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Incentive Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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 | ​
January 1, 2021 | ​ | 27 | % | ​ | 0.17 | %
February 25, 2021 | ​ | 26 | % | ​ | 0.31 | %
January 1, 2022 | ​ | 26 | % | ​ | 0.97 | %
January 1, 2023 | ​ | 32 | % | ​ | 4.18 | %
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, | ​ | December 31, | ​ | December 31, |  | compensation
Type of incentive award |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | (in years)
Long-term incentive units | ​ | $ | 14.5 | ​ | $ | 21.7 | ​ | $ | 15.4 | ​ | $ | 0.2 | ​ | $ | 0.2 | ​ | $ | 0.2 | ​ | $ | 16.6 | ​ | $ | 20.7 |  | 2.1
Performance-based awards | ​ |  | 12.9 | ​ |  | 21.4 | ​ |  | 23.9 | ​ |  | 0.2 | ​ |  | 0.5 | ​ |  | 0.7 | ​ |  | 19.9 | ​ |  | 30.3 |  | 2.0
Service-based restricted stock units | ​ |  | 21.1 | ​ |  | 25.9 | ​ |  | 23.2 | ​ |  | 7.5 | ​ |  | 5.4 | ​ |  | 3.3 | ​ |  | 66.4 | ​ |  | 55.4 |  | 2.5
Interxion awards | ​ | ​ | 6.0 | ​ | ​ | 4.7 | ​ | ​ | 17.7 | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.9 | ​ | —
​
Schedule of weighted average fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Weighted Average Fair Value at Date of Grant
Type of incentive award |  | 2023 |  | 2022 |  | 2021
Long-term incentive units | ​ | $ | 121.99 | ​ | $ | 146.37 | ​ | $ | 132.66
Performance-based awards | ​ | ​ | 97.06 | ​ | ​ | 154.26 | ​ | ​ | 137.69
Restricted stock | ​ | ​ | 132.07 | ​ | ​ | 131.57 | ​ | ​ | 129.52
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 |  | 279,258 | ​ | $ | 146.37 | ​ | ​ | ​ | ​ | ​
Granted |  | 180,535 | ​ |  | 104.82 | ​ | ​ | ​ | ​ | ​
Vested |  | (181,182) | ​ |  | 136.39 | ​ | ​ | ​ | ​ | ​
Cancelled or expired |  | (40,251) | ​ |  | 149.36 | ​ | ​ | ​ | ​ | ​
Unvested, end of period |  | 238,360 | ​ | $ | 121.99 | ​ | 1.96 | ​ | $ | 32,078
(1) | The intrinsic value is calculated based on the market value of our common stock as of December 31, 2023.
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 |  | 507,837 | ​ | $ | 131.57 | ​ | ​ | ​ | ​ | ​
Granted |  | 568,671 | ​ |  | 122.25 | ​ | ​ | ​ | ​ | ​
Vested |  | (371,232) | ​ |  | 119.87 | ​ | ​ | ​ | ​ | ​
Cancelled or expired |  | (83,413) | ​ |  | 116.39 | ​ | ​ | ​ | ​ | ​
Unvested, end of period |  | 621,863 | ​ | $ | 132.07 | ​ | 2.47 | $ | ​ | 83,690
(1) | The intrinsic value is calculated based on the market value of our common stock as of December 31, 2023.
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