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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

The following table summarizes changes in restricted stock units for the three months ended March 31, 2023.




	Restricted Stock Units Outstanding	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	365,155	$	39.02
Granted	144,578	37.17
Vested	(134,601)	34.11
Forfeited	(1,428)	43.62
Balance at end of period (unvested)	373,704	$	39.05

The following table summarizes information about the changes in PSUs as of and for the three months ended March 31, 2023.






	Performance Stock Units Outstanding	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	161,667	$	41.73
Granted	86,010	37.17
Performance adjustment (1)	44,319	37.17
Vested	(90,583)	36.21
Forfeited or expired	(1,153)	44.25
Balance at end of period (unvested)	200,260	$	40.98
(1) PSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. PSU awards are settled with payouts ranging from 0% and 200% of the target award value based on the Company's performance relative to a predefined peer group over a fixed three-year performance period. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target.

The following table summarizes data related to the Company's outstanding PSUs as of March 31, 2023:


Grant Year	Grant Price		Vest Year	PSUs Outstanding
2021 (1)	$	43.20	2024	54,922
2022 (2)	$	44.44	2025	59,328
2023 (2)	$	37.17	2026	86,010
(1)Vesting factor will be either at 0%, 25%, 100%, or 200% of PSUs outstanding based on the Company's performance relative to a predefined peer group over a fixed three-year performance period. (2)Vesting factor will be interpolated between 0% and 200% of PSUs outstanding based on the Company's performance relative to a predefined peer group over a fixed three-year performance period.