Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2021

Equity Incentive Plan

Schedule of restricted share activity

Restricted stock activity is summarized as follows:

	Shares	Weighted Average
	Outstanding	Grant Date
	(in thousands)	Fair Value
Unvested restricted stock at December 31, 2020	175	$	60.53
Restricted stock granted	77	$	64.56
Restricted stock vested	(58)	$	53.96
Restricted stock forfeited	(5)	$	64.50
Unvested restricted stock at March 31, 2021	189	$	64.08

Schedule of valuation assumptions used

During the years ended December 31, 2021, 2020 and 2019 the following assumptions were used:

Three Months Ended March 31,	2021		2020		2019
Expected term (years)	2.9		2.9		2.9
Volatility	33.9	%	18.4	%	19.7	%
Risk-free rate	0.2	%	1.3	%	2.5	%

Schedule of performance share and unit activity

Performance share and unit activity is summarized as follows:

	Target Number	Weighted Average
	of Awards	Grant Date
	(in thousands)	Fair Value
Performance units and shares at December 31, 2020	87	$	69.61
Performance units granted	42	$	63.42
Performance units and shares at March 31, 2021 - three-year performance period completed	(31)	$	47.73
Performance units and shares forfeited	(3)	$	90.17
Performance units and shares at March 31, 2021 - three-year performance period to be completed	95	$	63.35
	Shares	Weighted Average
	Outstanding	Grant Date
	(in thousands)	Fair Value
Performance shares -three-year performance period completed but not yet vested at December 31, 2020	—	$	—
Shares earned at completion of three-year performance period (1)	47	$	47.73
Shares vested	(16)	$	47.73
Performance shares -three-year performance period completed but not yet vested March 31, 2020	31	$	47.73
(1)Performance shares granted in 2018 for which the three-year performance period was completed in 2021 paid out at 150% maximum performance level