Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v3.22.4
Stock Plans and Management Compensation (Tables)
12 Months Ended
Dec. 31, 2022
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 $93.62, $91.14 and $64.13 for units granted in 2022, 2021 and 2020, respectively. Non-vested stock unit activity for the year ended December 31, 2022 was as follows:
(in thousands, except grant date fair value) Non-vested Stock Unit Activity Weighted Average Grant Date Fair
Value ($)
Non-vested units, unvested as of January 1, 2022 635  66.81 
Awarded 226  93.62 
Forfeited (28) 83.15 
Vested (232) 51.32 
Non-vested units, unvested as of December 31, 2022 601  82.14 
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 2022, 2021 and 2020 were $94.59, $91.44 and $64.72, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
2022 2021 2020
Risk-free interest rate 1.7  % 0.2  % 1.4  %
Dividend yield 1.5  % 1.2  % 1.5  %
Volatility factor 54.8  % 65.6  % 46.6  %
Expected life of award 2.9 years 2.9 years 2.9 years
Performance Award Activity
Performance award activity for the year ended December 31, 2022 was as follows:
(in thousands, except grant date fair value) Performance Awards Weighted Average Grant Date Fair Value ($)
Performance awards, unvested at January 1 192  76.15 
Awarded 207  70.32 
Forfeited (5) 81.31 
Vested and earned (203) 56.11 
Performance awards, unvested at December 31 191  90.97