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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of weighted average assumptions used for options granted | The following weighted average assumptions were used for options granted:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Expected life (in years) | 5.0 |  | 5.0 |  | 5.0
Expected volatility | 28.3 | % |  | 26.1 | % |  | 27.0 | %
Risk-free interest rate | 3.3 | % |  | 1.0 | % |  | 0.4 | %
Expected forfeiture rate | — | % |  | — | % |  | — | %
Summarizes restricted stock unit and performance share activity | The following table summarizes restricted stock unit and performance stock unit activity during the periods presented (shares in thousands):
| Number of Shares |  | Weighted Average Grant Date Fair Value per Share
Unvested at December 31, 2021 | 600 |  |  | $ | 355.43 |
Granted | 240 |  |  | 374.16 |
Conversion of Unvested Restricted Stock Awards | — |  |  | — |
Vested | (246) |  |  | 316.10 |
Forfeited | (26) |  |  | 392.35 |
Unvested at December 31, 2022 | 568 |  |  | $ | 376.07 |
Summary of stock option activity | Options granted, exercised, forfeited and expired are summarized as follows:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2021 | 1,620 |  |  | 206.06 |  |  |  |  |
Granted | 90 |  |  | 349.05 |  |  |  |  |
Exercised | (186) |  |  | 141.54 |  |  |  |  |
Forfeited | (13) |  |  | 292.50 |  |  |  |  |
Outstanding at December 31, 2022 | 1,511 |  |  | $ | 221.38 |  |  | 5 |  | $ | 175,246 |
Exercisable at December 31, 2022 | 1,249 |  |  | $ | 195.54 |  |  | 5 |  | $ | 167,620 |
Other information pertaining to option activity was as follows during the twelve months ended December 31:
| 2022 |  | 2021 |  | 2020
Weighted average grant-date fair value of stock options granted | $ | 108.99 |  |  | $ | 113.18 |  |  | $ | 98.69 |
Total intrinsic value of stock options exercised | $ | 43,160 |  |  | $ | 215,062 |  |  | $ | 292,394 |
Summary of share-based compensation expense related to share-based awards | The following table summarizes share-based compensation expense related to share-based awards which is recorded in the consolidated statements of income:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Subscriptions, maintenance and professional services | $ | 27,486 |  |  | $ | 23,705 |  |  | $ | 18,125 |
Sales and marketing expense | 8,800 |  |  | 8,834 |  |  | 7,904 |
General and administrative expense | 66,699 |  |  | 72,187 |  |  | 41,336 |
Total share-based compensation expense | 102,985 |  |  | 104,726 |  |  | 67,365 |
Total tax benefit | (27,599) |  |  | (63,456) |  |  | (66,241) |
Net decrease in net income | $ | 75,386 |  |  | $ | 41,270 |  |  | $ | 1,124 |

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