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Share-based awards (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of stock option activity | The following table summarizes option activity for the nine months ended September 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 | (276,901) |  |  | $ | 104.70 |  |  |  |  |
Canceled/expired | (56,143) |  |  | $ | 141.35 |  |  |  |  |
Outstanding at September 30, 2022 | 1,471,059 |  |  | $ | 119.10 |  |  |  |  | 4.85
Exercisable at September 30, 2022 | 1,100,950 |  |  | $ | 101.29 |  |  |  |  | 4.31
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, 2022 |  | September 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 nine months ended September 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 |  |  |  | (188,658) |  |  | $ | 174.17 |
Forfeited | (14,542) |  |  | $ | 182.33 |  |  |  | (68,261) |  |  | $ | 203.82 |
Outstanding at September 30, 2022 | 158,763 |  |  | $ | 189.13 |  |  |  | 606,909 |  |  | $ | 207.94 |
Schedule of non-cash stock compensation expense | Non-cash stock compensation expense for the nine months ended September 30, 2022 and September 30, 2021 has been allocated as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
| (in thousands) |  | (in thousands)
Direct costs | $ | 6,285 |  |  | $ | 8,787 |  |  | $ | 17,117 |  |  | $ | 13,822 |
Selling, general and administrative | 11,232 |  |  | 17,568 |  |  | 38,586 |  |  | 27,133 |
Transaction and integration-related expenses | — |  |  | 73,836 |  |  | 0 |  | 73,836 |
| $ | 17,517 |  |  | $ | 100,191 |  |  | $ | 55,703 |  |  | $ | 114,791 |

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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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