Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2023

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, 2022	183	$	65.46
Restricted stock granted	82	$	73.24
Restricted stock vested	(51)	$	63.72
Restricted stock forfeited	(14)	$	69.00
Unvested restricted stock at March 31, 2023	200	$	68.81

Schedule of valuation assumptions used

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

	2023		2022		2021
Expected term (years)	2.9		2.9		2.9
Volatility	23.6	%	33.5	%	33.9	%
Risk-free rate	4.4	%	1.8	%	0.2	%

Schedule of performance share and unit activity

Performance units and shares activity is summarized as follows:

	Target Number	Weighted Average
	of Awards	Grant Date
	(in thousands)	Fair Value
Performance units at December 31, 2022 - three-year performance period to be completed	85	$	72.27
Performance units granted	47	$	80.34
Performance units at March 31, 2023- three-year performance period completed	(21)	$	90.17
Performance units at March 31, 2023 - three-year performance period to be completed	111	$	72.14

	Shares	Weighted Average
	Outstanding	Grant Date
	(in thousands)	Fair Value
Performance units and shares - three-year performance period completed but not yet vested at December 31, 2022	32	$	61.91
Shares earned at completion of three-year performance period (1)	33	$	90.17
Shares vested	(34)	$	69.73
Performance units and shares - three-year performance period completed but not yet vested at March 31, 2023	31	$	83.40
(1)Performance units granted in 2020 for which the three-year performance period was completed December 31, 2022 paid out at the 150% performance level.