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SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Schedule of Weighted-Average Assumptions Used in BSM Model to Calculate Fair Value of Options | The following table sets forth the key weighted-average assumptions used in the BSM Model to calculate the fair value of options:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected holding period - years | 4.1 |  | 4.7 |  | 5.0
Expected volatility | 45.4% |  | 36.5% |  | 34.3%
Risk-free interest rate | 3.8% |  | 1.9% |  | 0.9%
Expected dividend yield | 0.0% |  | 0.0% |  | 0.0%
Schedule of Grant Date Fair Value and Stock-based Compensation Expense Allocated | The following table summarizes the grant date fair values of stock options and restricted shares issued during the period as well as the allocation of stock-based compensation expense to Total direct costs, and Selling, general and administrative reported in the consolidated statements of operations:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Weighted average, grant date fair value |  |  |  |  |
Stock options | $ | 85.30 |  |  | $ | 47.57 |  |  | $ | 52.70 |
Restricted shares (RSAs and RSUs) | $ | 225.69 |  |  | $ | 149.87 |  |  | $ | 174.94 |
Stock-based compensation expense allocated to: |  |  |  |  |
Total direct costs | $ | 11,099 |  |  | $ | 11,801 |  |  | $ | 9,345 |
Selling, general, and administrative | 9,417 |  |  | 9,611 |  |  | 5,124 |
Total stock-based compensation expense | $ | 20,516 |  |  | $ | 21,412 |  |  | $ | 14,469 |
Schedule of Stock Option Activity | The following table sets forth the Company’s stock option activity:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding - beginning of Period | 1,629,148 |  | $ | 89.71 |  |  | 1,992,915 |  | $ | 68.39 |  |  | 2,500,727 |  | $ | 43.26 |
Granted | 12,437 |  | $ | 211.25 |  |  | 252,490 |  | $ | 138.91 |  |  | 282,588 |  | $ | 168.34 |
Exercised | (287,048) |  | $ | 39.64 |  |  | (579,407) |  | $ | 38.10 |  |  | (745,572) |  | $ | 23.67 |
Cancelled/Forfeited/Expired | (11,250) |  | $ | 183.04 |  |  | (36,850) |  | $ | 85.40 |  |  | (44,828) |  | $ | 40.50 |
Outstanding - end of period | 1,343,287 |  | $ | 100.75 |  |  | 1,629,148 |  | $ | 89.71 |  |  | 1,992,915 |  | $ | 68.39 |
Exercisable - end of period | 901,865 |  | $ | 74.79 |  |  | 1,116,255 |  | $ | 60.52 |  |  | 1,290,627 |  | $ | 56.43 |
Schedule of Restricted Share Activity | The following table sets forth the Company’s Restricted Share activity:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Shares/Units |  | Shares/Units |  | Shares/Units
Outstanding and unvested - beginning of period | 523,377 |  | 602,187 |  | 695,562
Granted | 46,836 |  | 165,595 |  | 102,579
Vested | (154,618) |  | (197,000) |  | (119,000)
Forfeited | (24,597) |  | (47,405) |  | (76,954)
Outstanding and unvested - end of period | 390,998 |  | 523,377 |  | 602,187
Schedule of Stock Options Expected To Vest, Stock Options Exercisable, and Unvested Restricted Share Awards Expected To Vest | The following table summarizes information about stock options expected to vest, stock options exercisable, and unvested restricted share awards expected to vest at December 31, 2023:
| Weighted Average Exercise Price |  | Stock Options |  | Restricted Shares/Units |  | Weighted Average Remaining Life (Years)
Number of stock options expected to vest | $ | 100.75 |  |  | 1,343,287 |  | — |  | 2.7
Number of restricted shares/units expected to vest |  |  |  |  | 390,998 |  |
Total expected to vest |  |  | 1,343,287 |  | 390,998 |  |
Total stock options exercisable | $ | 74.79 |  |  | 901,865 |  | — |  | 2.1
Unrecognized compensation cost (in thousands) |  |  | $ | 7,727 |  |  | $ | 27,058 |  |  |
Weighted average years over which unrecognized compensation cost will be recognized |  |  | 1.8 |  | 2.5 |  |
Schedule of Aggregate Intrinsic Value of Stock Options Exercised, Fair Values of Awards Vested, and Share Based Liabilities Settled | The following table sets forth the aggregate intrinsic value of stock options exercised, the fair values of awards vested, and share based liabilities settled during the respective periods (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Total intrinsic value of stock options exercised | $ | 56,548 |  |  | $ | 77,527 |  |  | $ | 104,695 |
Total grant-date fair value of stock options vested | $ | 3,591 |  |  | $ | 5,228 |  |  | $ | 5,185 |
Total grant-date fair value of restricted shares vested | $ | 9,306 |  |  | $ | 9,248 |  |  | $ | 3,796 |
Total settlement date fair value of restricted shares vested | $ | 31,842 |  |  | $ | 32,802 |  |  | $ | 22,321 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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