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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Pursuant to the 2022 Stock Incentive Plan, we grant stock-only stock appreciation rights ("SOSARs"), restricted stock units ("RSUs"), and performance stock units ("PSUs") to employees and non-employee directors. SOSARs and RSUs generally vest in two equal installments on the second and third anniversary of the grant date. PSUs are subject to service, market and performance vesting conditions, and the quantity of shares that vest will range from 0% to 300% of the targeted number of shares. Total stock-based compensation expense was as follows:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation | $ | 46,160 |  |  | $ | 31,467 |  |  | $ | 82,841 |  |  | $ | 52,137 |
Stock-based compensation, net of income taxes | $ | 38,932 |  |  | $ | 27,205 |  |  | $ | 70,218 |  |  | $ | 43,901 |
Total capitalized stock-based compensation included in leasehold improvements, property and equipment, net on the condensed consolidated balance sheets | $ | 920 |  |  | $ | 795 |  |  | $ | 1,598 |  |  | $ | 1,381 |
Excess tax benefit on stock-based compensation recognized in provision for income taxes on the condensed consolidated statements of income and comprehensive income | $ | 2,833 |  |  | $ | 11,848 |  |  | $ | 16,088 |  |  | $ | 22,010 |
. SOSARs A summary of SOSAR award activity was as follows (in thousands, except per share data):
| Shares |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Outstanding, January 1, 2024 | 14,738 |  | $ | 26.05 |  |  |  | $ | 290,156
Granted | 2,401 |  | 53.09 |  |  |  |
Exercised | (2,257) |  | 22.27 |  |  |  |
Forfeited | (269) |  | 34.40 |  |  |  |
Outstanding, June 30, 2024 | 14,613 |  | 30.93 |  | 4.45 |  | 463,660
Exercisable, June 30, 2024 | 6,641 |  | 21.82 |  | 2.96 |  | 271,122
Vested and expected to vest, June 30, 2024 | 13,904 |  | 30.45 |  | 4.38 |  | 447,797
RSUs A summary of RSU award activity was as follows (in thousands, except per share data):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding, January 1, 2024 | 3,004 |  | $ | 32.08 |
Granted | 1,278 |  | 53.92 |
Vested | (887) |  | 31.90 |
Forfeited | (177) |  | 37.07 |
Outstanding, June 30, 2024 | 3,218 |  | 40.54 |
Vested and expected to vest, June 30, 2024 | 2,669 |  | 39.94 |
PSUs A summary of PSU award activity was as follows (in thousands, except per share data):
| Shares |  | Weighted-Average Grant Date Fair Value per Share
Outstanding, January 1, 2024 | 2,794 |  | $ | 31.24
Granted | 849 |  | 52.77
Vested | (777) |  | 29.59
Forfeited | (47) |  | 33.75
Outstanding, June 30, 2024 | 2,819 |  | 38.14
Vested and expected to vest, June 30, 2024* | 5,646 |  | 39.13
*The vested and expected to vest total above represents outstanding base PSUs, adjusted for expected payout amounts in line with current and future estimated performance levels.

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