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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Expense Related to Share-Based Payments | The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to stock-based compensation for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock options |  | $ | 5,123 |  |  | $ | 4,611 |  |  | $ | 11,242 |  |  | $ | 13,561 |
Restricted stock |  | 21,985 |  |  | 30,137 |  |  | 40,845 |  |  | 47,283 |
Stock-based compensation |  | $ | 27,108 |  |  | $ | 34,748 |  |  | $ | 52,087 |  |  | $ | 60,844 |
Summary of Total Unrecognized Compensation Cost Related to Stock-Based Compensation | The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of June 30, 2024 (cost in thousands):
|  | Unrecognized Compensation Cost |  | Weighted Average Period of Expense Recognition Remaining (in Years)
Stock options |  | $ | 44,454 |  |  | 2.24
Restricted stock |  | 79,240 |  |  | 1.04
Total |  | $ | 123,694 |  |  |
Summary of Changes in Number of Shares of Common Stock Under Option | The following summarizes the changes in the number of shares of stock options outstanding for the six months ended June 30, 2024 (shares 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, 2023 |  | 4,983 |  |  | $ | 192.18 |  |  | 3,182 |  |  | $ | 163.54 |  |  |  |  | $ | 451,039 |
Granted |  | 142 |  |  | 273.01 |  |  |  |  |  |  | $ | 95.98 |  |  |
Exercised |  | (579) |  |  | 172.50 |  |  |  |  |  |  |  |  | $ | 65,377 |
Forfeited |  | (55) |  |  | 226.62 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2024 |  | 4,491 |  |  | $ | 196.82 |  |  | 2,862 |  |  | $ | 167.07 |  |  |  |  | $ | 314,694 |
Expected to vest as of June 30, 2024 |  | 780 |  |  | $ | 235.77 |  |  |  |  |  |  |  |  |
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 awards and restricted stock units outstanding for the six months ended June 30, 2024 (shares in thousands):
|  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 |  | 542 |  |  | $ | 219.61 |
Granted |  | 347 |  |  | 276.44 |
Issued |  | (365) |  |  | 225.19 |
Cancelled |  | (47) |  |  | 227.06 |
Outstanding at June 30, 2024 |  | 477 |  |  | $ | 255.95 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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