SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

11.          SHARE-BASED COMPENSATION

The Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 253,300 shares with a weighted average grant date fair value of $65.94 per share during the three months ended March 31, 2023.

Total share-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $4.6 million and $4.7 million for the three months ended March 31, 2023 and 2022, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $31.4 million at March 31, 2023, and is expected to be recognized over a weighted average period of approximately 2.2 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.