Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023	194	$	68.85
Restricted stock granted	101	$	57.51
Restricted stock vested	(64)	$	69.37
Unvested restricted stock at March 31, 2024	231	$	63.74

Schedule of valuation assumptions used

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

	2024		2023		2022
Expected term (years)	2.9		2.9		2.9
Volatility	20.0	%	23.6	%	33.5	%
Risk-free rate	4.5	%	4.4	%	1.8	%

Schedule of performance share and unit activity

Performance units activity is summarized as follows:

	Target Number	Weighted Average
	of Awards	Grant Date
	(in thousands)	Fair Value
Performance units at December 31, 2023 - three-year performance period to be completed	111	$	72.14
Performance units granted	77	$	59.16
Performance shares - three-year performance period completed	(31)	$	63.42
Performance units at March 31, 2024 - three-year performance period to be completed	157	$	67.50

	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, 2023	31	$	83.40
Shares earned at completion of three-year performance period (1)	23	$	63.42
Shares vested	(28)	$	75.18
Performance units and shares - three-year performance period completed but not yet vested at March 31, 2024	26	$	74.58

(1)Performance units granted in 2021 for which the three-year performance period was completed in 2024 were earned at the 76% performance level.