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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 12.STOCK-BASED COMPENSATION Stock Options The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility, as well as to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:
|  |  |  |  |  |  |  |  | For the six
|  |  |  |  |  |  |  |  | months ended
|  |  |  |  |  |  |  |  | June 30, 2023
Risk free interest rate |  |  |  |  |  |  |  |  | 3.96%
Dividend yield |  |  |  |  |  |  |  |  | 1.5%
Expected volatility |  |  |  |  |  |  |  |  | 30%
Expected lives |  |  |  |  |  |  |  |  | 4.4 years
The following table summarizes the Company’s activities with respect to its stock option plans for the six months ended June 30, 2023 as follows (dollars and shares in thousands, except for per share data):
|  |  |  | Weighted- |  | Weighted-Average |  |  |
|  |  |  | Average |  | Remaining |  |  |
|  | Number |  | Exercise Price |  | Contractual |  | Aggregate
|  | of Shares |  | Per Share |  | Life (in years) |  | Intrinsic Value
Outstanding at December 31, 2022 |  | 1,673 |  | $ | 161.02 |  |  |  |  |
Granted |  | 20 |  | $ | 224.24 |  |  |  |  |
Exercised |  | (176) |  | $ | 127.05 |  |  |  |  |
Forfeited/canceled |  | (8) |  | $ | 235.41 |  |  |  |  |
Outstanding at June 30, 2023 |  | 1,509 |  | $ | 165.42 |  | 2.2 |  | $ | 101,124
Exercisable at June 30, 2023 |  | 1,479 |  | $ | 163.71 |  | 2.0 |  | $ | 100,973
Unvested at June 30, 2023 |  | 30 |  | $ | 254.38 |  | 9.4 |  | $ | 151
The weighted-average per share fair value of options granted during the six months ended June 30, 2023 was $58.95. The total intrinsic value for options exercised during the six months ended June 30, 2023 was $23.9 million. Restricted Stock Units and Performance-Based Restricted Stock Units The following table summarizes the Company’s RSU and PSU activity for the six months ended June 30, 2023:
|  | RSUs |  | PSUs (1)
|  |  |  | Weighted-Average |  |  |  | Weighted-Average
|  | Number of |  | Grant Date Fair |  | Number of |  | Grant Date Fair
|  | Shares |  | Value per Share |  | Shares |  | Value per Share
|  | (in thousands) |  |  |  |  | (in thousands) |  |  |
Outstanding at December 31, 2022 |  | 222 |  | $ | 280.66 |  | 429 |  | $ | 332.18
Granted |  | 171 |  | $ | 255.36 |  | 96 |  | $ | 263.35
PSU adjustment (2) |  | — |  | $ | — |  | 65 |  | $ | 302.96
Vested |  | (117) |  | $ | 263.75 |  | (207) |  | $ | 345.08
Forfeited/canceled |  | (11) |  | $ | 278.05 |  | (14) |  | $ | 298.10
Outstanding at June 30, 2023 |  | 265 |  | $ | 271.40 |  | 369 |  | $ | 298.65
(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. (2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

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