Stock Compensation Plans

12 Months Ended

Dec. 31, 2023

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 time-based and performance-based restricted share units ("RSUs") to key employees 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. Time-based RSUs generally cliff vest after three years, and RSU holders earn cash or accrued dividends during the vesting period. Performance-based RSUs vest upon attainment of the stated performance targets and minimum service requirements and are converted into common shares upon distribution. As of December 31, 2023, there were 10.6 million shares that remained available for grant under the plan. Our stock compensation expense is presented below ($000's omitted):


	2023		2022		2021

RSUs	$	28,112	$	33,323	$	25,192
Other long-term incentive plans	20,088		9,666		11,553
	$	48,200	$	42,989	$	36,745

RSUs

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


	2023			2022			2021
	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	1,628	$	48	1,995	$	39	2,001	$	33
Granted	714	59		550	54		720	47
Distributed	(550)	44		(813)	28		(642)	30
Forfeited	(133)	52		(104)	48		(84)	38
Outstanding, end of year	1,659	$	54	1,628	$	48	1,995	$	39

During 2023, 2022, and 2021, the total fair value of shares vested during the year was $33.8 million, $40.5 million, and $30.5 million, respectively. Unamortized compensation cost related to share awards was $29.5 million at December 31, 2023. 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, 2023, 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 denominated in either restricted stock units or dollars that are settled in common shares based on the stock price at the end of the performance period. We recognize the expense associated with the awards based on the probability of achieving the stated performance targets at each reporting period.