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SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

SUMMARY OF ADDITIONAL INFORMATION RELATED TO SHARE-BASED COMPENSATION

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

			Three months ended March 31,			2023 (1)			2023 (2)						2022
			Expected volatility			36.24%			29.30%						33.44%
			Expected term (in years)			3.0			1.0						3.0
			Expected dividend yield			n/a			n/a						n/a
			Risk-free interest rate			3.79%			4.61%						1.26%

(1) Performance restricted stock units granted in the ordinary course of business

(2) Performance restricted stock units granted in relation to senior leadership transition

The following table provides additional information related to share-based compensation:

			Three months ended March 31,			2023						2022
			Share-based compensation expense(1)			$	12,526					$	15,011
			Tax benefits associated with share-based compensation expense			$	2,647					$	2,426
			Liability for cash-settled restricted stock units(2)			$	—					$	3,023
			Fair value of restricted stock units vested(3)			$	50,714					$	46,970
			Unrecognized share-based compensation expense			$	108,882					$	125,964
			Expected weighted average period associated with the recognition of unrecognized share-based compensation expense			2.8 years						2.9 years

(1) Related to share-settled restricted stock units and cash-settled restricted stock units.

(2) Included in other liabilities in the consolidated balance sheets.

(3) Fair value is based on the closing price of the Company's common shares on the vest date.

SUMMARY OF SHARE-SETTLED RESTRICTED STOCK UNITS

The following table provides an activity summary of the Company's share-settled restricted stock units for the three months ended March 31, 2023:

						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			330						$	60.01					2,117						$	53.16
			Granted			91						72.14						750						58.05
			Vested			(72)						62.26						(705)						54.02
			Forfeited			—						—						(33)						53.67
			Non-vested restricted stock units - end of period			349						$	62.73					2,129						$	54.59

SUMMARY OF CASH-SETTLED RESTRICTED STOCK UNITS

The following table provides an activity summary of the Company's cash-settled restricted stock units for the three months ended March 31, 2023:

												Cash-Settled Service Restricted Stock Units
												Number of restricted stock units
			Non-vested restricted stock units - beginning of period									60
			Granted									—
			Vested									(59)
			Forfeited									(1)
			Non-vested restricted stock units - end of period									—

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Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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