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Stock-Based Compensation (Tables)

12 Months Ended

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 information 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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