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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. The Company has a Stock Incentive Plan (the "Plan"), pursuant to which the Company's Board is permitted to grant equity to employees and directors. Under the Plan, a maximum of 20.65 million shares of the Company's common stock is approved to be issued for grants of restricted stock and stock options. 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
The tax benefits related to stock-based compensation, inclusive of the tax benefits upon the exercises of options a nd vesting of restricted stock were $60.7 million, $22.1 million and $25.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. 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 |  |
Stock Options 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 |  |  |  |  |  |  |  |
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
The aggregate intrinsic value of stock options exercisable at December 31, 2024 was $292.9 million. The weight ed average remaining contractual term of options exercisable at December 31, 2024 w as 3.1 years. 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
The weighted-average remaining contractual term for options outstanding was 4.6 years at December 31, 2024. On September 30, 2021, the Company granted 850,000 performance stock options to an officer of the Company ("Performance Option Grant"), which are exercisable upon the achievement of certain time-based vesting and market conditions. On October 23, 2024, the Company modified the Performance Option Grant and recorded approximately $10.3 million in incremental stock-based compensation expense. Restricted Stock 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
The total fair value of restricted stock awards and restricted stock units vest ed was $112.3 million, $66.6 million and $34.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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