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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
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 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 |
The tax benefits recorded on stock-based compensation and upon the exercises of optio ns were $18.4 million and $6.3 million for the six months ended June 30, 2024 and 2023, respectively. 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 |  |  |
Stock Options 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 |  |  |  |  |  |  |  |  |
The aggregate intrinsic value of stock o ptions exercisable at June 30, 2024 was $285.3 million. The weighted average remaining contractual term of options exercisable at June 30, 2024 was 2.9 years. Restricted Stock 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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