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Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2022

Equity Incentive Plan

Schedule of restricted share activity

Restricted share activity is summarized as follows:

​

​	​	​	​	​	​
​		Shares		Weighted Average
​	​	Outstanding	​	Grant Date
​	​	(in thousands)	​	Fair Value
Unvested restricted stock at December 31, 2021		175	​	$	64.90
​	​	​	​	​	​
Restricted stock granted		77	​	$	62.64
Restricted stock vested	​	(52)	​	$	60.51
​	​	​	​	​	​
Unvested restricted stock at March 31, 2022		200	​	$	65.16

Schedule of valuation assumptions used

During the years ended December 31, 2022, 2021 and 2020 the following assumptions were used:

​

​	​	​	​	​	​	​	​	​	​	​
Three Months Ended March 31,	​	​	2022		​	2021		​	2020
Expected term (years)	​	​	2.9	​	​	2.9	​	​	2.9	​
Volatility	​	​	33.5	%	​	33.9	%	​	18.4	%
Risk-free rate	​	​	1.8	%	​	0.2	%	​	1.3	%

Schedule of performance share and unit activity

Performance unit and shares activity is summarized as follows:

​	​	​	​	​	​
​		Target Number		Weighted Average
​	​	of Awards	​	Grant Date
​	​	(in thousands)	​	Fair Value
Performance units and shares at December 31, 2021 - three-year performance period to be completed	​	78	​	$	63.35
​	​	​	​	​	​
Performance units granted	​	34	​	$	68.59
Performance units and shares at March 31, 2022- three-year performance period completed	​	(27)	​	$	65.66
​	​	​	​	​	​
Performance units and shares at March 31, 2022 - three-year performance period to be completed	​	85	​	$	67.64
​		​	​	​	​

​

​	​	​	​	​	​
​	​	Shares		Weighted Average
​	​	Outstanding	​	Grant Date
​	​	(in thousands)	​	Fair Value
Performance shares - three-year performance period completed but not yet vested at December 31, 2021		27	​	$	55.29
​	​	​	​	​	​
Shares earned at completion of three-year performance period (1)		28	​	$	65.66
Shares vested	​	(23)	​	$	54.83
​	​	​	​	​	​
Performance shares - three-year performance period completed but not yet vested March 31, 2022	​	32	​	$	57.90
​	​	​	​	​	​
(1)Performance shares granted in 2019 for which the three-year performance period was completed in 2022 paid out at the 106% performance level

​

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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