Compensation Plans

12 Months Ended

Dec. 31, 2023

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 $75 million, $62 million and $50 million in 2023, 2022 and 2021, 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, 2023:


	Units Outstanding	Maximum Value		Inception to date earned through December 31, 2023 on outstanding units
2019 grant	194,000	$	19,400,000	$	19,400,000
2020 grant	205,500	20,550,000		20,071,041
2021 grant	212,250	21,225,000		17,575,043
2022 grant	233,250	23,325,000		12,238,628
2023 grant	245,500	24,550,000		5,423,639

The following table summarizes the LTIP expense for each of the three years ended December 31, 2023:


(In thousands)	2023		2022		2021



2016 grant	$	—	$	—	$	(117)
2017 grant	—		—		6,012
2018 grant	(125)		4,299		5,503
2019 grant	3,366		6,904		5,309
2020 grant	7,047		6,653		5,065
2021 grant	6,561		6,574		4,906
2022 grant	6,155		6,232		—
2023 grant	5,424		—		—
Total	$	28,428	$	30,662	$	26,678