Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

NOTE 13 – STOCK-BASED COMPENSATION PLANS

The compensation cost recorded for stock options for the three months ended September 30, 2023 and 2022 was $2.0 million and $1.5 million, respectively. The compensation cost recorded for stock equivalent units for the three months ended September 30, 2023 and 2022 was $2.0 million and $1.8 million, respectively.

The compensation cost recorded for stock options for the first nine months of 2023 and 2022 was $5.9 million and $4.7 million, respectively. The compensation cost recorded for stock equivalent units for the first nine months of 2023 and 2022 was $7.1 million and $15.9 million, respectively.

The following table summarizes the transactions of the Company’s share-based compensation plans for the nine months ended September 30, 2023.


	Number of shares			Weighted Average Grant-Date Fair Value
Nonvested at December 31, 2022		757,040		$	69.0
Granted		159,322		$	94.3
Vested		(208,803	)	$	66.3
Forfeited		(50,911	)	$	77.1
Nonvested at September 30, 2023		656,648		$	75.1

New grants in the quarter have similar vesting conditions to those granted in previous periods. The valuation methodologies of the new grants are consistent with previous periods.

As of September 30, 2023, there was $23.5 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.9 years.