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Share-based awards (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes option activity for the six months ended June 30, 2022:
| Options Outstanding Number of Shares |  | Weighted Average Exercise Price |  |  |  | Weighted Average Remaining Contractual Life
Outstanding at December 31, 2021 | 1,695,460 |  |  | $ | 104.79 |  |  |  |  | 5.39
Granted | 108,643 |  |  | $ | 229.94 |  |  |  |  |
Exercised | (159,761) |  |  | $ | 94.70 |  |  |  |  |
Canceled/expired | (36,531) |  |  | $ | 124.62 |  |  |  |  |
Outstanding at June 30, 2022 | 1,607,811 |  |  | $ | 119.68 |  |  |  |  | 5.27
Exercisable at June 30, 2022 | 1,044,178 |  |  | $ | 99.21 |  |  |  |  | 4.49
Schedule of Weighted Average Fair Values and Assumptions Used | The weighted average grant date fair values and assumptions used were as follows:
| Six Months Ended
| June 30, 2022 |  | June 30, 2021
Weighted average grant date fair value | $ | 68.40 |  |  | $ | 49.15 |
Assumptions: |  |  |
Expected volatility | 31 | % |  | 30 | %
Dividend yield | — | % |  | — | %
Risk-free interest rate | 1.85 | % |  | 0.78 | %
Expected life | 5 years |  | 5 years
Summary of RSU and PSU Activity | The following table summarizes RSU and PSU activity for the six months ended June 30, 2022:
| 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, 2021 | 154,190 |  |  | $ | 160.23 |  |  |  | 572,785 |  |  | $ | 191.20 |
Granted | 64,682 |  |  | $ | 214.25 |  |  |  | 291,043 |  |  | $ | 217.51 |
Shares vested | (45,567) |  |  | $ | 140.18 |  |  |  | (187,126) |  |  | $ | 173.20 |
Forfeited | (2,718) |  |  | $ | 157.30 |  |  |  | (43,175) |  |  | $ | 201.02 |
Outstanding at June 30, 2022 | 170,587 |  |  | $ | 189.05 |  |  |  | 633,527 |  |  | $ | 207.98 |
Schedule of Non-cash Stock Compensation Expense | Non-cash stock compensation expense for the six months ended June 30, 2022 and June 30, 2021 has been allocated as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2022 |  | June 30, 2021 |  | June 30, 2022 |  | June 30, 2021
| (in thousands) |  | (in thousands)
Direct costs | $ | 5,833 |  |  | $ | 3,101 |  |  | $ | 10,832 |  |  | $ | 5,156 |
Selling, general and administrative | 13,450 |  |  | 5,379 |  |  | 27,354 |  |  | 9,718 |
| $ | 19,283 |  |  | $ | 8,480 |  |  | $ | 38,186 |  |  | $ | 14,874 |

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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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