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Share-based Compensation (Tables)
 9 Months Ended
Sep. 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 nine months ended September 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

 

 

(93

)

 

$

153.10

 

 

$

13,254

 

 

 

 

Forfeited/Expired

 

 

(139

)

 

$

431.62

 

 

 

 

 

 

 

Balance as of September 30, 2023

 

 

1,381

 

 

$

282.86

 

 

 

 

 

 

 

Exercisable as of September 30, 2023

 

 

875

 

 

$

228.00

 

 

$

133,368

 

 

 

3.5

 

Expected to vest as of September 30, 2023

 

 

506

 

 

$

377.78

 

 

$

27,187

 

 

 

8.0

 

Total

 

 

1,381

 

 

$

282.86

 

 

$

160,555

 

 

 

5.2

 
Schedule of Range of Exercise Prices per Share

Stock options outstanding as of September 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 September 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

 

 

795

 

 

$

137.02

 

 

 

3.1

 

$200.01 - $300.00

 

 

111

 

 

$

251.58

 

 

 

9.1

 

$300.01 - $400.00

 

 

3

 

 

$

301.63

 

 

 

9.7

 

$400.01 - $500.00

 

 

261

 

 

$

409.60

 

 

 

8.2

 

$600.01 - $691.23

 

 

211

 

 

$

691.23

 

 

 

7.2

 

Total

 

 

1,381

 

 

$

282.86

 

 

 

5.2

 
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 $209.85 for each share subject to a stock option granted during the nine months ended September 30, 2023 and 2022, respectively, based on the following assumptions:

 

 

Nine Months Ended

 

 

September 30,

 

 

2023

 

2022

Expected term of award in years

 

5.5 - 6.3

 

6.3

Expected volatility

 

71.8% - 74.1%

 

58.4% - 70.9%

Risk-free interest rate

 

3.7% - 3.9%

 

1.9% - 3.5%

Expected dividend yield

 

0.0%

 

0.0%

 
Summary of Share-Settled Restricted Stock Unit Activity

As of September 30, 2023, there were 198,993 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

 

 

115

 

 

 

 

Vested

 

 

(19

)

 

$

5,920

 

Forfeited

 

 

(17

)

 

 

 

Balance as of September 30, 2023

 

 

199

 

 

 

 

Expected to vest as of September 30, 2023

 

 

199

 

 

$

65,325

 
Summary of Share-Settled Performance Stock Unit Activity

As of September 30, 2023, there were 25,375 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

 

 

(2

)

 

 

 

Balance as of September 30, 2023

 

 

25

 

 

 

 

Expected to vest as of September 30, 2023

 

 

25

 

 

$

16,660

 
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 nine months ended September 30, 2023 and 2022:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Tax (benefit) expense related to:

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

$

(3,417

)

 

$

(2,906

)

 

$

(9,396

)

 

$

(9,146

)

Exercises of stock options and vesting of share-settled restricted stock units

 

 

813

 

 

 

680

 

 

 

1,098

 

 

 

790

 

Total tax benefit related to the Company's equity plans

 

$

(2,604

)

 

$

(2,226

)

 

$

(8,298

)

 

$

(8,356

)
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 nine months ended September 30, 2023 based on the following assumptions:

 

 

Nine Months Ended

 

 

 

September 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

%