SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Share-Based Compensation

The Company recognized approximately $9.5 million and $14.5 million in share-based compensation expense for the three months ended June 30, 2024 and June 30, 2023, respectively, and approximately $18.6 million and $36.2 million for the six months ended June 30, 2024 and June 30, 2023, 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 $1.5 million and $2.5 million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $3.6 million and $3.7 million for the six months ended June 30, 2024 and June 30, 2023, 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, 2024, the Company granted the following share-based incentive awards:

Award Type	Number of Awards	Weighted Average Grant-Date Fair Value
Options and SARs	102,219	$	62.94
Restricted Stock Units	120,614	$	166.95
Performance Share Units	55,195	$	245.81