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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Award Activity for Employees and Non-Employee Directors

The following table summarizes our restricted stock award activity for employees and non-employee directors:

 

 

Shares

 

 

Weighted Average
Grant Date Fair
Value Per Share

 

Unvested at January 1, 2023

 

 

77,725

 

 

$

232.79

 

Granted

 

 

37,730

 

 

 

359.53

 

Vested

 

 

(52,447

)

 

 

222.91

 

Forfeited

 

 

(5,026

)

 

 

322.90

 

Unvested at December 31, 2023

 

 

57,982

 

 

$

317.23

 
Summary of Activity for PBRSUs for Employees

The following table summarizes our activity for PBRSUs for employees during 2023:

 

 

Shares

 

 

Weighted Average
Grant Date Fair
Value Per Share

 

Unvested at January 1, 2023

 

 

54,536

 

 

$

231.03

 

Granted (a)

 

 

—

 

 

 

—

 

Vested

 

 

(35,463

)

 

 

228.24

 

Forfeited

 

 

(1,694

)

 

 

263.43

 

Unvested at December 31, 2023

 

 

17,379

 

 

$

254.93

 

 

(a) PBRSUs earned may range from zero to 200% of the target award. PBRSUs granted for the 2023 performance period were not earned as the performance metrics were not met.
Summary of the Changes in the Number of Outstanding Phantom Stock Shares

A summary of the changes in the number of outstanding phantom stock awards during the year ended December 31, 2023 is provided below. There were no phantom stock awards granted during 2023.

 

 

Total
Phantom
Shares

 

 

Weighted Average
Grant Date Fair
Value Per Share

 

Balance of shares outstanding at January 1, 2023

 

612,520

 

 

$

120.40

 

Settled

 

(24,881

)

 

 

118.99

 

Forfeited

 

(28,441

)

 

 

119.69

 

Balance of shares outstanding at December 31, 2023

 

559,198

 

 

$

120.50

 

 

Of these outstanding awards, 1,722 phantom shares remain unvested with a weighted average grant date fair value per share of $114.76. The outstanding phantom stock awards will be settled in shares of our common stock equal to the number of vested shares of phantom stock on the applicable settlement date. The shares of common stock will generally be distributed in twenty-four substantially equal monthly installments commencing on the first day of the sixth calendar month following such settlement date.