Performance restricted stock units granted in 2022 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target. Performance restricted stock units granted in 2022 were share-settled awards.

The fair value of performance restricted stock units granted in 2022 was measured on the grant date using a Monte Carlo simulation model.

The following table provides details of the significant inputs used in the Monte Carlo simulation model:


Nine months ended September 30,	2022	2021

Expected volatility	33.44%	32.99%
Expected term (in years)	3.0	3.0
Expected dividend yield	n/a	n/a
Risk-free interest rate	1.26%	0.17%

Beginning share price: The beginning share price was based on the average closing share price over the 10 trading days preceding and including the start of the performance period.

Ending share price: The ending share price was based on the average projected closing share price over the 10 trading days preceding and including the end of the performance period.

Expected volatility: The expected volatility is estimated based on the Company's historical share price volatility.

Expected term: Performance for awards granted in 2022 is measured from January 1, 2022 to December 31, 2024, and performance for awards granted in 2021 is measured from January 1, 2021 to December 31, 2023.

Expected dividend yield: The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units.

Risk-free interest rate: The risk free rate is estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units.

Compensation expense associated with performance restricted stock units granted in 2022 and 2021 is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period.

The following table provides an activity summary of the Company's share-settled restricted stock units for the nine months ended September 30, 2022:


	Share-Settled Performance Restricted Stock Units			Share-Settled Service Restricted Stock Units
	Number of restricted stock units	Weighted average grant date fair value		Number of restricted stock units	Weighted average grant date fair value

Non-vested restricted stock units - beginning of period	311	$	54.75	2,062	$	51.59
Granted	140	68.63		989	56.11
Vested	(100)	54.70		(682)	52.66
Forfeited	—	—		(180)	53.05
Non-vested restricted stock units - end of period	351	$	60.15	2,189	$	53.18

The following table provides an activity summary of the Company's cash-settled restricted stock units for the nine months ended September 30, 2022:


												Cash-Settled Service Restricted Stock Units
												Number of restricted stock units

			Non-vested restricted stock units - beginning of period									215
			Granted									—
			Vested									(143)
			Forfeited									(8)
			Non-vested restricted stock units - end of period									64


Nine months ended September 30,	2022		2021

Share-based compensation expense(1)	$	43,595	$	37,394
Tax benefits associated with share-based compensation expense	$	7,468	$	6,248
Liability for cash-settled restricted stock units(2)	$	4,084	$	6,697
Fair value of restricted stock units vested(3)	$	49,239	$	42,582
Unrecognized share-based compensation expense	$	91,810	$	95,636
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense	2.5 years		2.6 years