XML 83 R59.htm IDEA: XBRL DOCUMENT v3.25.0.1
Share-Based and Other Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Units Valuation Assumptions The total fair value of the Time-Based RSUs is based on the Company’s closing share price on the NYSE on the respective fair valuation dates as detailed in the table below:
2024 Time-Based
RSU Grant (1)
2023 Time-Based
RSU Grant
2022 Time-Based
RSU Grant
Service vesting periodFebruary 1, 2024 - January 5, 2027February 6, 2023 - January 5, 2026January 28, 2022 - January 5, 2025
RSUs granted236,389217,059158,170
Fair value on valuation date (in millions)$8.3 $8.6 $10.0 
Weighted average fair value per share$35.20 $39.65 $63.05 
Date of valuationFebruary 1, 2024February 6, 2023January 28, 2022
____________________
(1)Excludes initial Time-Based RSUs granted to the Company’s current CEO and CFO in 2024, as mentioned above.
2022, 2021 and 2020 Performance-Based RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Units Valuation Assumptions The following table summarizes the estimated number of RSUs earned for the 2024 and 2023 Performance-Based RSUs and the actual number of RSUs earned for the 2022 Performance-Based RSUs and the assumptions utilized in the Monte Carlo simulation pricing models:
2024
2023
2022
Service vesting periodFebruary 1, 2024 - January, 2027February 6, 2023 - January, 2026January 28, 2022 - January, 2025
Target RSUs granted265,205300,007193,111
Estimated RSUs earned (1)(2)
416,451705,267396,736
Fair Value Assumptions:
Valuation dateFebruary 1, 2024February 6, 2023January 28, 2022
Fair value on valuation date (in millions)$9.5$12.0$12.7
Fair value per share on valuation date (3)
$36.00$40.10$67.62
Expected share price volatility34.0 %35.0 %36.0 %
Risk-free interest rate3.98 %4.12 %1.35 %
_____________________
(1)Estimated RSUs earned for the 2024 Performance-Based RSUs are based on the actual achievement of the 2024 FFO Performance Condition and assumes the target level of achievement for the 2024 Net Debt to EBITDA Ratio Performance Condition and the target level of achievement of the 2024 Market Condition. Estimated RSUs earned for the 2023 Performance-Based RSUs are based on the actual achievement of the 2023 FFO Performance Condition and assume target level achievement of the 2023 Market Condition and maximum level of achievement of the 2023 Net Debt to EBITDA Ratio Performance Condition. The 2022 Performance-Based RSUs earned are based on actual performance of the 2022 Performance Conditions and the 2022 Market Condition.
(2)For one participant, the 2022 and 2023 Market Condition is based on actual performance through the accelerated vesting of January 21, 2024.
(3)For one participant, the fair value per share on the valuation date for their 2024, 2023, and 2022 Performance-Based RSUs is $36.43, $40.43 and $70.00, respectively.
Market measure-based Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Units Award Activity
A summary of our performance and market-measure based RSU activity from January 1, 2024 through December 31, 2024 is presented below:
Nonvested RSUsVested RSUsTotal RSUs
AmountWeighted-Average
Fair Value
Per Share
Outstanding at January 1, 2024
1,083,086 $52.47 23,583 1,106,669 
Granted416,451 35.67 354,542 770,993 
Vested(702,187)53.39 702,187 — 
Settled (1)
— — (1,032,183)(1,032,183)
Issuance of dividend equivalents (2)
48,673 34.67 33,150 81,823 
Canceled(17,581)38.64 (5)(17,586)
Outstanding as of December 31, 2024 (3)
828,442 $42.49 81,274 909,716 
____________________
(1)Represents vested RSUs that were settled in shares of the Company’s common stock. Total shares settled include 517,475 shares, primarily for one participant, that were tendered in accordance with the terms of the 2006 Plan to satisfy minimum statutory tax withholding requirements related to the RSUs settled. We accept the return of RSUs at the current quoted closing share price of the Company’s common stock to satisfy tax obligations.
(2)Represents the issuance of dividend equivalents earned on the underlying RSUs. The dividend equivalents vest based on terms specified under the related RSU award agreement.
(3)Outstanding RSUs as of December 31, 2024 represent the actual achievement of the FFO performance conditions and assumes target levels for the market and other performance conditions. The number of restricted stock units ultimately earned is subject to change based upon actual performance over the three-year vesting period. Dividend equivalents earned will vest along with the underlying award and are also subject to changes based on the number of RSUs ultimately earned for each underlying award.
A summary of our performance and market-measure based RSU activity for the years ended December 31, 2024, 2023, and 2022 is presented below:

RSUs GrantedRSUs Vested
Years ended December 31,
Non-Vested
RSUs Granted (1)
Weighted-Average
Fair Value
Per Share		Vested RSUsTotal Vest-Date
Fair Value
(in thousands)
2024
416,451 $35.67 (1,089,879)$38,364 
2023
483,113 $39.65 (290,570)$11,105 
2022
310,484 $63.05 (241,184)$15,200 
____________________
(1)Non-vested RSUs granted are based on the actual achievement of the FFO performance conditions and assumes target level achievement for the market and other performance conditions.
RSUs granted  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Units Award Activity
A summary of our time-based RSU activity from January 1, 2024 through December 31, 2024 is presented below:
Nonvested RSUsVested RSUsTotal RSUs
AmountWeighted Average
Fair Value
Per Share
Outstanding at January 1, 2024
401,310 $43.86 483,443 884,753 
Granted385,718 36.12 — 385,718 
Vested(250,952)47.15 250,952 — 
Settled (1)
——(516,154)(516,154)
Issuance of dividend equivalents (2)
28,519 32.97 30,216 58,735 
Forfeited(27,169)40.42 — (27,169)
Canceled (3)
——(5,772)(5,772)
Outstanding as of December 31, 2024
537,426 $36.37 242,685 780,111 
____________________
(1)Represents vested RSUs that were settled in shares of the Company’s common stock. Total shares settled include 229,447 shares, primarily for one participant, that were tendered in accordance with the terms of the 2006 Plan to satisfy minimum statutory tax withholding requirements related to the RSUs settled. We accept the return of RSUs at the current quoted closing share price of the Company’s common stock to satisfy tax obligations.
(2)Represents the issuance of dividend equivalents earned on the underlying RSUs. The dividend equivalents vest based on terms specified under the related RSU award agreement.
(3)For shares vested but not yet settled, we accept the return of RSUs at the current quoted closing share price of the Company’s common stock to satisfy minimum statutory tax-withholding requirements related to either the settlement or vesting of RSUs in accordance with the terms of the 2006 Plan.

A summary of our time-based RSU activity for the years ended December 31, 2024, 2023, and 2022 is presented below:
RSUs GrantedRSUs Vested
Year ended December 31,Non-Vested
RSUs Issued		Weighted-Average Grant Date
Fair Value
Per Share		Vested RSUs
Total Vest-Date
Fair Value (1)
(in thousands)
2024385,718 $36.12 (281,168)$10,878 
2023247,017 $38.12 (343,334)$12,425 
2022177,099 $62.58 (294,867)$19,890 
____________________
(1)    Total fair value of RSUs vested was calculated based on the quoted closing share price of the Company’s common stock on the NYSE on the day of vesting. Excludes the issuance of dividend equivalents earned on the underlying RSUs. The dividend equivalents vest based on terms specified under the related RSU award agreement.