Equity-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

A summary of restricted shares granted in 2020 is as follows:


Date	Number of shares granted	Grant date fair value per share		Vesting period (in years)	Vesting criteria
February 18, 2020	16,689	$	74.91	1.0	Service
February 18, 2020(1)	487,096	$	74.91	3.0	Service and Performance
March 11, 2020	11,865	$	63.26	3.0	Service
March 18, 2020	3,366	$	59.45	2.0	Service
May 6, 2020(1)	3,101	$	72.57	3.0	Service and Performance
August 11, 2020	1,902	$	78.88	3.0	Service
August 11, 2020	761	$	78.88	1.0	Service
August 24, 2020	1,533	$	81.54	1.0	Service

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(1) This award is subject to an independent performance target for each of three consecutive 12-month measurement periods. Vesting of each tranche is independent of the satisfaction of the annual performance target for other tranches.

Restricted stock transactions in 2020 are as follows:


	Shares	Weighted average grant date fair value
Balance, December 31, 2019	2,014,983	$	46.99
Granted	526,313	$	74.57
Forfeited	(11,811)	$	63.12
Vested	(936,720)	$	43.64
Balance, September 30, 2020	1,592,765	$	57.96

Equity-based compensation expense was $9.2 million and $14.4 million for the three months ended September 30, 2020 and 2019, respectively, and $29.4 million and $39.8 million for the nine months ended September 30, 2020 and 2019, respectively. Equity-based compensation includes accelerated recognition of $0.2 million and $0.4 million for the three and nine months ended September 30, 2020, respectively, and $1.0 million and $2.9 million for the three and nine months ended September 30, 2019, respectively. These expenses are included in Operating expenses in the Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited).

As of September 30, 2020, total unrecognized compensation cost was $45.4 million and is expected to be recognized over a weighted average period of approximately 1.9 years.