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Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the six months ended June 30, 2023:

		Stock Options Outstanding
						Weighted Average				Aggregate				Weighted Average
						Exercise Price				Intrinsic				Remaining Contractual
		Shares				Per Share				Value				Term (Years)
Balance as of January 1, 2023			1,577			$	288.30
Granted			36			$	284.06
Exercised			(83	)		$	145.15			$	11,675
Forfeited/Expired			(89	)		$	400.57
Balance as of June 30, 2023			1,441			$	289.58
Exercisable as of June 30, 2023			880			$	238.07			$	140,690				3.7
Expected to vest as of June 30, 2023			561			$	370.46			$	35,325				8.3
Total			1,441			$	289.58			$	176,015				5.5

Schedule of Range of Exercise Prices per Share

Stock options outstanding as of June 30, 2023 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

		Stock Options Outstanding at June 30, 2023
						Weighted Average				Weighted Average
						Exercise Price				Remaining Contractual
Range of Exercise Prices per Share		Shares				Per Share				Term (Years)
$121.43 - $200.00			807			$	136.99				3.4
$200.01 - $300.00			113			$	252.02				9.4
$300.01 - $400.00			3			$	301.63				9.9
$400.01 - $500.00			287			$	409.16				8.3
$600.01 - $691.23			231			$	691.23				7.2
Total			1,441			$	289.58				5.5

Assumptions Used in Pricing Model

The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $190.86 and $219.79 for each share subject to a stock option granted during the six months ended June 30, 2023 and 2022, respectively, based on the following assumptions:

		Six Months Ended
		June 30,
		2023		2022
Expected term of award in years		5.5 - 6.3		6.3
Expected volatility		71.8% - 74.1%		58.4% - 69.5%
Risk-free interest rate		3.7% - 3.9%		1.9% - 2.9%
Expected dividend yield		0.0%		0.0%

Summary of Share-Settled Restricted Stock Unit Activity

As of June 30, 2023, there were 210,969 share-settled restricted stock units outstanding under the Stock Incentive Plans. The following table summarizes the Company’s share-settled restricted stock unit activity (in thousands) for the periods indicated:

		Share-Settled Restricted Stock Units Outstanding
						Aggregate
		Units				Intrinsic Value
Balance as of January 1, 2023			120
Granted			112
Vested			(13	)		$	3,690
Forfeited			(8	)
Balance as of June 30, 2023			211
Expected to vest as of June 30, 2023			211			$	72,240

Summary of Share-Settled Performance Stock Unit Activity

As of June 30, 2023, there were 26,737 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the periods indicated:

		Share-Settled Performance Stock Units Outstanding
						Aggregate
		Units				Intrinsic Value
Balance as of January 1, 2023			0
Granted			27
Vested			0			$	0
Forfeited			0
Balance as of June 30, 2023			27
Expected to vest as of June 30, 2023			27			$	18,311

Summary of Components of Tax (benefit) Expense Related To Equity Plan

The following table summarizes the tax (benefit) expense related to the Company’s equity plans (in thousands) for the three and six months ended June 30, 2023 and 2022:

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2023				2022				2023				2022
Tax (benefit) expense related to:
Share-based compensation expense		$	(2,754	)		$	(3,343	)		$	(5,979	)		$	(6,240	)
Exercises of stock options and vesting of share-settled restricted stock units			370				57				285				110
Total tax benefit related to the Company's equity plans		$	(2,384	)		$	(3,286	)		$	(5,694	)		$	(6,130	)

Share-settled Performance Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Assumptions Used in Pricing Model

The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $486.18 for each performance stock unit granted during the six months ended June 30, 2023 based on the following assumptions:

		Six Months Ended
		June 30,
		2023
Expected term of award in years			3.0
Expected volatility			95.6	%
Risk-free interest rate			4.1	%
Expected dividend yield			0.0	%

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