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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Expense Related to Share-Based Payments

The table below summarizes the expense related to share-based payments recognized in the three and nine months ended September 30 (in thousands):

 

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2020						2021						2020
Stock options						$	3,792					$	5,294					$	13,394					$	18,069
Restricted stock						12,661						6,610						38,691						16,999
Stock-based compensation						$	16,453					$	11,904					$	52,085					$	35,069

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 September 30, 2021 (cost in thousands):

						Unrecognized Compensation Cost						Weighted Average Period of Expense Recognition (in Years)
Stock options						$	95,662					1.79
Restricted stock						40,650						0.94
Total						$	136,312

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 nine months ended September 30, 2021 (shares/options and aggregate intrinsic value in thousands):

						Shares						Weighted Average Exercise Price						Options Exercisable at End of Period						Weighted Average Exercise Price of Exercisable Options						Weighted Average Fair Value of Options Granted  During the Period						Aggregate Intrinsic Value
Outstanding at December 31, 2020						4,964						$	146.69					3,994						$	130.37											$	626,107
Granted						1,081						261.27																		$	66.87
Exercised						(585)						81.05																								109,727
Forfeited						(20)						231.52
Outstanding at September 30, 2021						5,440						$	176.24					3,765						$	144.74											$	463,948
Expected to vest as of September 30, 2021						1,675						$	247.05

Schedule of Weighted-Average Assumptions

The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model, as well as the Monte-Carlo simulation model for market-based options, with the following weighted-average assumptions for grants or modifications during the nine months ended September 30, 2021 and 2020:

						September 30,
						2021						2020
Risk-free interest rate						0.55		%				0.38		%
Dividend yield						—						—
Expected volatility						35.75		%				30.91		%
Expected life (in years)						3.4						3.9

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 nine months ended September 30, 2021 (shares in thousands):

 

						Shares						Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020						174						$	265.29
Granted						213						272.83
Vested						(72)						258.16
Canceled or forfeited						(29)						283.14
Outstanding at September 30, 2021						286						$	278.40

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

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