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Share-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation Plans | SHARE-BASED COMPENSATION PLANS Employee Stock Purchase Plan The 2009 Employee Stock Purchase Plan (ESPP) allows for the issuance of 3.0 million shares of our common stock. The ESPP is intended to qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended, and is administered by the Compensation Committee of the Board. As of December 31, 2024, 920,766 shares were available for purchase pursuant to the ESPP. Eligible team members are entitled to defer up to 10% of their base pay for the purchase of stock, up to $25,000 of fair market value of our common stock annually. The purchase price is equal to 85% of the fair market value at the end of the purchase period. Compensation expense related to our ESPP is calculated based on the 15% discount from the per share market price on the date of grant. For the year ended December 31, 2024, 106,926 shares were purchased pursuant to the ESPP at a weighted average price per share of $253.60, with weighted average per share discount from market value of $44.75. Following is information regarding our ESPP:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash received related to ESPP purchases ($ in millions) | $ | 27.1 |  |  | $ | 29.3 |  |  | $ | 34.4 |
Tax deductions associated with ESPP disqualifying dispositions ($ in millions) | $ | 3.5 |  |  | $ | 3.9 |  |  | $ | 3.1 |
Weighted average per share discount for compensation expense recognized | $ | 44.75 |  |  | $ | 41.58 |  |  | $ | 38.57 |
Stock Incentive Plan Our 2013 Stock Incentive Plan, as amended, (Stock Plan) allows for the grant of a total of 3.8 million shares in the form of stock appreciation rights, qualified stock options, non-qualified stock options, RSAs, and RSUs to our officers, key team members, directors, and consultants. The Stock Plan is administered by the Compensation Committee of the Board and permits accelerated vesting of outstanding awards upon the occurrence of certain changes in control. As of December 31, 2024, 498,122 shares of common stock were available for future grants. As of December 31, 2024, there were no stock appreciation rights, qualified stock options, non-qualified stock options or restricted share awards outstanding. Restricted Stock Unit Awards RSU grants vest over a period of time up to four years from the date of grant. RSU activity was as follows:
| RSUs |  | Weighted average per share grant date fair value
Balance, December 31, 2023 | 529,676 |  |  | $ | 159.85 |
Granted | 313,386 |  |  | 338.00 |
Vested | (113,077) |  |  | 234.48 |
Forfeited | (46,801) |  |  | 292.82 |
Balance, December 31, 2024 | 683,184 |  |  | 317.66 |
We granted 44,773 time-vesting RSUs to members of our Board and team members in 2024. Each grant entitles the holder to receive shares of our common stock upon vesting. A portion of the RSUs vest over three years for team members and vest quarterly for our Board, over their service period. We granted 268,613 performance and time-vesting RSUs to our team members in 2024. These shares will be earned either over one or three-year performance periods based on attaining various target levels of operational performance, as well as market-based returns. These RSUs will vest in three years or over four years from the grant date. Time-vesting RSUs and performance and time-vesting RSUs that are based on our financial performance metrics or non-financial operating goals are valued using the market value of our common stock on the date of grant, discounted for the present value of expected dividends. On the date of grant, we estimated the fair value of the total shareholder return (TSR) component of the performance and time-vesting RSUs using a Monte Carlo simulation model. The performance and time-vesting RSUs granted during the years presented are contingent on the achievement of our financial performance metrics, our comparative market-based returns, or the achievement of financial and non-financial operating goals. The assumptions for the valuation of time-vesting RSUs and performance and time-vesting RSUs granted are summarized as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Time-vesting RSUs |  |  |  |  |
Number of shares granted | 44,773 |  |  | 48,872 |  |  | 18,080 |
Grant date fair value per share | $ | 305.78 |  |  | $ | 268.60 |  |  | $ | 283.86 |
Weighted-average assumptions/inputs: |  |  |  |  |
Expected dividend yield | 0.6 | % |  | 0.6 | % |  | 0.5 | %
Range of risk-free interest rates | 3.8% - 4.8% |  | 3.6% - 4.7% |  | 1.2% - 4.5%
Performance and Time-vesting RSUs |  |  |  |  |
Number of shares granted | 268,764 |  |  | 279,083 |  |  | 120,340 |
Grant date fair value per share | $ | 350.38 |  |  | $ | 313.84 |  |  | $ | 296.28 |
Weighted-average assumptions/inputs: |  |  |  |  |
Expected dividend yield | 0.6 | % |  | 0.6 | % |  | 0.5 | %
Range of risk-free interest rates | 3.9% - 4.8% |  | 3.6% - 4.5% |  | 0.4% -3.2%
Certain information regarding RSU grant vesting was as follows:
| Year Ended December 31,
($ in millions) | 2024 |  | 2023 |  | 2022
Number of shares vested | 113,077 |  | 182,056 |  | 147,441
Weighted average per share fair value of non-vested shares that vested during the period | $ | 234.48 |  |  | $ | 174.61 |  |  | $ | 110.77 |
Tax deduction realized related to shares that vested during the period ($ in millions) | $ | 21.9 |  |  | $ | 25.8 |  |  | $ | 20.3 |
Share-Based Compensation Expense Share-based compensation is recognized as a component of SG&A in our Consolidated Statements of Operations. SG&A expense related to all share-based compensation is as follows:
| Year Ended December 31,
($ in millions) | 2024 |  | 2023 |  | 2022
Restricted stock unit awards | $ | 53.6 |  |  | $ | 35.6 |  |  | $ | 35.0 |
Employee stock purchase plan | 4.8 |  |  | 5.2 |  |  | 6.1 |
Total share-based compensation | 58.4 |  | 40.8 |  | 41.1
Tax expense | (6.0) |  |  | (7.6) |  |  | (6.4) |
Net expense recognized | $ | 52.4 |  |  | $ | 33.2 |  |  | $ | 34.7 |
As of December 31, 2024, unrecognized share-based compensation related to outstanding, but unvested RSUs was $58.3 million , which will be recognized over the remaining weighted average vesting period of 2.4 years.

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