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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
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 nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock options |  | $ | 9,783 |  |  | $ | 4,696 |  |  | $ | 22,052 |  |  | $ | 15,938 |
Restricted stock |  | 17,810 |  |  | 23,810 |  |  | 52,774 |  |  | 64,655 |
Stock-based compensation |  | $ | 27,593 |  |  | $ | 28,506 |  |  | $ | 74,826 |  |  | $ | 80,593 |
The tax benefits recorded on stock-based compensation, inclusive of the tax benefits upon the exercises of options and vesting of restricted stock were $32.2 million and $33.1 million for the nine months ended September 30, 2025 and 2024, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of September 30, 2025 (cost in thousands):
|  | Unrecognized Compensation Cost |  | Weighted Average Period of Expense Recognition Remaining (in Years)
Stock options |  | $ | 59,617 |  |  | 1.88
Restricted stock |  | 52,816 |  |  | 0.83
Total |  | $ | 112,433 |  |  |
Stock Options The following summarizes the changes in the number of shares of stock options outstanding for the nine months ended September 30, 2025 (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, 2024 |  | 2,484 |  |  | $ | 191.97 |  |  | 1,760 |  |  | $ | 171.95 |  |  |  |  | $ | 364,092 |
Granted |  | 598 |  |  | 325.28 |  |  |  |  |  |  | $ | 84.88 |  |  |
Exercised |  | (407) |  |  | 153.55 |  |  |  |  |  |  |  |  | $ | 84,334 |
Forfeited |  | (50) |  |  | 235.21 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  | 2,625 |  |  | $ | 227.48 |  |  | 1,559 |  |  | $ | 185.71 |  |  |  |  | $ | 183,110 |
Expected to vest as of September 30, 2025 |  | 1,066 |  |  | $ | 288.61 |  |  |  |  |  |  |  |  |
The aggregate intrinsic value of st ock options exercisable at September 30, 2025 was $159.6 million. The weighted average remaining contractual term of options exercisable at September 30, 2025 was 3.0 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 nine months ended September 30, 2025 (shares in thousands):
|  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024 |  | 460 |  |  | $ | 260.23 |
Granted |  | 240 |  |  | 322.94 |
Issued |  | (314) |  |  | 257.33 |
Cancelled |  | (49) |  |  | 272.12 |
Outstanding at September 30, 2025 |  | 337 |  |  | $ | 305.85 |

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