Stock Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

During the six months ended June 30, 2023, the Company had the following activity related to stock based compensation:

Time Vested Restricted Stock Awards

The Company made the following awards of time vested restricted stock:


Date	Shares Granted	Plan	Grant Date Fair Value Per Share		Vesting Period
2/16/2023	77,525	2005 Employee Stock Plan	$	80.65	Ratably over 3 years from grant date
2/16/2023	12,309	2005 Employee Stock Plan	$	80.65	Ratably over 5 years, on each anniversary of February 6, 2023 start date
5/15/2023	1,080	2005 Employee Stock Plan	$	46.21	Ratably over 3 years from grant date
5/23/2023	12,410	2018 Non-Employee Director Stock Plan	$	48.35	Shares vested immediately
5/30/2023	890	2023 Omnibus Incentive Plan (1)	$	45.09	Ratably over 3 years from grant date

(1)The 2023 Omnibus Incentive Plan was approved by the Company's shareholders on May 18, 2023 and replaces the Company's Second Amended and Restated 2005 Employee Stock Plan.

Performance-Based Restricted Stock Awards

On February 16, 2023, the Company granted 32,200 performance-based restricted stock awards, representing the maximum number of shares that may be earned under the awards, to certain executive level employees. These performance-based restricted stock awards were issued from the 2005 Employee Stock Plan and were determined to have a grant date fair value per share of $80.65. The number of shares to be vested is contingent upon the Company's attainment of certain performance criteria to be measured at the end of a three year performance period ending December 31, 2025. The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved subsequent to the performance period or March 31, 2026.

On March 13, 2023, the performance-based restricted stock awards that were awarded on February 27, 2020 vested at 80% of the maximum target shares awarded, or 12,880 shares, net of forfeitures.