Stock Compensation Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

We 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 share units ("PSUs") 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. 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, and RSU holders earn cash or accrued dividends during the vesting period. PSUs vest upon attainment of the stated performance targets and minimum service requirements and are converted into common shares upon distribution. As of December 31, 2022, there were 11.3 million shares that remained available for grant under the plan. Our stock compensation expense is presented below ($000's omitted):


	2022		2021		2020

RSUs and PSUs	$	33,323	$	25,192	$	22,065
Other long-term incentive plans	9,666		11,553		10,778
	$	42,989	$	36,745	$	32,843

RSUs and PSUs

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


	2022			2021			2020
	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	1,995	$	39	2,001	$	33	2,528	$	26
Granted	550	54		720	47		594	44
Distributed	(813)	28		(642)	30		(952)	21
Forfeited	(104)	48		(84)	38		(169)	33
Outstanding, end of year	1,628	$	48	1,995	$	39	2,001	$	33

During 2022, 2021, and 2020, the total fair value of shares vested during the year was $40.5 million, $30.5 million, and $43.3 million, respectively. Unamortized compensation cost related to share awards was $25.4 million at December 31, 2022. 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, 2022, that had vested but had not yet been paid out because the payout date had been deferred by the holders.

Other 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 $21.6 million and $22.6 million at December 31, 2022 and 2021, respectively.