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Share-based awards (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Share Option Activity | The following table summarizes option activity for the nine months ended September 30, 2021:
| Options Outstanding Number of Shares |  | Weighted Average Exercise Price |  |  |  | Weighted Average Remaining Contractual Life
Outstanding at December 31, 2020 | 553,746 |  |  | $ | 108.53 |  |  |  |  | 4.86
Assumed through business combinations (a) | 2,177,130 |  |  | $ | 108.78 |  |  |  |  |
Granted | 100,299 |  |  | $ | 177.76 |  |  |  |  |
Exercised | (913,743) |  |  | $ | 113.87 |  |  |  |  |
Canceled/expired | (32,784) |  |  | $ | 132.25 |  |  |  |  |
Outstanding at September 30, 2021 | 1,884,648 |  |  | $ | 109.50 |  |  |  |  | 5.66
Exercisable at September 30, 2021 | 1,095,429 |  |  | $ | 90.80 |  |  |  |  | 4.72
(a) Represents stock options issued as replacement awards in connection with the Merger.
Schedule of Weighted Average Fair Values and Assumptions Used | The weighted average grant date fair values and assumptions used were as follows:
| Nine Months Ended
| September 30, 2021 |  | September 30, 2020
Weighted average grant date fair value | $ | 49.15 |  |  | $ | 42.43 |
Assumptions: |  |  |
Expected volatility | 30 | % |  | 30 | %
Dividend yield | — | % |  | — | %
Risk-free interest rate | 0.78 | % |  | 0.57 | %
Expected life | 5 years |  | 5 years
The weighted average fair values on the date of the Merger and assumptions used were as follows:
| July 1, 2021
Weighted average grant date fair value | $ | 107.21 |
Assumptions: |
Expected volatility | 30 | %
Dividend yield | — | %
Risk-free interest rate | 0.56 | %
Expected life | 3.5 years
Schedule of RSU and PSU Activity | The following table summarizes RSU and PSU activity for the nine months ended September 30, 2021:
| PSU Outstanding Number of Shares |  | PSU Weighted Average Grant Date Fair Value |  |  | RSU Outstanding Number of Shares |  | RSU Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020 | 159,641 |  |  | $ | 137.64 |  |  |  | 341,424 |  |  | $ | 145.77 |
Assumed through business combinations (a) | — |  |  | $ | — |  |  |  | 589,517 |  |  | $ | 206.71 |
Granted | 55,444 |  |  | $ | 177.77 |  |  |  | 159,796 |  |  | $ | 210.64 |
Shares vested | (44,132) |  |  | $ | 115.61 |  |  |  | (441,328) |  |  | $ | 186.03 |
Forfeited | (4,777) |  |  | $ | 115.61 |  |  |  | (48,441) |  |  | $ | 180.74 |
Outstanding at September 30, 2021 | 166,176 |  |  | $ | 159.11 |  |  |  | 600,968 |  |  | $ | 190.56 |
(a) Represents RSUs issued as replacement awards in connection with the Merger.
Schedule of Non-cash Stock Compensation Expense | Non-cash stock compensation expense for the three and nine months ended September 30, 2021 and September 30, 2020 has been allocated as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
| (in thousands) |  | (in thousands)
Direct costs | $ | 8,787 |  |  | $ | 2,284 |  |  | $ | 13,822 |  |  | $ | 6,472 |
Selling, general and administrative | 17,568 |  |  | 4,687 |  |  | 27,133 |  |  | 13,685 |
Transaction and integration-related expenses | 73,836 |  |  | — |  |  | 73,836 |  |  | — |
| $ | 100,191 |  |  | $ | 6,971 |  |  | $ | 114,791 |  |  | $ | 20,157 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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