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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Expense Related to Share-Based Payments | The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to share-based payments recognized for the years ended December 31 (in thousands):
|  | 2020 |  | 2019 |  | 2018
Stock options |  | $ | 23,407 |  |  | $ | 32,736 |  |  | $ | 43,443 |
Restricted stock |  | 19,977 |  |  | 28,217 |  |  | 26,496 |
Stock-based compensation |  | $ | 43,384 |  |  | $ | 60,953 |  |  | $ | 69,939 |
Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation | The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2020 (cost in thousands):
|  | Unrecognized Compensation Cost |  | Weighted Average Period of Expense Recognition (in Years)
Stock options |  | $ | 35,286 |  |  | 2.30
Restricted stock |  | 26,948 |  |  | 1.97
Total |  | $ | 62,234 |  |  |
Summary of Changes in Number of Shares of Common Stock Under Option | The following summarizes the changes in the number of shares of common stock under option for the following periods (shares and aggregate intrinsic value in thousands):
|  | Shares |  | Weighted Average Exercise Price |  | Options Exercisable at End of Year |  | Weighted Average Exercise Price of Exercisable Options |  | Weighted Average Fair Value of Options Granted During the Year |  | Aggregate Intrinsic Value
Outstanding at December 31, 2017 |  | 8,031 |  |  | $ | 109.78 |  |  | 4,029 |  |  | $ | 75.80 |  |  |  |  | $ | 663,815 |
Granted |  | 412 |  |  | 204.59 |  |  |  |  |  |  | $ | 50.07 |  |  |
Exercised |  | (708) |  |  | 73.26 |  |  |  |  |  |  |  |  | 79,588 |
Forfeited |  | (119) |  |  | 155.41 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  | 7,616 |  |  | 117.58 |  |  | 5,174 |  |  | 98.39 |  |  |  |  | 518,954 |
Granted |  | 431 |  |  | 244.35 |  |  |  |  |  |  | $ | 57.99 |  |  |
Exercised |  | (1,482) |  |  | 115.53 |  |  |  |  |  |  |  |  | 255,242 |
Forfeited |  | (302) |  |  | 167.35 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  | 6,263 |  |  | 124.38 |  |  | 5,137 |  |  | 109.03 |  |  |  |  | 1,022,860 |
Granted |  | 503 |  |  | 215.36 |  |  |  |  |  |  | $ | 53.18 |  |  |
Exercised |  | (1,681) |  |  | 80.84 |  |  |  |  |  |  |  |  | 322,823 |
Forfeited |  | (121) |  |  | 194.61 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  | 4,964 |  |  | $ | 146.69 |  |  | 3,994 |  |  | $ | 130.37 |  |  |  |  | $ | 626,107 |
Expected to vest at December 31, 2020 |  | 970 |  |  | $ | 213.89 |  |  |  |  |  |  |  |  |
Schedule of Stock Options Exercise Price | The following table summarizes information about stock options outstanding at December 31, 2020 (shares in thousands):
Exercise Price |  | Options Outstanding |  | Weighted Average Remaining Vesting Life in Years |  | Options Exercisable
$10.00 – $150.74 |  | 3,541 |  |  | 0.01 |  | 3,488 |
$151.49 – $165.96 |  | 242 |  |  | 0.27 |  | 190 |
$172.68 – $199.75 |  | 495 |  |  | 1.60 |  | 198 |
$202.02 – $209.05 |  | 45 |  |  | 1.54 |  | 14 |
$213.69 – $231.70 |  | 351 |  |  | 2.83 |  | 37 |
$248.28 – $263.21 |  | 271 |  |  | 2.08 |  | 64 |
$288.37 – $319.55 |  | 19 |  |  | 2.63 |  | 3 |
|  | 4,964 |  |  |  |  | 3,994 |
Schedule of Weighted-Average Assumptions | The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows:
|  | 2020 |  | 2019 |  | 2018
Risk-free interest rate |  | 0.37 | % |  | 2.40 | % |  | 2.57 | %
Dividend yield |  | — |  |  | — |  |  | — |
Expected volatility |  | 31.00 | % |  | 26.40 | % |  | 26.92 | %
Expected life (in years) |  | 3.9 |  | 3.7 |  | 3.8
|  | 2019
Risk-free interest rate |  | 1.48 | %
Dividend yield |  | — |
Expected volatility |  | 25.40 | %
Expected life (in years) |  | 2.36
Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units | The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the following periods (shares in thousands):
|  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017 |  | 365 |  |  | $ | 155.58 |
Granted |  | 107 |  |  | 200.71 |
Cancelled |  | (47) |  |  | 339.34 |
Issued |  | (251) |  |  | 154.85 |
Outstanding at December 31, 2018 |  | 174 |  |  | 190.73 |
Granted |  | 232 |  |  | 212.79 |
Cancelled |  | (49) |  |  | 225.96 |
Issued |  | (114) |  |  | 206.05 |
Outstanding at December 31, 2019 |  | 243 |  |  | 246.34 |
Granted |  | 171 |  |  | 252.36 |
Cancelled |  | (100) |  |  | 249.17 |
Issued |  | (140) |  |  | 227.20 |
Outstanding at December 31, 2020 |  | 174 |  |  | $ | 265.29 |

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