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Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2023

Equity Incentive Plan

Schedule of restricted share activity

Restricted share activity is summarized as follows:


		Shares		Weighted Average
		Outstanding		Grant Date
		(in thousands)		Fair Value
Unvested restricted stock at December 31, 2020		175		$	60.53

Restricted stock granted		87		$	65.23
Restricted stock vested		(64)		$	53.82
Restricted stock forfeited		(23)		$	63.88
Unvested restricted stock at December 31, 2021		175		$	64.90

Restricted stock granted		81		$	63.10
Restricted stock vested		(63)		$	60.84
Restricted stock forfeited		(10)		$	65.12
Unvested restricted stock at December 31, 2022		183		$	65.46

Restricted stock granted		82		$	73.15
Restricted stock vested		(56)		$	63.95
Restricted stock forfeited		(15)		$	69.12
Unvested restricted stock at December 31, 2023		194		$	68.85

Schedule of valuation assumptions used

The following assumptions were used when determining the grant date fair value:


			2023			2022			2021
Expected term (years)			2.9			2.9			2.9
Volatility			23.6	%		33.5	%		33.9	%
Risk-free rate			4.4	%		1.8	%		0.2	%

Schedule of performance share and unit activity

Performance unit and share activity is summarized as follows:


		Target Number		Weighted Average
		of Awards		Grant Date
		(in thousands)		Fair Value
Performance units and shares at December 31, 2020 - three-year performance period to be completed		87		$	69.61

Performance units granted		43		$	63.42
Performance shares - three-year performance period completed		(31)		$	55.29
Performance units and shares forfeited		(21)		$	68.79
Performance units and shares at December 31, 2021 - three-year performance period to be completed		78		$	72.13

Performance units granted		34		$	68.59
Performance shares - three-year performance period completed		(27)		$	66.96
Performance units at December 31, 2022 - three-year performance period to be completed		85		$	72.27

Performance units granted		47		$	80.34
Performance shares - three-year performance period completed		(21)		$	90.17
Performance units at December 31, 2023 - three-year performance period to be completed		111		$	72.14


	Shares		Weighted Average
	Outstanding		Grant Date
	(in thousands)		Fair Value
Performance shares - three-year performance period completed but not yet vested at December 31, 2020	—		$	—

Shares earned at completion of three-year performance period ⁽¹⁾	47		$	55.29
Shares vested	(16)		$	55.29
Shares forfeited	(4)		$	55.29
Performance shares - three-year performance period completed but not yet vested December 31, 2021	27		$	55.29

Shares earned at completion of three-year performance period ⁽²⁾	28		$	66.96
Shares vested	(23)		$	59.91
Performance units and shares - three-year performance period completed but not yet vested at December 31, 2022	32		$	61.91

Shares earned at completion of three-year performance period ⁽³⁾	33		$	90.17
Shares vested	(34)		$	69.73
Performance units and shares - three-year performance period completed but not yet vested at December 31, 2023	31		$	83.40

(1)Performance shares granted in 2018 for which the three-year performance period was completed in 2021 paid out at the 150% performance level

(2)Performance units granted in 2019 for which the three-year performance period was completed in 2022 paid out at the 106% performance level

(3)Performance units granted in 2020 for which the three-year performance period was completed in 2023 paid out at the 150% performance level