Under its long-term incentive plan, the Company's common shares have been made available for grant, at the discretion of the Compensation Committee of the Board of Directors or its designees, to officers, directors and other key employees. Grants can take the form of performance- or time-based restricted stock units, deferred shares and stock options. A summary of the awards granted in 2024 is presented below:


	Expected to be Settled in Equity	Expected to be Settled in Cash	Total Awards Granted
Performance-based restricted stock units	233,895	7,085	240,980
Time-based restricted stock units	171,130	4,730	175,860
Deferred shares	30,100	—	30,100

Performance-based restricted stock units are calculated and awarded based on the achievement of specified performance objectives and cliff vest three years from the date of grant. Time-based restricted stock units generally vest in 25% increments annually beginning on the first anniversary of the grant. Deferred shares generally cliff vest in a range of two to five years from the date of grant. For time-based restricted stock units that are expected to settle in cash, the Company had $2.1 million and $2.0 million accrued in salaries, wages and benefits as of December 31, 2024 and 2023, respectively, on the Consolidated Balance Sheets.

A summary of stock award activity, including performance-based restricted stock units, time-based restricted stock units and deferred shares that will settle in common shares for the year ended December 31, 2024 is as follows:


	Number of Shares	Weighted-average Grant Date Fair Value
Outstanding - beginning of year	869,386	$	75.00
Granted - new awards	435,125	81.23
Adjusted for performance results achieved (1)	71,092	74.70
Vested	(366,427)	72.84
Canceled or expired	(27,166)	79.38
Outstanding - end of year	982,010	$	78.43

(1) Adjustments for the number of shares vested under the 2021 performance-based restricted stock unit awards at the end of the three-year period ended December 31, 2023 being higher than the target number of shares.

The Company distributed shares totaling 366,427 in 2024, 376,261 in 2023 and 386,594 in 2022 due to the vesting of stock awards. The grant date fair value of these vested shares was $26.7 million, $20.8 million and $18.7 million, respectively. The Company recognized compensation expense of $25.9 million, $30.5 million and $29.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, relating to performance-based restricted stock units, time-based restricted stock units, deferred shares and restricted shares.

As of December 31, 2024, the Company had unrecognized compensation expense of $31.8 million related to unvested stock awards, which is expected to be recognized over a total weighted-average period of two years.

In addition to performance-based restricted stock units, time-based restricted stock units and deferred shares, the Company has granted stock option awards to officers and key employees. Stock options typically have a ten-year term and generally vest in 25% increments beginning annually on the first anniversary date of grant.

During 2024, the Company recognized no stock-based compensation expense for stock options awards. During 2023 and 2022, the Company recognized stock-based compensation expense of $0.1 million and $1.1 million, respectively, for stock option awards.

Beginning in 2020, the Company discontinued the use of nonqualified stock options. As such, there were no stock option awards granted in 2024, 2023 or 2022.


	Number of Shares	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term	Aggregate Intrinsic Value (millions)
Outstanding - beginning of year	386,617	$	42.69

Exercised	(128,888)	43.00

Outstanding - end of year	257,729	$	42.53	4 years	$	7.4

As of December 31, 2024, there were 257,729 stock options outstanding. All of these options are fully vested and are exercisable at December 31, 2024.

The total intrinsic value of stock option awards exercised during the years ended December 31, 2024, 2023 and 2022 was $5.8 million, $22.2 million and $7.3 million, respectively. Net cash proceeds from the exercise of stock option awards were $5.6 million, $21.8 million and $8.5 million, respectively.