STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense

The following table outlines the compensation expense recorded by type of award (in thousands):

	Year Ended December 31,
	2023		2022		2021
Restricted and deferred stock units	$	19,502	$	19,401	$	11,895
Performance stock units	15,429		11,966		3,663
Total stock-based compensation	$	34,931	$	31,367	$	15,558

Summary of Unrecognized Compensation Expense and Vesting Criterion

As of December 31, 2023, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands):

	Unrecognized Compensation Expense		Final Year of Recognition
Restricted and deferred stock units	$	37,446	2026
Performance stock units	23,730		2025
Total unrecognized stock-based compensation	$	61,176

Summary of the Status and Activity of Non-Vested RSUs, DSUs, and Options

A summary of the status and activity of non-vested RSUs and DSUs for the year ended December 31, 2023 is presented below:

	RSUs and DSUs	Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year	675,898	$	50.27
Granted	607,987	72.10
Vested	(368,062)	47.46
Forfeited	(60,196)	60.05
Non-vested, end of year	855,627	$	66.31

A summary of and activity of stock options that are outstanding and exercisable for the year ended December 31, 2023 is presented below:

	Stock Options	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding, beginning of year	15,170	$	34.36
Exercised	(13,928)	34.36
Forfeited	(111)	34.36
Outstanding, end of year	1,131	$	34.36	3.3	$	38

Schedule of Assumptions

The following table presents the range of assumptions used to determine the fair value of the PSUs with market-based settlement criteria as granted under the LTIP throughout each of the periods presented:

	Year Ended December 31,
	2023	2022	2021
Expected term (in years)	3.0	3.2	2.2 to 3.0
Risk-free interest rate	3.6% to 5.0%	1.8% to 3.2%	0.3% to 0.6%
Expected daily volatility	3.1% to 3.7%	4.0% to 4.7%	3.8% to 4.7%

Summary of the Status and Activity of PSUs

A summary of the status and activity of non-vested PSUs for the year ended December 31, 2023 is presented below:

	PSUs (1)	Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year	345,999	$	77.42
Granted	290,496	104.11
Vested	(89,901)	78.49
Forfeited	(73,759)	87.49
Expired	(242)	18.26
Non-vested, end of year	472,593	$	92.08

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(1)The number of awards assumes that the associated performance condition is met at the target amount (multiplier of one). The final number of shares of our common stock issued may vary depending on the performance multiplier, which ranges from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%), depending on the level of satisfaction of the performance condition.