XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Stock-Based Compensation Plans | 9 Months Ended
--- | ---
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation PlansAs part of its long-term compensation plans, the Company has granted stock options, performance awards and restricted stock under the 2009 Plan. Details of the outstanding awards and activity under the 2009 Plan for the nine months ended September 30, 2022 are presented below. Stock Options:
|  | 2009 Plan options |  | Weighted average exercise price per option
Options Outstanding at December 31, 2021 |  | 299,149 |  |  | $ | 178.71 |
Granted (1) |  | 9,793 |  |  | 236.14 |
Exercised |  | (4,304) |  |  | 141.41 |
Forfeited |  | (6,459) |  |  | 180.32 |
Options Outstanding at September 30, 2022 |  | 298,179 |  |  | $ | 181.10 |
Options Exercisable at September 30, 2022 |  | 10,899 |  |  | $ | 151.38 |
__________________________________ (1)Grants are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. Performance Awards:
|  | Performance awards |  | Weighted average grant date fair value per award (1)
Outstanding at December 31, 2021 |  | 284,522 |  |  | $ | 214.73 |
Granted (2) |  | 72,783 |  |  | 254.75 |
Change in awards based on performance (3) |  | (20,356) |  |  | 200.92 |
Converted to shares of common stock |  | (54,053) |  |  | 217.33 |
Forfeited |  | (3,829) |  |  | 230.36 |
Outstanding at September 30, 2022 |  | 279,067 |  |  | $ | 225.46 |
__________________________________ (1)Weighted average grant date fair value per award includes the impact of post grant modifications. (2)The shares of common stock that may be earned is based on the total shareholder return metrics for the Company's common stock for 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 performance awards. (3)Represents the change in the number of performance awards earned based on performance achievement. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. For the awards granted in 2022, the assumptions used are as follows:
|  | 2022
Dividend yield |  | 2.7%
Estimated volatility over the life of the plan (1) |  | 16.1% - 36.8%
Risk free rate |  | 0.72% - 1.68%
Estimated performance award value based on total shareholder return measure |  | $271.98
__________________________________ (1)Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility. For the portion of the performance awards granted in 2022 for which achievement will be determined by using financial metrics, the compensation cost was based on an average grant date value of $233.94, and the Company's estimate of corporate achievement for the financial metrics. Restricted Stock:
|  | Restricted stock shares |  | Restricted stock shares weighted average grant date fair value per share |  | Restricted stock shares converted from performance awards
Outstanding at December 31, 2021 |  | 157,066 |  |  | $ | 192.90 |  |  | 74,627 |
Granted - restricted stock shares |  | 82,062 |  |  | 235.02 |  |  | — |
Vested - restricted stock shares |  | (75,880) |  |  | 197.03 |  |  | (48,031) |
Forfeited |  | (3,149) |  |  | 218.12 |  |  | (86) |
Outstanding at September 30, 2022 |  | 160,099 |  |  | $ | 212.03 |  |  | 26,510 |
Total employee stock-based compensation cost recognized in income was $26,958,000 and $19,965,000 for the nine months ended September 30, 2022 and 2021, respectively, and total capitalized stock-based compensation cost was $8,434,000 and $6,899,000 for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, there was a total unrecognized compensation cost of $40,221,000 for unvested restricted stock, stock options and performance awards, which is expected to be recognized over a weighted average period of 1.8 years. Forfeitures are included in compensation cost as they occur.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration