Stock Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock compensation plansWe maintain a stock award plan for both employees and non-employee directors. The plan provides for the grant of a variety of equity awards, including options (generally non-qualified options), restricted share units ("RSUs"), and performance units to key employees (as determined by the Compensation and Management Development Committee of the Board of Directors) for periods not to exceed ten years. Non-employee directors are awarded an annual distribution of common shares. Options granted to employees generally vest over four years and are generally exercisable for ten years from the vest date. RSUs represent the right to receive an equal number of common shares and are converted into common shares upon distribution. RSUs generally cliff vest after three years. RSU holders receive cash dividends during the vesting period. Performance shares vest upon attainment of the stated performance targets and minimum service requirements and are converted into common shares upon

distribution. As of December 31, 2021, there were 22.6 million shares that remained available for grant under the plan. Our stock compensation expense is presented below ($000's omitted):


	2021		2020		2019

RSUs and performance shares	$	25,192	$	22,065	$	21,538
Long-term incentive plans	11,553		10,778		6,830
	$	36,745	$	32,843	$	28,368

Stock options

We did not issue any stock options during 2021, 2020, or 2019 and stock options outstanding at December 31, 2021, 2020, and 2019 were de minimis. As a result, there is no unrecognized compensation cost related to stock option awards at December 31, 2021. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The aggregate intrinsic value of stock options that were exercised during 2019 was $10.5 million and was de minimis in 2021 and 2020.

RSUs and performance units

A summary of RSUs and performance units is presented below (000’s omitted, except per share data):


	2021			2020			2019
	Shares	Weighted- Average Per Share Grant Date Fair Value		Shares	Weighted- Average Per Share Grant Date Fair Value		Shares	Weighted- Average Per Share Grant Date Fair Value
Outstanding, beginning of year	2,001	$	33	2,528	$	26	2,944	$	22
Granted	720	47		594	44		907	27
Distributed	(642)	30		(952)	21		(1,179)	17
Forfeited	(84)	38		(169)	33		(144)	26
Outstanding, end of year	1,995	$	39	2,001	$	33	2,528	$	26

During 2021, 2020, and 2019, the total fair value of shares vested during the year was $30.5 million, $43.3 million, and $32.1 million, respectively. Unamortized compensation cost related to restricted share awards was $27.9 million at December 31, 2021. These costs will be expensed over a weighted-average period of approximately two years. Additionally, there were 0.2 million deferred shares at December 31, 2021, that had vested but had not yet been paid out because the payout date had been deferred by the holders.

Long-term incentive plans

We maintain long-term incentive plans for senior management and other employees that provide awards based on the achievement of stated performance targets over three-year periods. Awards are stated in dollars but are settled in common shares based on the stock price at the end of the performance period. If the share price falls below a floor of $5.00 per share at the end of the performance period or we do not have a sufficient number of shares available under our stock incentive plans at the time of settlement, then a portion of each award will be paid in cash. We adjust the liabilities and recognize the expense associated with the awards based on the probability of achieving the stated performance targets at each reporting period. Liabilities for these awards totaled $22.6 million and $19.1 million at December 31, 2021 and 2020, respectively.