Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

12.STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the Company’s activities with respect to its stock option plans for the nine months ended September 30, 2024 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, 2023	1,340	$	168.32
Exercised	(201)	$	134.67
Forfeited/canceled	(2)	$	197.91
Outstanding at September 30, 2024	1,137	$	174.24	1.2	$	76,424
Exercisable at September 30, 2024	1,115	$	172.68	1.1	$	76,160
Unvested at September 30, 2024	22	$	252.81	8.3	$	264

The total intrinsic value for options exercised during the nine months ended September 30, 2024 was $16.6 million.

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Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the nine months ended September 30, 2024:



	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, 2023	267	$	269.08	368	$	298.46
Granted	271	$	216.26	59	$	291.51
PSU adjustment ⁽²⁾	—	$	—	11	$	236.63
Vested	(117)	$	271.06	(155)	$	236.32
Forfeited/canceled	(17)	$	240.54	(5)	$	361.20
Outstanding at September 30, 2024	404	$	234.15	278	$	313.75

(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.