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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Share-Based Compensation

The Company recognized approximately $12.9 million and $5.8 million in share-based compensation expense for the three months ended September 30, 2023 and September 30, 2022, respectively, and approximately $49.1 million and $17.0 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. The $49.1 million includes $15.7 million related to the accelerated vesting of awards for certain former Altra employees. The total income tax benefit recognized in the Condensed Consolidated Statements of Income (Loss) for share-based compensation expense was $2.6 million and $1.3 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and $6.3 million and $4.0 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. The Company recognizes compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award.

During the nine months ended September 30, 2023, the Company granted the following share-based incentive awards:

Award TypeNumber of AwardsWeighted Average Grant-Date Fair Value
Options and SARs1
147,174 $54.96 
Restricted Stock Awards1
31,605 $134.57 
Restricted Stock Units1
257,560 $141.73 
Performance Share Units59,101 $235.77 
1 Certain outstanding equity-based awards held by employees of Altra that related to shares of Altra Common Stock were replaced by equity-based awards of the Company Common Stock with substantially similar terms and conditions. These awards include 32,419 options with a weighted-average grant date fair value of $57.64, 20,114 restricted stock awards with a weighted-average grant date fair value of $138.11 and 161,414 restricted stock units with a weighted-average grant date fair value of $135.50 issued as replacement awards for Altra unvested awards outstanding at close of the Altra Transaction on March 27, 2023.