Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v3.22.0.1
Stock Plans and Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Non-Vested Stock Award Activity
The weighted average price per Non-vested stock unit at grant date was $91.14, $64.13 and $49.12 for units granted in 2021, 2020 and 2019, respectively. Non-vested stock unit activity for the year ended December 31, 2021 was as follows:
(in thousands, except grant date fair value) Non-vested Stock Unit Activity Weighted Average Grant Date Fair
Value ($)
Non-vested units, unvested as of January 1, 2021 571  57.31 
Awarded 190  91.14 
Forfeited (14) 66.39 
Vested (112) 59.71 
Non-vested units, unvested as of December 31, 2021 635  66.81 
SARs and Stock Option Activity
SARs activity for all plans for the years ended December 31, 2021, 2020 and 2019, was as follows:
2021 2020
(in thousands, except exercise price and terms)
SARs
Outstanding 		Weighted
Average
Exercise
Price		 Weighted
Average
Remaining Contractual Term		 Aggregate Intrinsic Value
SARs
Outstanding 		Weighted
Average
Exercise
Price		 Aggregate Intrinsic Value
Outstanding on January 1 22  $ 23.41  119  $ 21.57 
Exercised (16) $ 23.28  $ 1,255  (97) $ 21.16  $ 5,353 
Forfeited —  $ —  —  $ 11.08 
Outstanding on December 31 6  $ 23.79  0.1 years $ 1,693  22  $ 23.41  $ 6,276 
Exercisable and Vested on December 31 6  $ 23.79  0.1 years $ 1,693  22  $ 23.41  $ 6,276 
2019
(in thousands, except exercise price and terms)
SARs
Outstanding
Weighted
Average
Exercise
Price 		Aggregate Intrinsic Value
Outstanding on January 1 343  $ 16.04 
Exercised (224) $ 13.13  $ 10,494 
Forfeited —  $ 5.86 
Outstanding on December 31 119  $ 21.57  $ 4,571 
Exercisable and Vested on December 31 119  $ 21.57  $ 4,571 
Fair Value Assumptions for Performance Awards
The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2021, 2020 and 2019 were $91.44, $64.72 and $49.64, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
2021 2020 2019
Risk-free interest rate 0.2  % 1.4  % 2.9  %
Dividend yield 1.2  % 1.5  % 1.7  %
Volatility factor 65.6  % 46.6  % 41.0  %
Expected life of award 2.9 years 2.9 years 2.9 years
Performance Award Activity
Performance award activity for the year ended December 31, 2021 was as follows:
(in thousands, except grant date fair value) Performance Awards Weighted Average Grant Date Fair Value ($)
Performance awards, unvested at January 1 212  55.71 
Awarded 166  76.89 
Forfeited (1) 87.48 
Vested and earned (185) 53.35 
Performance awards, unvested at December 31 192  76.15