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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based compensation expense

The following amounts were recognized in our consolidated statements of income (loss) for share-based compensation awards for the years ended December 31:

(in thousands)						2021						2020						2019
Restricted shares and restricted stock units						$	20,407					$	15,066					$	13,411
Performance share unit awards						4,338						2,590						2,907
Stock options						4,187						3,689						2,954
Employee stock purchase plan						545						479						430
Total share-based compensation expense						$	29,477					$	21,824					$	19,702
Income tax benefit						$	(7,714)					$	(5,779)					$	(5,350)

Weighted-average assumptions used in Black-Scholes option pricing model

The following weighted-average assumptions were used in the Black-Scholes option pricing model to determine the fair value of stock options granted:

						2021						2020						2019
Risk-free interest rate						0.7		%				1.3		%				2.3		%
Dividend yield						2.9		%				3.2		%				2.7		%
Expected volatility						42.0		%				25.8		%				24.5		%
Weighted-average option life (in years)						4.8						5.4						5.3

Stock options rollforward

Information regarding options issued under the current and all previous plans was as follows:

						Number of options (in thousands)						Weighted-average exercise price per option						Aggregate intrinsic value (in thousands)						Weighted-average remaining contractual term (in years)
Outstanding, December 31, 2018						1,245						$	62.04
Granted						644						44.72
Exercised						(21)						32.42
Forfeited or expired						(521)						62.75
Outstanding, December 31, 2019						1,347						53.92
Granted						1,030						38.13
Exercised						(12)						38.80
Forfeited or expired						(231)						54.87
Outstanding, December 31, 2020						2,134						46.28
Granted						440						41.50
Exercised						(31)						27.56
Forfeited or expired						(357)						44.87
Outstanding, December 31, 2021						2,186						45.81						$	69					6.7
Exercisable at December 31, 2019						485						$	61.44
Exercisable at December 31, 2020						654						57.68
Exercisable at December 31, 2021						1,015						51.48						$	14					4.8

Restricted stock units rollforward

Information regarding our restricted stock units was as follows:

						Number of units (in thousands)						Weighted-average grant date fair value per unit						Weighted-average remaining contractual term (in years)
Outstanding at December 31, 2018						195						$	45.41
Granted						611						44.73
Vested						(93)						49.31
Forfeited						(49)						45.40
Outstanding at December 31, 2019						664						44.35
Granted						628						37.25
Vested						(282)						45.18
Forfeited						(83)						40.44
Outstanding at December 31, 2020						927						39.68
Granted						642						42.90
Vested						(425)						40.50
Forfeited						(112)						39.78
Outstanding at December 31, 2021						1,032						41.37						3.0

Restricted shares rollforward

Information regarding unvested restricted shares was as follows:

						Number of shares (in thousands)						Weighted-average grant date fair value per share
Unvested at December 31, 2018						168						$	66.02
Vested						(117)						63.15
Forfeited						(25)						73.62
Unvested at December 31, 2019						26						71.61
Vested						(16)						72.79
Forfeited						(2)						61.43
Unvested at December 31, 2020						8						71.02
Vested						(8)						71.02
Unvested at December 31, 2021						—						—

Weighted-average assumptions used in Monte Carlo simulation pricing model, performance share awards

The following weighted-average assumptions were used in the Monte Carlo simulation model in determining the fair value of market-based performance share units granted:

						2021						2020						2019
Risk-free interest rate						0.3		%				1.4		%				2.3		%
Dividend yield						4.4		%				2.4		%				3.1		%
Expected volatility						55.6		%				28.6		%				26.8		%

Performance share awards rollforward

Information regarding unvested performance share units was as follows:

						Performance share units (in thousands)						Weighted-average grant date fair value per unit						Weighted-average remaining contractual term (in years)
Unvested at December 31, 2018						250						$	67.54
Granted(1)						151						41.79
Vested						(118)						59.67
Forfeited						(38)						54.42
Adjustment for performance results achieved(2)						7						54.42
Unvested at December 31, 2019						252						57.64
Granted(1)						127						36.06
Vested						(61)						71.03
Forfeited						(23)						62.18
Unvested at December 31, 2020						295						45.20
Granted(1)						208						32.46
Forfeited						(68)						67.77
Unvested at December 31, 2021						435						35.56						1.1

(1) Reflects awards granted assuming achievement of performance goals at target.

(2) Reflects the difference between the awards earned at the end of the performance period and the target number of shares.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of performance share awards using market conditions, including, but not limited to: (a) expected term of award, (b) expected volatility of the entity's shares, (c) expected dividends, and (d) risk-free rate(s).

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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