XML 65 R49.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stock-Based and Other Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted and Conditional Award Activity
Nonvested RSAs, RSUs, and PSUs at December 31, 2023 and changes during the years ended December 31, 2023, 2022, and 2021 were as follows:
RSA and RSU AwardsPSU Awards
SharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair Value
Nonvested at January 1, 2021
260,977 $74.75 262,013 $88.99 
Granted194,940 66.40 134,290 86.19 
Vested (a)
(137,267)71.99 (151,678)76.04 
Forfeited (11,656)60.98 (16,463)93.91 
Adjustment (b)
— — 170,093 71.17 
Nonvested at December 31, 2021
306,994 71.21 398,255 86.86 
Granted235,348 80.28 144,311 104.97 
Vested (a)
(154,028)72.80 (165,615)92.16 
Forfeited(12,016)75.93 (4,262)98.26 
Adjustment (b)
— — 159,092 80.90 
Nonvested at December 31, 2022
376,298 74.78 531,781 89.14 
Granted (c)
260,193 82.43 150,989 144.54 
Vested (a)
(173,883)76.50 (218,147)104.65 
Forfeited(3,581)82.58 (3,487)107.72 
Adjustment (b)
(11,669)80.75 65,277 113.99 
Nonvested at December 31, 2023 (d)
447,358 $77.69 526,413 $105.92 
__________
(a)The grant date fair value of shares vested during the years ended December 31, 2023, 2022, and 2021 was $36.1 million, $26.5 million, and $21.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2023 and 2022, we had an obligation to issue 1,196,955 and 1,181,947 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $62.0 million and $57.0 million, respectively.
(b)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.
(c)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2023, we used a risk-free interest rate of 3.8%, an expected volatility rate of 38.2%, and assumed a dividend yield of zero.
(d)At December 31, 2023, total unrecognized compensation expense related to these awards was approximately $41.9 million, with an aggregate weighted-average remaining term of 1.9 years.