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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
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):
|  | 2021 |  | 2020 |  | 2019
Stock options |  | $ | 30,057 |  |  | $ | 23,407 |  |  | $ | 32,736 |
Restricted stock |  | 50,014 |  |  | 19,977 |  |  | 28,217 |
Stock-based compensation |  | $ | 80,071 |  |  | $ | 43,384 |  |  | $ | 60,953 |
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, 2021 (cost in thousands):
|  | Unrecognized Compensation Cost |  | Weighted Average Period of Expense Recognition (in Years)
Stock options |  | $ | 80,305 |  |  | 1.60
Restricted stock |  | 28,349 |  |  | 0.76
Total |  | $ | 108,654 |  |  |
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, 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 |
Granted |  | 1,097 |  |  | 261.85 |  |  |  |  |  |  | $ | 72.84 |  |  |
Exercised |  | (592) |  |  | 82.50 |  |  |  |  |  |  |  |  | 83,686 |
Forfeited |  | (22) |  |  | 230.14 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  | 5,447 |  |  | $ | 176.52 |  |  | 3,798 |  |  | $ | 145.18 |  |  |  |  | $ | 257,707 |
Expected to vest at December 31, 2021 |  | 1,648 |  |  | $ | 248.75 |  |  |  |  |  |  |  |  |
Schedule of Stock Options Exercise Price | The following table summarizes information about stock options outstanding at December 31, 2021 (shares in thousands):
Exercise Price |  | Options Outstanding |  | Weighted Average Remaining Vesting Life in Years |  | Options Exercisable
$35.04 – $196.18 |  | 3,618 |  |  | 0.13 |  | 3,444 |
$199.75 – $202.83 |  | 123 |  |  | 0.19 |  | 102 |
$205.28 – $216.18 |  | 90 |  |  | 1.52 |  | 42 |
$224.99 – $231.70 |  | 261 |  |  | 1.85 |  | 91 |
$248.28 – $252.50 |  | 233 |  |  | 1.24 |  | 109 |
$256.55 – $261.27 |  | 1,039 |  |  | 2.20 |  | 1 |
$263.21 – $319.55 |  | 83 |  |  | 3.00 |  | 9 |
|  | 5,447 |  |  |  |  | 3,798 |
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:
|  | 2021 |  | 2020 |  | 2019
Risk-free interest rate |  | 0.45 | % |  | 0.37 | % |  | 2.40 | %
Dividend yield |  | — |  |  | — |  |  | — |
Expected volatility |  | 34.44 | % |  | 31.00 | % |  | 26.40 | %
Expected life (in years) |  | 4.0 |  | 3.9 |  | 3.7
The fair value of performance options granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during the year ended December 31 as follows. There were no performance options granted with market based vesting conditions in 2020 or 2019.
|  | 2021 |
Risk-free interest rate |  | 0.59 | % |
Dividend yield |  | — |  |
Expected volatility |  | 36.10 | % |
Expected life (in years) |  | 3.3 |
|  | 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, 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 |
Granted |  | 215 |  |  | 272.59 |
Cancelled |  | (38) |  |  | 265.76 |
Issued |  | (73) |  |  | 258.13 |
Outstanding at December 31, 2021 |  | 278 |  |  | $ | 278.57 |

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