stock acquired upon the settlement of restricted stock units ("RSUs") on March 30, 2024. Each RSU represents a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. F2 · price: No consideration was paid for the restricted stock units. Read SEC document |
| March 26, 2024 Filed Mar 27, 2024 21:05 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantRestricted Stock Units | 3,330 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-24-003017 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 29,572 F1 · security: Each restricted stock unit represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock"). F2 · shares: The restricted stock units vest in four substantially equal annual installments beginning March 30, 2025. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| March 30, 2023 Filed Mar 30, 2023 21:52 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | SaleCommon Stock | 3,300 | $94.90 | $313,170.00 |
DisclosureSEC source: 0001562180-23-003183 · primarydocument.xml · nonDerivative · entry 4 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 26,242 F6 · price: This price is a weighted average price. 3,300 shares were sold in multiple transactions at prices ranging from $94.89 to $95.00, inclusive. The reporting person undertakes to provide to Dycom Industries, Inc., any security holder of Dycom Industries, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Read SEC document |
| March 30, 2023 Filed Mar 30, 2023 21:52 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 4,565 | $95.17 | $434,451.05 |
DisclosureSEC source: 0001562180-23-003183 · primarydocument.xml · nonDerivative · entry 3 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 29,542 F5 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2023 Filed Mar 30, 2023 21:52 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 3,249 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-23-003183 · primarydocument.xml · nonDerivative · entry 2 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 34,107 F4 · shares: Represents shares of DY common stock acquired upon the settlement of restricted stock units ("RSUs") on March 30, 2023. Each RSU represents a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The annual performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| March 28, 2023 Filed Mar 30, 2023 21:52 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantRestricted Stock Units | 4,524 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-23-003183 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 30,858 F1 · security: Each restricted stock unit represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock"). F2 · shares: The restricted stock units vest in four equal annual installments beginning March 30, 2024. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| October 29, 2022 Filed Nov 1, 2022 21:11 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 326 | $120.43 | $39,260.18 |
DisclosureSEC source: 0001562180-22-007404 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 26,334 F1 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2022 Filed Mar 30, 2022 22:17 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 2,430 | $97.34 | $236,536.20 |
DisclosureSEC source: 0001562180-22-003008 · primarydocument.xml · nonDerivative · entry 2 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 26,660 F4 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 28, 2022 Filed Mar 30, 2022 22:17 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantRestricted Stock Units | 3,844 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-22-003008 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 29,090 F1 · security: Each restricted stock unit represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock"). F2 · shares: The restricted stock units vest in four substantially equal annual installments beginning March 30, 2023. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| October 29, 2021 Filed Oct 29, 2021 21:00 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 293 | $82.07 | $24,046.51 |
DisclosureSEC source: 0001562180-21-006695 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,236 F1 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2021 Filed Mar 31, 2021 21:03 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 2,665 | $85.02 | $226,578.30 |
DisclosureSEC source: 0001562180-21-002497 · primarydocument.xml · nonDerivative · entry 3 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,529 F5 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2021 Filed Mar 31, 2021 21:03 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 1,059 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-21-002497 · primarydocument.xml · nonDerivative · entry 2 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 28,194 F4 · shares: Represents shares of DY common stock acquired upon the settlement of restricted stock units ("RSUs") on March 30, 2021. Each RSU represents a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The annual performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| March 29, 2021 Filed Mar 31, 2021 21:03 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantRestricted Stock Units | 1,915 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-21-002497 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 27,135 F1 · security: Each restricted stock unit represents a contingent right to acquire one (1) share of Dycom Industries, Inc. common stock par value $0.33 1/3 per share ("DY common stock"). F2 · shares: The restricted stock units vest in four substantially equal annual installments beginning March 30, 2022. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| October 29, 2020 Filed Oct 29, 2020 21:05 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 181 | $64.89 | $11,745.09 |
DisclosureSEC source: 0001562180-20-006451 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,220 F1 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2020 Filed Mar 31, 2020 00:32 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 250 | $25.15 | $6,287.50 |
DisclosureSEC source: 0001562180-20-002764 · primarydocument.xml · nonDerivative · entry 3 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,401 F5 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 30, 2020 Filed Mar 31, 2020 00:32 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 203 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-20-002764 · primarydocument.xml · nonDerivative · entry 2 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,651 F4 · shares: Represents shares of DY common stock acquired upon the settlement of restricted stock units ("RSUs") on March 30, 2020. Each RSU represents a contingent right to acquire one share of DY common stock upon the satisfaction of pre-established performance measures set forth in the award documents. The annual performance measures are based on (i) operating earnings and (ii) the ratio of operating cash flow to net income, in each case before certain items. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| March 30, 2020 Filed Feb 11, 2022 22:06 UTC Amendment | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantCommon Stock | 213 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-22-001422 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,661 F1 · shares: On March 30, 2020, the Reporting Person filed a Form 4 which inadvertently reported the incorrect number of shares of DY common stock acquired upon the settlement of restricted stock units on March 30, 2020. This amendment provides the correct number of shares of DY common stock acquired by the Reporting Person, and correspondingly, corrects the number of shares held directly by the Reporting Person following such acquisition. Read SEC document |
| March 27, 2020 Filed Mar 31, 2020 00:32 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | GrantRestricted Stock Units | 20,163 | $0.00 | $0.00 |
DisclosureSEC source: 0001562180-20-002764 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,448 F1 · security: Each restricted stock unit represents a contingent right to acquire one share of DY common stock, par value $0.33 1/3 per share. F2 · shares: The restricted stock units vest in four substantially equal annual installments beginning March 30, 2021. F3 · price: No consideration was paid for the restricted stock units. Read SEC document |
| October 29, 2019 Filed Oct 29, 2019 23:59 UTC | DYCOM INDUSTRIES INC DY · Entity 3598 | Tax withholdingCommon Stock | 181 | $49.07 | $8,881.67 |
DisclosureSEC source: 0001562180-19-005274 · primarydocument.xml · nonDerivative · entry 1 URNESS RYAN F · CIK 0001777232 · VP, GC & Secretary 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 5,285 F1 · kind: Withholding of common stock for the payment of tax liability incident to the vesting of restricted stock units. Read SEC document |
Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.