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Share-based awards (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of stock option activity | The following table summarizes option activity for the three months ended March 31, 2023:
| Options Outstanding Number of Shares |  | Weighted Average Exercise Price |  |  |  | Weighted Average Remaining Contractual Life
Outstanding at December 31, 2022 | 1,378,119 |  |  | $ | 119.86 |  |  |  |  | 4.69
Granted | 76,066 |  |  | $ | 233.88 |  |  |  |  |
Exercised | (136,649) |  |  | $ | 94.66 |  |  |  |  |
Canceled/expired | (6,499) |  |  | $ | 115.46 |  |  |  |  |
Outstanding at March 31, 2023 | 1,311,037 |  |  | $ | 129.12 |  |  |  |  | 4.83
Exercisable at March 31, 2023 | 1,003,832 |  |  | $ | 108.94 |  |  |  |  | 4.29
Schedule of weighted average fair values and assumptions used | The weighted average grant date fair values and assumptions used were as follows:
| Three Months Ended
| March 31, 2023 |  | March 31, 2022
Weighted average grant date fair value | $ | 85.75 |  |  | $ | 68.24 |
Assumptions: |  |  |
Expected volatility | 33 | % |  | 30 | %
Dividend yield | — | % |  | — | %
Risk-free interest rate | 4.22 | % |  | 1.74 | %
Expected life | 5 years |  | 5 years
Summary of RSU and PSU activity | The following table summarizes RSU and PSU activity for the three months ended March 31, 2023:
| 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, 2022 | 152,420 |  |  | $ | 192.29 |  |  |  | 582,612 |  |  | $ | 207.73 |
Granted | 55,772 |  |  | $ | 233.88 |  |  |  | 26,466 |  |  | $ | 233.88 |
Shares vested | (45,460) |  |  | $ | 159.33 |  |  |  | (22,758) |  |  | $ | 191.74 |
Forfeited | — |  |  | $ | — |  |  |  | (16,523) |  |  | $ | 208.48 |
Outstanding at March 31, 2023 | 162,732 |  |  | $ | 215.75 |  |  |  | 569,797 |  |  | $ | 207.94 |
Schedule of non-cash stock compensation expense | Non-cash stock compensation expense for the three months ended March 31, 2023 and March 31, 2022 has been allocated as follows:
| Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
| (in thousands) |  |
Direct costs | $ | 5,668 |  |  | $ | 4,999 |  |  |  |  |
Selling, general and administrative | 9,091 |  |  | 13,904 |  |  |  |  |
| $ | 14,759 |  |  | $ | 18,903 |  |  |  |  |

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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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