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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

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):

			Three Months Ended March 31,
			2023						2022
Restricted and deferred stock units			$	4,425					$	5,265
Performance stock units			2,955						2,825
Total stock-based compensation			$	7,380					$	8,090

Summary of Unrecognized Compensation Expense

As of March 31, 2023, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands):

			Unrecognized Compensation Expense						Final Year of Recognition
Restricted and deferred stock units			$	28,642					2026
Performance stock units			32,683						2025
Total unrecognized stock-based compensation			$	61,325

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 three months ended March 31, 2023 is presented below:

			RSUs and DSUs						Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year			675,898						$	50.27
Granted			230,111						71.72
Vested			(96,983)						52.73
Forfeited			(3,310)						45.84
Non-vested, end of period			805,716						$	56.12

A summary of the status and activity of non-vested stock options for the three months ended March 31, 2023 is presented below:

			Stock Options						Weighted- Average Exercise Price						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Outstanding, beginning of year			15,170						$	34.36
Exercised			(13,352)						34.36
Outstanding, end of period			1,818						$	34.36					3.8						$	62
Options outstanding and exercisable			1,818						$	34.36					3.8						$	62

Summary of the Status and Activity of PSUs

A summary of the status and activity of non-vested PSUs for the three months ended March 31, 2023 is presented below:

			PSUs (1)						Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year			345,999						$	77.42
Granted			190,843						106.39
Vested			(8,926)						23.36
Expired			(242)						18.26
Non-vested, end of period			527,674						$	88.84

___________________________

(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 225% (or, for PSUs granted prior to fiscal year 2023, 200%), depending on the level of satisfaction of the performance condition.

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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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