Stock Incentive Plan

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock Incentive Plan

Stock Incentive Plan

Pursuant to the Company's stock incentive plan, the Company may issue restricted stock units ("RSUs") to employees of the Company and its subsidiaries. The RSUs generally vest three to five years from the award date and are subject to other vesting and forfeiture provisions contained in the award agreement. The following table summarizes RSU information for the three years ended December 31, 2022:

	2022	2021	2020
RSUs granted and unvested at beginning of period:	5,144,519	5,706,504	6,186,390
Granted	1,024,960	1,272,990	1,443,680
Vested	(1,258,680)	(1,523,960)	(1,667,382)
Canceled	(292,373)	(311,016)	(256,184)
RSUs granted and unvested at end of period:	4,618,426	5,144,519	5,706,504

Upon vesting, shares of the Company’s common stock equal to the number of vested RSUs are issued or deferred to a later date, depending on the terms of the specific award agreement. As of December 31, 2022, 11,403,456 RSUs had been deferred. RSUs that have not yet vested and vested RSUs that have been deferred are not considered to be issued and outstanding shares.

The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2022:

(In thousands)	2022		2021		2020
Unearned compensation at beginning of year	$	135,535	$	132,310	$	128,390
RSUs granted, net of cancellations	60,628		56,711		54,270
RSUs expensed	(47,611)		(46,441)		(47,108)
RSUs forfeitures	(6,492)		(7,045)		(3,242)
Unearned compensation at end of year	$	142,060	$	135,535	$	132,310