SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Restricted Stock Unit Grants

The following table provides information about our Service RSU grants for the last three fiscal years:

	Year Ended December 31,
	2023		2022		2021
Number of shares granted	537,964		800,378		588,930
Weighted average grant date fair value per share	$	48.60	$	44.12	$	38.50
Fair value of shares vested (in millions)	$	23	$	25	$	19

Schedule of Restricted Stock Units Activity

The following table summarizes the activity of our RSUs during the year ended December 31, 2023:

	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding, beginning of period	1,300,584	40.09
Granted	537,964	48.60
Vested	(624,972)	37.40
Forfeited	(68,723)	45.87
Outstanding, end of period	1,144,853	45.21

Schedule of Stock Option Grants

The following table provides information about our option grants for the last three fiscal years:

	Year Ended December 31,
	2023		2022		2021
Number of options granted	301,215		389,536		542,793
Weighted average exercise price per share	$	49.14	$	44.09	$	38.22
Weighted average grant date fair value per share	$	24.78	$	20.08	$	18.41

Schedule of Stock Option Valuation Assumptions

The weighted-average grant date fair value of each of these options were determined using the Black-Scholes-Merton option-pricing model with the following assumptions. Expected volatility is calculated using the historical volatility of our share price. Risk-free rate is based on the Treasury Constant Maturity Rate closest to the expected life as of the grant date. Expected term is estimated using the vesting period and contractual term of the Options:

	Year Ended December 31,
	2023		2022		2021
Expected volatility	46.8	%	45.8	%	50.5	%
Dividend yield(1)	—	%	—	%	—	%
Risk-free rate	4.2	%	1.7	%	1.1	%
Expected term (in years)	6.0		6.0		6.0

(1)At the date of grant we had no plans to pay dividends during the expected term of these options.

Schedule of Stock Options Activity

The following table summarizes the activity of our options during the year ended December 31, 2023:

	Number of Shares	Weighted Average Exercise Price Per Share
Outstanding, beginning of period	2,412,232	$	34.35
Granted	301,215	49.14
Exercised	(263,570)	28.86
Forfeited, canceled or expired	(32,159)	45.29
Outstanding, end of period	2,417,718	36.65
Exercisable, end of period	1,705,249	33.26

Schedule of Performance Stock Units Activity

The following table summarizes the activity of our Performance RSUs during the year ended December 31, 2023:

	Number of Shares	Weighted Average Exercise Price Per Share
Outstanding, beginning of period	726,710	$	37.26
Granted	119,887	49.14
Performance achievement shares adjustment (1)	90,162	38.22
Vested	(214,873)	38.22
Forfeited, canceled or expired	(161,719)	26.27
Outstanding, end of period	560,167	42.77

(1)Reflects the number of shares achieved above target, based on actual performance as determined at the completion of the performance period for the March 2021 Performance RSU grant

Performance Shares | Adjusted EBITDA

Schedule Of Performance Stock Unit Grants

The following table provides information about our Performance RSU grants, which is based on our Adjusted EBITDA metric described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K, further adjusted by net deferral and recognition of revenues and related direct expenses related to sales of VOIs of projects under construction for the last three fiscal years:

	Year Ended December 31,
	2023		2022		2021
Number of shares granted	59,944		46,532		178,224
Weighted average grant date fair value per share	$	49.14	$	44.09	$	39.55
Fair value of shares vested (in millions)	4		—		—

Performance Shares | Tranche two

Schedule Of Performance Stock Unit Grants

The following table provides information about our Performance RSU grants, which is based on contract sales for the last three fiscal years:

	Year Ended December 31,
	2023		2022		2021
Number of shares granted	59,944		46,532		62,356
Weighted average grant date fair value per share	$	49.14	$	44.09	$	38.22
Fair value of shares vested (in millions)	4		—		—