Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2022

Equity Incentive Plan

Schedule of restricted share activity

Restricted share activity is summarized as follows:

	Shares	Weighted Average
	Outstanding	Grant Date
	(in thousands)	Fair Value
Unvested restricted stock at December 31, 2021	175	$	64.90
Restricted stock granted	81	$	63.06
Restricted stock vested	(59)	$	61.20
Restricted stock forfeited	(10)	$	65.12
Unvested restricted stock at September 30, 2022	187	$	65.24

Schedule of valuation assumptions used

The following assumptions were used when determining the grant date fair value:

	2022		2021		2020
Expected term (years)	2.9		2.9		2.9
Volatility	33.5	%	33.9	%	18.4	%
Risk-free rate	1.8	%	0.2	%	1.3	%

Schedule of performance share and unit activity

Performance unit and shares activity is summarized as follows:

	Target Number	Weighted Average
	of Awards	Grant Date
	(in thousands)	Fair Value
Performance units and shares at December 31, 2021 - three-year performance period to be completed	78	$	63.35
Performance units granted	34	$	68.59
Performance units and shares at September 30, 2022- three-year performance period completed	(27)	$	65.66
Performance units and shares at September 30, 2022 - three-year performance period to be completed	85	$	67.64

	Shares	Weighted Average
	Outstanding	Grant Date
	(in thousands)	Fair Value
Performance shares - three-year performance period completed but not yet vested at December 31, 2021	27	$	55.29
Shares earned at completion of three-year performance period (1)	28	$	65.66
Shares vested	(23)	$	54.83
Performance shares - three-year performance period completed but not yet vested September 30, 2022	32	$	57.90
(1)Performance shares granted in 2019 for which the three-year performance period was completed in 2022 paid out at the 106% performance level