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Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2023

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, 2022		183	​	$	65.46
​	​	​	​	​	​
Restricted stock granted		82	​	$	73.21
Restricted stock vested	​	(54)	​	$	64.07
Restricted stock forfeited		(14)	​	$	69.13
​	​	​	​	​	​
Unvested restricted stock at September 30, 2023		197	​	$	68.78

Schedule of valuation assumptions used

The following assumptions were used when determining the grant date fair value:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	2023		​	2022		​	2021
Expected term (years)	​	​	2.9	​	​	2.9	​	​	2.9	​
Volatility	​	​	23.6	%	​	33.5	%	​	33.9	%
Risk-free rate	​	​	4.4	%	​	1.8	%	​	0.2	%

Schedule of performance share and unit activity

Performance units and shares activity is summarized as follows:

​	​	​	​	​	​
​		Target Number		Weighted Average
​	​	of Awards	​	Grant Date
​	​	(in thousands)	​	Fair Value
Performance units at December 31, 2022 - three-year performance period to be completed	​	85	​	$	72.27
​	​	​	​	​	​
Performance units granted	​	47	​	$	80.34
Performance units at September 30, 2023 - three-year performance period completed	​	(21)	​	$	90.17
​	​	​	​	​	​
Performance units at September 30, 2023 - three-year performance period to be completed	​	111	​	$	72.14

​

​	​	​	​	​	​
​	​	Shares		Weighted Average
​	​	Outstanding	​	Grant Date
​	​	(in thousands)	​	Fair Value
Performance units and shares - three-year performance period completed but not yet vested at December 31, 2022	​	32	​	$	61.91
​	​	​	​	​	​
Shares earned at completion of three-year performance period (1)		33	​	$	90.17
Shares vested	​	(34)	​	$	69.73
​	​	​	​	​	​
Performance units and shares - three-year performance period completed but not yet vested at September 30, 2023	​	31	​	$	83.40
​	​	​	​	​	​
(1) Performance units granted in 2020 for which the three-year performance period was completed December 31, 2022 paid out at the 150% performance level

​

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

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-Topic 718
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