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Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three months ended March 31 (in thousands):

 

						Three Months Ended March 31,
						2022						2021
Stock options						$	17,837					$	4,590
Restricted stock						14,794						13,157
Stock-based compensation						$	32,631					$	17,747

The tax benefits recorded on stock-based compensation and upon the exercises of options were $17.8 million and $14.1 million for the three months ended March 31, 2022 and 2021, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of March 31, 2022 (cost in thousands):

						Unrecognized Compensation Cost						Weighted Average Period of Expense Recognition (in Years)
Stock options						$	100,898					2.00
Restricted stock						83,266						1.35
Total						$	184,164

Stock Options

The following summarizes the changes in the number of shares of common stock under option for the three months ended March 31, 2022 (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, 2021						5,447						$	176.52					3,798						$	145.18											$	257,707
Granted						588						226.36																		$	65.66
Exercised						(119)						68.38																								20,523
Forfeited						(4)						252.50
Outstanding at March 31, 2022						5,912						$	183.61					3,805						$	150.28											$	403,008
Expected to vest as of March 31, 2022						2,107						$	243.79

The aggregate intrinsic value of stock options exercisable at March 31, 2022 was $377.4 million. The weighted average remaining contractual term of options exercisable at March 31, 2022 was 4.3 years.

Restricted Stock

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the three months ended March 31, 2022 (shares in thousands):

 

						Shares						Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021						278						$	278.57
Granted						324						223.00
Vested						(117)						270.93
Canceled or forfeited						(33)						348.85
Outstanding at March 31, 2022						452						$	235.48

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

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- References

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