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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2022 and 2021 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Stock options |  | $ | 17,434 |  |  | $ | 3,792 |  |  | $ | 53,558 |  |  | $ | 13,394 |
Restricted stock |  | 16,747 |  |  | 12,661 |  |  | 47,270 |  |  | 38,691 |
Stock-based compensation |  | $ | 34,181 |  |  | $ | 16,453 |  |  | $ | 100,828 |  |  | $ | 52,085 |
The tax benefits recorded on stock-based compensation and upon the exercises of options w ere $23.9 million an d $33.2 million for the nine months ended September 30, 2022 and 2021, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of September 30, 2022 (cost in thousands):
|  | Unrecognized Compensation Cost |  | Weighted Average Period of Expense Recognition (in Years)
Stock options |  | $ | 64,530 |  |  | 1.90
Restricted stock |  | 61,015 |  |  | 0.95
Total |  | $ | 125,545 |  |  |
Stock Options The following summarizes the changes in the number of shares of common stock under option for the nine months ended September 30, 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 |  | 612 |  |  | 226.23 |  |  |  |  |  |  | $ | 65.85 |  |  |
Exercised |  | (333) |  |  | 64.34 |  |  |  |  |  |  |  |  | 54,752 |
Forfeited |  | (51) |  |  | 244.77 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2022 |  | 5,675 |  |  | $ | 187.86 |  |  | 4,085 |  |  | $ | 167.60 |  |  |  |  | $ | 99,121 |
Expected to vest as of September 30, 2022 |  | 1,589 |  |  | $ | 239.94 |  |  |  |  |  |  |  |  |
The aggregate intrinsic value of stock options exercisable at September 30, 2022 was $99.1 million. The weighted average remaining contractual term of options exercisable at September 30, 2022 was 3.9 years. Restricted Stock 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, 2022 (shares in thousands):
|  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021 |  | 278 |  |  | $ | 278.57 |
Granted |  | 382 |  |  | 229.05 |
Vested |  | (146) |  |  | 267.56 |
Canceled or forfeited |  | (45) |  |  | 322.07 |
Outstanding at September 30, 2022 |  | 469 |  |  | $ | 237.61 |

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