Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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	667	$161.42	817	$111.20
Vested	(1,199)	$66.14	(1,257)	$48.48
Forfeited	(119)	$114.47	(116)	$78.72
Unvested at September 30	2,612	$104.39	3,324	$78.39

A summary of the activity for PSUs to be settled in common stock for the nine months ended September 30, 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	153	$119.74
Vested	(413)	$35.12	(334)	$40.15
Forfeited	(6)	$101.66	(17)	$58.79
Unvested at September 30	491	$129.70	733	$65.39

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