Shares vested but deferred (shares)

  
that is measured against a three-year cumulative target established by the Compensation Committee at the award date and is not tied to the performance of peer companies.  Restricted Stock UnitsA summary of the Company’s outstanding RSUs is presented below:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Restricted Stock Units |  | Weighted-AverageGrant-DateFair Value |
| Restricted stock units outstanding at December 31, 2020 | 723,726  |  |  | $ | 95.67  |  |
| Grants (1) | 252,613  |  |  | 143.20  |  |
| Vests (2) | (330,053) |  |  | 96.70  |  |
| Forfeitures and adjustments | (18,852) |  |  | 110.38  |  |
| Restricted stock units outstanding at December 31, 2021 | 627,434  |  |  | $ | 113.84  |  |
| Restricted stock units vested, but deferred at December 31, 2021 | 75,270  |  |  | $ | 80.02  |  |

(1)The weighted average grant date fair value for RSUs granted in 2020 and 2019 was $96.33 and $102.86, respectively. (2)The total fair value of RSUs vested was $47.4 million, $32.3 million and $38.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table shows a summary of RSU activity during the years ended December 31, 2021, 2020 and 2019:  

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
|  | 2021 |  | 2020 |  | 2019 |
| RSU compensation expense | $ | 32.8  |  |  | $ | 29.4  |  |  | $ | 29.5  |  |
| Income tax benefit | (5.9) |  |  | (5.2) |  |  | (5.3) |  |
| RSU compensation expense, net of tax | $ | 26.9  |  |  | $ | 24.2  |  |  | $ | 24.2  |  |

  
As of December 31, 2021, there was $22.4 million of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 0.97 years. Performance Share UnitsA summary of the Company’s outstanding PSUs is presented below: 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | PerformanceShare Units |  | Weighted-AverageGrant-DateFair Value |
| Performance share units outstanding at December 31, 2020 | 674,099  |  |  | $ | 101.45  |  |
| Grants (1) | 208,040  |  |  | 148.04  |  |
| Vests (2) | (177,157) |  |  | 123.84  |  |
| Performance adjustment (3) | 28,290  |  |  | 125.57  |  |
| Forfeitures and adjustments | (22,156) |  |  | 107.30  |  |
| Performance share units outstanding at December 31, 2021 | 711,116  |  |  | $ | 110.31  |  |

(1)The weighted average grant date fair value for PSUs granted in 2020 and 2019 was $87.53 and $105.23, respectively.(2)The total fair value of PSUs vested was $24.6 million, $24.9 million and $19.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. (3)Represents the change in PSUs issued based upon the attainment of performance goals established by the Company. PSU grants above represent initial target awards and do not reflect potential increases or decreases resulting from the financial performance objectives to be determined at the end of the prospective performance period. The actual number of PSUs to be issued at the end of each performance period will range from 0% to 200% of the initial target awards.F-64
