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Stock-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Topic 718
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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.

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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.

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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.

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