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Share-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024:

 

 

Stock Options Outstanding

 

 

 

 

 

 

Weighted Average

 

 

Aggregate

 

 

Weighted Average

 

 

 

 

 

 

Exercise Price

 

 

Intrinsic

 

 

Remaining Contractual

 

 

 

Shares

 

 

Per Share

 

 

Value

 

 

Term (Years)

 

Balance as of January 1, 2024

 

 

1,294

 

 

$

286.78

 

 

 

 

 

 

 

Granted

 

 

9

 

 

$

1,599.29

 

 

 

 

 

 

 

Exercised

 

 

(583

)

 

$

233.42

 

 

$

468,114

 

 

 

 

Forfeited/Expired

 

 

(17

)

 

$

447.47

 

 

 

 

 

 

 

Balance as of March 31, 2024

 

 

703

 

 

$

343.31

 

 

 

 

 

 

 

Exercisable as of March 31, 2024

 

 

385

 

 

$

294.39

 

 

$

542,263

 

 

 

4.8

 

Expected to vest as of March 31, 2024

 

 

318

 

 

$

402.45

 

 

$

414,114

 

 

 

8.0

 

Total

 

 

703

 

 

$

343.31

 

 

$

956,377

 

 

 

6.2

 
Schedule of Range of Exercise Prices per Share

Stock options outstanding as of March 31, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

 

 

Stock Options Outstanding at March 31, 2024

 

 

 

 

 

 

Weighted Average

 

 

Weighted Average

 

 

 

 

 

 

Exercise Price

 

 

Remaining Contractual

 

Range of Exercise Prices per Share

 

Shares

 

 

Per Share

 

 

Term (Years)

 

$121.43 - $200.00

 

 

280

 

 

$

144.01

 

 

 

3.9

 

$200.01 - $300.00

 

 

108

 

 

$

251.21

 

 

 

8.6

 

$300.01 - $400.00

 

 

3

 

 

$

301.63

 

 

 

9.2

 

$400.01 - $500.00

 

 

180

 

 

$

411.49

 

 

 

7.8

 

$600.01 - $700.00

 

 

123

 

 

$

691.23

 

 

 

6.9

 

$1,500.01 - $1,599.29

 

 

9

 

 

$

1,599.29

 

 

 

10.0

 

Total

 

 

703

 

 

$

343.31

 

 

 

6.2

 
Assumptions Used in Pricing Model The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $1,114.42 for each share subject to a stock option granted during the three months ended March 31, 2024, based on the following assumptions:

 

 

Three months ended

 

 

March 31,

 

 

2024

Expected term of awards in years

 

6.3

Expected volatility

 

75.1%

Risk-free interest rate

 

4.2%

Expected dividend yield

 

0.0%
Summary of Share-Settled Restricted Stock Unit Activity 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, 2024

 

 

185

 

 

 

 

Granted

 

 

30

 

 

 

 

Vested

 

 

(6

)

 

$

4,307

 

Forfeited

 

 

(12

)

 

 

 

Balance as of March 31, 2024

 

 

197

 

 

 

 

Expected to vest as of March 31, 2024

 

 

197

 

 

$

335,509

 
Summary of Share-Settled Performance Stock Unit Activity

As of March 31, 2024, there were 30,285 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, 2024

 

 

25

 

 

 

 

Granted

 

 

6

 

 

 

 

Vested

 

 

0

 

 

$

0

 

Forfeited

 

 

(1

)

 

 

 

Balance as of March 31, 2024

 

 

30

 

 

 

 

Expected to vest as of March 31, 2024

 

 

30

 

 

$

103,245

 
Summary of Components of Tax Benefit Related To Equity Plan

The following table summarizes the tax benefit related to the Company’s equity plans (in thousands) for the three months ended March 31, 2024 and 2023:

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Tax benefit related to:

 

 

 

 

 

 

Share-based compensation expense

 

$

(4,192

)

 

$

(3,225

)

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

 

 

(104,306

)

 

 

(85

)

Total tax benefit related to the Company's equity plans

 

$

(108,498

)

 

$

(3,310

)
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 $3,071.27 for each performance stock unit granted during the three months ended March 31, 2024 based on the following assumptions:

 

 

Three months ended

 

 

 

March 31,

 

 

 

2024

 

Expected term of awards in years

 

 

3.0

 

Expected volatility

 

 

92.7

%

Risk-free interest rate

 

 

4.4

%

Expected dividend yield

 

 

0.0

%