Compensation Plans

12 Months Ended

Dec. 31, 2021

The Company and its subsidiaries have profit sharing plans in which substantially all employees participate. The plans provide for minimum annual contributions of 5% of eligible compensation; contributions above the minimum are discretionary and vary with each participating businesses's profitability. Employees become eligible to participate in the plan on the first day of the calendar quarter following the first full calendar quarter after the employee's date of hire provided the employee has completed 250 hours of service during the calendar quarter. The plans provide that 40% of the contributions vest immediately and that the remaining 60% vest at varying percentages based upon years of service. Profit sharing expense was $50 million, $48 million and $47 million in 2021, 2020 and 2019, respectively.

The Company has a long-term incentive compensation plan ("LTIP") that provides for compensation to key executives based on the growth in the Company's book value per share over a five year period.

The following table summarizes the outstanding LTIP awards as of December 31, 2021:


	Units Outstanding	Maximum Value		Inception to date earned through December 31, 2021 on outstanding units
2017 grant	192,750	$	19,275,000	$	18,937,688
2018 grant	197,250	19,725,000		15,103,433
2019 grant	216,500	21,650,000		10,659,096
2020 grant	222,250	22,225,000		7,303,735
2021 grant	227,500	22,750,000		4,905,969

The following table summarizes the LTIP expense for each of the three years ended December 31, 2021:


(In thousands)	2021		2020		2019


2014 grant	$	—	$	—	$	(558)
2015 grant	—		(168)		3,319
2016 grant	(117)		3,176		3,548
2017 grant	6,012		2,914		3,432
2018 grant	5,503		2,776		3,310
2019 grant	5,309		2,490		3,068
2020 grant	5,065		2,276		—
2021 grant	4,906		—		—
Total	$	26,678	$	13,464	$	16,119