| Schedule of Restricted Stock Activity |
The following tables summarizes activity for the nine months ended September 30, 2024 and 2023:
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Number of
Unvested
Restricted Stock Units |
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Weighted
Average
Grant Date
Fair Value |
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Number of
Unvested
Performance Vesting Restricted Stock Units |
|
Weighted
Average
Grant Date
Fair Value |
| Unvested shares as of January 1, 2024 |
193,602 |
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|
$ |
83.89 |
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|
255,578 |
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$ |
54.40 |
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| Granted |
69,436 |
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|
152.54 |
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|
58,346 |
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|
156.00 |
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| Vested |
(17,720) |
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|
75.96 |
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— |
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— |
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| Forfeited/canceled |
(747) |
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|
99.88 |
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|
— |
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— |
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| Unvested shares as of March 31, 2024 |
244,571 |
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$ |
103.91 |
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|
313,924 |
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$ |
73.28 |
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Granted(1)
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6,040 |
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155.61 |
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130,012 |
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48.65 |
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| Vested |
(37,665) |
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|
95.83 |
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(265,797) |
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|
48.65 |
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| Forfeited/canceled |
(989) |
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117.19 |
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— |
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— |
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| Unvested shares as of June 30, 2024 |
211,957 |
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$ |
106.75 |
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178,139 |
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$ |
92.06 |
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| Granted |
— |
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— |
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— |
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— |
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| Vested |
(41,361) |
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|
69.92 |
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— |
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— |
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| Forfeited/canceled |
(3,386) |
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|
117.56 |
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— |
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— |
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| Unvested shares as of September 30, 2024 |
167,210 |
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$ |
115.64 |
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178,139 |
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$ |
92.06 |
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_____________________
(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.
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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 |
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|
190,804 |
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$ |
52.15 |
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| Granted |
43,415 |
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|
77.84 |
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|
68,726 |
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|
56.57 |
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| Vested |
(11,608) |
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|
70.86 |
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— |
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— |
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| Forfeited/canceled |
(971) |
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|
87.68 |
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(5,069) |
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|
47.67 |
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| Unvested shares as of March 31, 2023 |
228,608 |
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$ |
77.85 |
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|
254,461 |
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$ |
53.43 |
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| Granted |
55,041 |
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|
94.53 |
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|
15,094 |
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|
66.66 |
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| Vested |
(43,088) |
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|
86.28 |
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— |
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— |
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| Forfeited/canceled |
(1,401) |
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|
89.08 |
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(10,731) |
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|
50.69 |
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| Unvested shares as of June 30, 2023 |
239,160 |
|
|
$ |
80.10 |
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|
258,824 |
|
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$ |
54.32 |
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| Granted |
6,319 |
|
|
109.82 |
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|
— |
|
|
— |
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| Vested |
(46,823) |
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|
67.17 |
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|
— |
|
|
— |
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| Forfeited/canceled |
(4,761) |
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|
92.93 |
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(853) |
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|
47.67 |
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| Unvested shares as of September 30, 2023 |
193,895 |
|
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$ |
83.88 |
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|
257,971 |
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$ |
54.34 |
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| 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 nine months ended September 30, 2024:
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| 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 |
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