Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2023

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans

NOTE 13 – STOCK-BASED COMPENSATION PLANS

The compensation cost recorded for stock options for the three months ended March 31, 2023 and 2022 was $1.9 million and $1.7 million, respectively. The compensation cost recorded for stock equivalent units for the three months ended March 31, 2023 and 2022 was $3.2 million and $7.1 million, respectively.

The following table summarizes the transactions of the Company’s share-based compensation plans for the three months ended March 31, 2023.

	Number of shares			Weighted Average Grant-Date Fair Value
Nonvested at December 31, 2022		757,040		$	69.0
Granted		154,322		$	94.2
Vested		(198,431	)	$	65.7
Forfeited		(30,454	)	$	74.3
Nonvested at March 31, 2023		682,477		$	75.2

New grants in the quarter have similar vesting conditions to those granted in previous periods. The valuation methodologies of the new grants are consistent with previous periods.

As of March 31, 2023, there was $32.5 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 2.2 years.