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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Incentive Plans |
Market Performance Based Awards | ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Market
​ | ​ | ​ | Performance
​ | RMS Relative | ​ | Vesting
Level | Market Performance | ​ | Percentage
Below Threshold Level | ≤ -500 basis points | ​ | 0 | %
Threshold Level | -500 basis points | ​ | 25 | %
Target Level | 0 basis points | ​ | 50 | %
High Level | ≥ 500 basis points | ​ | 100 | %
​
Schedule of Valuation Assumptions | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Expected Stock Price |  | Risk-Free Interest | ​
Award Date |  | Volatility |  | rate | ​
February 19, 2020 | ​ | 22 | % | 1.39 | %
February 20, 2020 | ​ | 22 | % | 1.35 | %
January 1, 2021 | ​ | 27 | % | 0.17 | %
February 25, 2021 | ​ | 26 | % | 0.31 | %
January 1, 2022 | ​ | 26 | % | 0.97 | %
​
Schedule of compensation expense and unearned compensation | Below is a summary of compensation expense and unearned compensation (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | period to
​ | Deferred Compensation |  | Unearned Compensation |  | recognize
​ | Expensed | ​ | Capitalized | ​ | As of | ​ | As of |  | unearned
​ | Year Ended December 31, | ​ | Year Ended December 31, | ​ | December 31, | ​ | December 31, |  | compensation
Type of incentive award | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | (in years)
Long-term incentive units | $ | 21.7 | ​ | $ | 15.4 | ​ | $ | 12.8 | ​ | $ | 0.2 | ​ | $ | 0.2 | ​ | $ | 0.2 | ​ | $ | 20.7 | ​ | $ | 19.8 |  | 1.6
Performance-based awards |  | 21.4 | ​ |  | 23.9 | ​ |  | 24.8 | ​ |  | 0.5 | ​ |  | 0.7 | ​ |  | 0.6 | ​ |  | 30.3 | ​ |  | 39.2 |  | 1.6
Service-based restricted stock units |  | 25.9 | ​ |  | 23.2 | ​ |  | 15.1 | ​ |  | 5.4 | ​ |  | 3.3 | ​ |  | 3.2 | ​ |  | 55.4 | ​ |  | 44.5 |  | 2.5
Interxion awards | ​ | 4.7 | ​ | ​ | 17.7 | ​ | ​ | 19.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.9 | ​ | ​ | 8.5 | ​ | 0.7
Schedule of weighted average fair value | The following table sets forth the weighted-average fair value of for each type of incentive award at the date of grant for the years ended December 31, 2022, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Weighted Average Fair Value at Date of Grant
Type of incentive award |  | 2022 |  | 2021 |  | 2020
Long-term incentive units | ​ | $ | 146.37 | ​ | $ | 132.66 | ​ | $ | 134.55
Performance-based awards | ​ | ​ | 154.26 | ​ | ​ | 137.69 | ​ | ​ | 159.34
Restricted stock | ​ | ​ | 131.57 | ​ | ​ | 129.52 | ​ | ​ | 138.82
Interxion awards | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 120.67
​ Activity for LTIP Units and service-based Restricted Stock Units for the year ended December 31, 2022 is shown below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average | Weighted-Average | ​ | Aggregate
​ | ​ | ​ |  | Grant Date Fair | Remaining Contractual | ​ | Intrinsic Value (1)
Unvested LTIP Units | ​ | Units |  | Value | Life (Years) | ​ | (in thousands)
Unvested, beginning of period |  | 250,468 | ​ | $ | 132.66 | ​ | ​ | ​ | ​ | ​
Granted |  | 169,663 | ​ |  | 153.67 | ​ | ​ | ​ | ​ | ​
Vested |  | (140,873) | ​ |  | 130.79 | ​ | ​ | ​ | ​ | ​
Cancelled or expired |  | — | ​ |  | — | ​ | ​ | ​ | ​ | ​
Unvested, end of period |  | 279,258 | ​ | $ | 146.37 | ​ | 1.55 | ​ | $ | 28,001
(1) | The intrinsic value is calculated based on the market value of our common stock as of December 31, 2022.
​ ​
Summary of Long-Term Incentive Unit Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average | Weighted-Average | ​ | Aggregate
​ | ​ | ​ |  | Grant Date Fair | Remaining Contractual | ​ | Intrinsic Value (1)
Unvested LTIP Units | ​ | Units |  | Value | Life (Years) | ​ | (in thousands)
Unvested, beginning of period |  | 250,468 | ​ | $ | 132.66 | ​ | ​ | ​ | ​ | ​
Granted |  | 169,663 | ​ |  | 153.67 | ​ | ​ | ​ | ​ | ​
Vested |  | (140,873) | ​ |  | 130.79 | ​ | ​ | ​ | ​ | ​
Cancelled or expired |  | — | ​ |  | — | ​ | ​ | ​ | ​ | ​
Unvested, end of period |  | 279,258 | ​ | $ | 146.37 | ​ | 1.55 | ​ | $ | 28,001
(1) | The intrinsic value is calculated based on the market value of our common stock as of December 31, 2022.
​
Summary of Restricted Stock Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-Average | Weighted-Average | ​ | Aggregate
​ | ​ | ​ |  | Grant Date Fair | Remaining Contractual | ​ | Intrinsic Value (1)
Unvested Restricted Stock Units |  | Shares |  | Value | Life (Years) | ​ | (in thousands)
Unvested, beginning of period |  | 509,369 | ​ | $ | 129.52 | ​ | ​ | ​ | ​ | ​
Granted |  | 373,953 | ​ |  | 131.69 | ​ | ​ | ​ | ​ | ​
Vested |  | (309,631) | ​ |  | 128.22 | ​ | ​ | ​ | ​ | ​
Cancelled or expired |  | (65,854) | ​ |  | 132.14 | ​ | ​ | ​ | ​ | ​
Unvested, end of period |  | 507,837 | ​ | $ | 131.57 | ​ | 2.36 | $ | ​ | 50,921
(1) | The intrinsic value is calculated based on the market value of our common stock as of December 31, 2022.

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