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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Expense Related to Stock-Based Compensation | The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to stock-based compensation for the years ended December 31 (in thousands):
|  | 2024 |  | 2023 |  | 2022
Stock options |  | $30,822 |  | $24,342 |  | $61,993
Restricted stock |  | 85,902 |  | 91,744 |  | 59,423
Stock-based compensation |  | $116,724 |  | $116,086 |  | $121,416
Summary of Total Unrecognized Compensation Cost Related to Outstanding Stock Awards | The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of December 31, 2024 (cost in thousands):
|  | Unrecognized Compensation Cost |  | Weighted Average Period of Expense Recognition Remaining (in Years)
Stock options |  | $34,979 |  | 1.91
Restricted stock |  | 37,903 |  | 0.58
Total |  | $72,882 |  |
Summary of Changes in Number of Shares of Common Stock Options Outstanding | The following summarizes the changes in the number of shares of stock options outstanding for the following periods (shares and aggregate intrinsic value in thousands):
|  | Shares |  | Weighted Average Exercise Price |  | Options Exercisable at End of Year |  | Weighted Average Exercise Price of Exercisable Options |  | Weighted Average Fair Value of Options Granted During the Year |  | Aggregate Intrinsic Value
Outstanding at December 31, 2021 |  | 5,447 |  | $176.52 |  | 3,798 |  | $145.18 |  |  |  | $257,707
Granted |  | 649 |  | 223.66 |  |  |  |  |  | $65.23 |  |
Exercised |  | (544) |  | 94.79 |  |  |  |  |  |  |  | 64,783
Forfeited |  | (251) |  | 230.60 |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  | 5,301 |  | 188.12 |  | 3,512 |  | 159.46 |  |  |  | 113,681
Granted |  | 411 |  | 222.51 |  |  |  |  |  | $66.28 |  |
Exercised |  | (648) |  | 172.01 |  |  |  |  |  |  |  | 40,983
Forfeited |  | (81) |  | 241.78 |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  | 4,983 |  | 192.18 |  | 3,182 |  | 163.54 |  |  |  | 451,039
Granted |  | 169 |  | 285.11 |  |  |  |  |  | $97.38 |  |
Exercised |  | (2,271) |  | 188.61 |  |  |  |  |  |  |  | 324,577
Forfeited |  | (397) |  | 253.49 |  |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  | 2,484 |  | $191.97 |  | 1,760 |  | $171.95 |  |  |  | $364,092
Expected to vest at December 31, 2024 |  | 724 |  | $240.62 |  |  |  |  |  |  |  |
Schedule of Stock Options Exercise Price | The following table summarizes infor mation about stock options outstanding at December 31, 2024 (shares in thousands):
Exercise Price |  | Options Outstanding |  | Weighted Average Remaining Vesting Life in Years |  | Options Exercisable
$114.90 – $224.99 |  | 1,544 |  | 0.09 |  | 1,415
$225.45 – $238.32 |  | 543 |  | 1.05 |  | 142
$248.28 – $283.86 |  | 355 |  | 0.60 |  | 192
$288.37 – $373.15 |  | 42 |  | 1.57 |  | 11
|  | 2,484 |  |  |  | 1,760
Schedule of Weighted-Average Assumptions | The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows:
|  | 2024 |  | 2023 |  | 2022
Risk-free interest rate |  | 4.28% |  | 4.39% |  | 1.65%
Dividend yield |  | — |  | — |  | —
Expected volatility |  | 35.68% |  | 33.73% |  | 34.62%
Expected term (in years) |  | 3.8 |  | 3.4 |  | 3.9
Summary of Changes in Number of Shares of Restricted Stock Awards and Restricted Stock Units Outstanding | The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units outstanding for the following periods (shares in thousands):
|  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021 |  | 278 |  | $278.57
Granted |  | 386 |  | 229.22
Cancelled |  | (83) |  | 267.53
Issued |  | (146) |  | 283.60
Outstanding at December 31, 2022 |  | 435 |  | 237.68
Granted |  | 441 |  | 213.36
Cancelled |  | (24) |  | 230.11
Issued |  | (310) |  | 235.25
Outstanding at December 31, 2023 |  | 542 |  | 219.61
Granted |  | 367 |  | 277.87
Cancelled |  | (55) |  | 229.11
Issued |  | (394) |  | 225.22
Outstanding at December 31, 2024 |  | 460 |  | $260.23

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