XML 55 R34.htm IDEA: XBRL DOCUMENT v3.22.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation Expense The following table outlines the compensation expense recorded by type of award (in thousands):
Year Ended December 31,
202220212020
Restricted and deferred stock units$19,401 $11,895 $5,283 
Performance stock units11,966 3,663 748 
Stock options— — 125 
Total stock-based compensation$31,367 $15,558 $6,156 
Summary of Unrecognized Compensation Expense and Vesting Criterion As of December 31, 2022, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands):
Unrecognized Compensation ExpenseFinal Year of Recognition
Restricted and deferred stock units$16,801 2025
Performance stock units15,340 2024
Total unrecognized stock-based compensation$32,141 
The total number of PSUs granted under the LTIP was split as follows for the relevant grant years:
202220212020
TSR100 %100 %67 %
ROCE— %— %33 %
Summary of the Status and Activity of Non-Vested RSUs, DSUs, and Options A summary of the status and activity of non-vested RSUs and DSUs for the year ended December 31, 2022 is presented below:
 RSUs and DSUsWeighted-Average Grant-Date Fair Value
Non-vested, beginning of year815,062 $42.18 
Granted573,524 51.34 
Vested(647,178)42.07 
Forfeited(65,510)39.96 
Non-vested, end of year675,898 $50.27 
A summary of the status and activity of non-vested stock options for the year ended December 31, 2022 is presented below:
 Stock OptionsWeighted-
Average
Exercise Price		Weighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding, beginning of year25,549 $34.36 
Exercised(9,161)34.36 
Forfeited(1,218)34.36 
Outstanding, end of year15,170 $34.36 1.3$358 
Options outstanding and exercisable15,170 $34.36 1.3$358 
Schedule of Assumptions
The following table presents the range of assumptions used to determine the fair value of the PSUs with market-based settlement criteria as granted under the LTIP throughout each of the periods presented:
Year Ended December 31,
202220212020
Expected term (in years)3.2
2.2 to 3.0
3.0
Risk-free interest rate
1.8% to 3.2%
0.3% to 0.6%
0.2%
Expected daily volatility
4.0% to 4.7%
3.8% to 4.7%
3.5%
Summary of the Status and Activity of PSUs
A summary of the status and activity of non-vested PSUs for the year ended December 31, 2022 is presented below:
 
PSUs (1)
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year319,367 $57.58 
Granted282,224 65.65 
Vested(164,745)41.03 
Forfeited(48,892)49.39 
Expired(41,955)22.77 
Non-vested, end of year345,999 $77.42 
___________________________
(1)The number of awards assumes that the associated performance condition is met at the target amount (multiplier of one). The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition.