Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

We have an incentive plan under which stock awards, stock units, and other share-based compensation may be granted to officers, non-employee directors, and key employees of the Company. Under the terms of this plan, 3,250,000 shares were authorized, and 692,720 shares remain available for grant or issuance as of December 31, 2023. Any issuances under this plan are valued at the fair market value of our common stock on the grant date. Forfeitures are recognized as they occur.

The following table summarizes activity regarding restricted stock units since December 31, 2020:


	Shares	Weighted Average Price
Balance, December 31, 2020	397,918	$	73.16
Granted	129,859	$	96.32
Forfeited	(2,242)	$	78.86
Vested	(121,067)	$	77.86
Balance, December 31, 2021	404,468	$	79.16
Granted	107,621	$	123.52
Forfeited	(4,665)	$	105.88
Vested	(189,830)	$	67.40
Balance, December 31, 2022	317,594	$	100.83
Granted	103,024	$	156.06
Forfeited	(3,018)	$	118.59
Vested	(122,751)	$	90.38
Balance, December 31, 2023	294,849	$	124.30

An aggregate of 34,196 restricted stock units granted to current non-employee directors vested as of December 31, 2023, but, at the election of such directors, issuance has been deferred for up to 10 years from the date of vest. In addition, an aggregate of 6,086 restricted stock units granted to former employees vested as of December 31, 2023 but, in accordance with plan documents, were issued in January 2024.

NOTE 13 - SHARE-BASED COMPENSATION PLANS (Continued)

We recognized approximately $13.7 million, $12.1 million, and $11.1 million of compensation expense for stock units awarded to non-employee directors and employees pursuant to our incentive plan for the years ended December 31, 2023, 2022, and 2021, respectively. We have approximately $11.4 million of compensation expense, net of income taxes, which will be recognized over the remaining vesting periods of up to 3 years.

The income tax benefit derived in 2023, 2022, and 2021 as a result of share-based compensation was approximately $3.3 million, $3.9 million, and $2.6 million, respectively, of which approximately $1.7 million, $1.7 million, and $0.8 million, respectively, represented excess tax benefits.

Through December 31, 2023, we sponsored an employee stock purchase plan, which generally allowed our corporate employees and non-union employees of our United States subsidiaries to purchase up to an aggregate of 3,000,000 of our shares. This plan was terminated subsequent to December 31, 2023.