SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

13.          SHARE-BASED COMPENSATION

During the three and six months ended June 30, 2024, the Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 7,400 and 152,100 shares, respectively, with a combined weighted average grant date fair value of $109.64 and $122.15 per share, 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 $6.3 million and $5.2 million for the three months ended June 30, 2024 and 2023 and $12.0 million and $9.8 million for the six months ended June 30, 2024 and 2023, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $34.1 million at June 30, 2024, and is expected to be recognized over a weighted average period of approximately 2.0 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.