SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 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 1,100 and 267,100 shares with a weighted average grant date fair value of $76.50 and $65.89 per share during the three and nine months ended September 30, 2023, respectively.

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 $7.8 million and $5.0 million for the three months ended September 30, 2023 and 2022, and $17.6 million and $15.5 million for the nine months ended September 30, 2023 and 2022, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $30.2 million at September 30, 2023, and is expected to be recognized over a weighted average period of approximately 1.8 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.