Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of RSUs and PSUs to be Settled in Common Stock Activity

A summary of the activity for RSUs to be settled in common stock for the three months ended March 31, 2023 and 2022 is as follows (RSUs in thousands):


	2023		2022
	RSUs	Weighted Average Grant Date Fair Value (Per Unit)	RSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	3,263	$78.74	3,880	$61.64
Granted	626	$158.82	768	$110.24
Vested	(1,120)	$65.50	(1,177)	$48.50
Forfeited	(75)	$107.63	(38)	$63.66
Unvested at March 31	2,694	$102.59	3,433	$77.09

A summary of the activity for PSUs to be settled in common stock for the three months ended March 31, 2023 and 2022 is as follows (PSUs in thousands):


	2023		2022
	PSUs	Weighted Average Grant Date Fair Value (Per Unit)	PSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	733	$65.39	931	$47.27
Granted	177	$174.50	148	$119.04
Vested	(413)	$35.12	(334)	$40.15

Unvested at March 31	497	$129.38	745	$64.69

Grant Date Fair Value for Awards of Performance Units Inputs

The Monte Carlo simulation valuation methodology applied the following key inputs:


	2023		2022
Valuation date price based on March 9, 2023 and March 2, 2022 closing stock prices of Quanta common stock	$160.55		$110.24
Historical volatility	35	%	39	%
Risk-free interest rate	4.62	%	1.64	%
Term in years	2.81		2.83