SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Share-Based Compensation

The Company recognized approximately $14.5 million and $4.9 million in share-based compensation expense for the three months ended June 30, 2023 and June 30, 2022, respectively, and approximately $36.2 million and $11.2 million for the six months ended June 30, 2023 and June 30, 2022, respectively. The $36.2 million includes $15.7 million related to the accelerated vesting of awards for certain former Altra employees. The total income tax benefit recognized in the Condensed Consolidated Statements of Income for share-based compensation expense was $2.5 million and $1.2 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $3.7 million and $2.7 million for the six months ended June 30, 2023 and June 30, 2022, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award.

During the six months ended June 30, 2023, the Company granted the following share-based incentive awards:

Award Type	Number of Awards	Weighted Average Grant-Date Fair Value
Options and SARs1	147,174	$	54.96
Restricted Stock Awards1	31,605	$	134.57
Restricted Stock Units1	254,428	$	141.90
Performance Share Units	58,945	$	235.77

1 Certain outstanding equity-based awards held by employees of Altra that related to shares of Altra Common Stock were replaced by equity-based awards of the Company Common Stock with substantially similar terms and conditions. These awards include 32,419 options with a weighted-average grant date fair value of $57.64, 20,114 restricted stock awards with a weighted-average grant date fair value of $138.11 and 161,414 restricted stock units with a weighted-average grant date fair value of $135.50 issued as replacement awards for Altra unvested awards outstanding at close of the Altra Transaction on March 27, 2023.