| Schedule of Restricted Stock Activity |
The following tables summarizes activity for the six months ended June 30, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Unvested
Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value |
|
Number of
Unvested
Performance Vesting Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value |
| Unvested shares as of January 1, 2024 |
193,602 |
|
|
$ |
83.89 |
|
|
255,578 |
|
|
$ |
54.40 |
|
| Granted |
69,436 |
|
|
152.54 |
|
|
58,346 |
|
|
156.00 |
|
| Vested |
(17,720) |
|
|
75.96 |
|
|
— |
|
|
— |
|
| Forfeited/canceled |
(747) |
|
|
99.88 |
|
|
— |
|
|
— |
|
| Unvested shares as of March 31, 2024 |
244,571 |
|
|
$ |
103.91 |
|
|
313,924 |
|
|
$ |
73.28 |
|
Granted(1)
|
6,040 |
|
|
155.61 |
|
|
130,012 |
|
|
48.65 |
|
| Vested |
(37,665) |
|
|
95.83 |
|
|
(265,797) |
|
|
48.65 |
|
| Forfeited/canceled |
(989) |
|
|
117.19 |
|
|
— |
|
|
— |
|
| Unvested shares as of June 30, 2024 |
211,957 |
|
|
$ |
106.75 |
|
|
178,139 |
|
|
$ |
92.06 |
|
_____________________
(1) The table includes the impacts of performance share units granted in a prior year that vested higher than 100% of target due to the Company's TSR performance compared to peers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Unvested
Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value |
|
Number of
Unvested
Performance Vesting Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value |
| Unvested shares as of January 1, 2023 |
197,772 |
|
|
$ |
77.49 |
|
|
190,804 |
|
|
$ |
52.15 |
|
| Granted |
43,415 |
|
|
77.84 |
|
|
68,726 |
|
|
56.57 |
|
| Vested |
(11,608) |
|
|
70.86 |
|
|
— |
|
|
— |
|
| Forfeited/canceled |
(971) |
|
|
87.68 |
|
|
(5,069) |
|
|
47.67 |
|
| Unvested shares as of March 31, 2023 |
228,608 |
|
|
$ |
77.85 |
|
|
254,461 |
|
|
$ |
53.43 |
|
| Granted |
55,041 |
|
|
94.53 |
|
|
15,094 |
|
|
66.66 |
|
| Vested |
(43,088) |
|
|
86.28 |
|
|
— |
|
|
— |
|
| Forfeited/canceled |
(1,401) |
|
|
89.08 |
|
|
(10,731) |
|
|
50.69 |
|
| Unvested shares as of June 30, 2023 |
239,160 |
|
|
$ |
80.10 |
|
|
258,824 |
|
|
$ |
54.32 |
|
|
| Schedule of Grant Date Fair Value of Awards Granted |
The table below summarizes the assumptions used in the Monte Carlo simulation to determine the grant date fair value of awards granted during the six months ended June 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grant date |
January 24, 2023 |
March 3, 2023 |
April 3, 2023 |
March 1, 2024 |
| Forecast period (years) |
3 |
3 |
3 |
3 |
| Risk-free interest rates |
3.88% |
4.64% |
3.79% |
4.36% |
| Implied equity volatility |
87.2% |
86.4% |
70.8% |
46.70% |
| Stock price on the date of grant |
$72.99 |
$82.20 |
$79.50 |
$142.00 |
|