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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based compensation expense

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

(in thousands)						2022						2021						2020
Restricted shares and restricted stock units						$	16,632					$	20,407					$	15,066
Performance share unit awards						3,840						4,338						2,590
Stock options						2,665						4,187						3,689
Employee stock purchase plan						539						545						479
Total share-based compensation expense						$	23,676					$	29,477					$	21,824
Income tax benefit						$	(6,853)					$	(7,714)					$	(5,779)

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 these stock option grants:

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

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, 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
Forfeited or expired						(454)						49.78
Outstanding, December 31, 2022						1,732						44.77						$	—					6.0
Exercisable at December 31, 2020						654						$	57.68
Exercisable at December 31, 2021						1,015						51.48
Exercisable at December 31, 2022						1,144						46.98						$	—					5.2

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 vesting period (in years)
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
Granted						770						30.52
Vested						(475)						42.00
Forfeited						(282)						37.96
Outstanding at December 31, 2022						1,045						34.10						2.9

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, 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:

						2022						2021						2020
Risk-free interest rate						1.8		%				0.3		%				1.4		%
Dividend yield						3.7		%				4.4		%				2.4		%
Expected volatility						54.9		%				55.6		%				28.6		%

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, 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
Granted(1)						203						37.47
Vested						(93)						44.69
Forfeited						(119)						39.08
Adjustment for performance results achieved (2)						35						44.69
Unvested at December 31, 2022						461						34.35						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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