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Share-based awards (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of stock option activity | The following table summarizes option activity for the nine months ended September 30, 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 | 82,472 |  |  | $ | 232.48 |  |  |
Exercised | (377,614) |  |  | $ | 96.67 |  |  |
Canceled/expired | (6,885) |  |  | $ | 116.33 |  |  |
Outstanding at September 30, 2023 | 1,076,092 |  |  | $ | 136.65 |  |  | 4.45
Exercisable at September 30, 2023 | 804,953 |  |  | $ | 113.75 |  |  | 3.91
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, 2023 |  | September 30, 2022
Weighted average grant date fair value | $ | 85.12 |  |  | $ | 68.40 |
Assumptions: |  |  |
Expected volatility | 33 | % |  | 31 | %
Dividend yield | — | % |  | — | %
Risk-free interest rate | 3.98 | % |  | 1.85 | %
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, 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 | 60,374 |  |  | $ | 232.51 |  |  | 306,780 |  |  | $ | 218.68 |
Shares vested | (47,026) |  |  | $ | 159.57 |  |  | (178,781) |  |  | $ | 186.35 |
Forfeited | — |  |  | $ | — |  |  | (59,260) |  |  | $ | 211.45 |
Outstanding at September 30, 2023 | 165,768 |  |  | $ | 216.22 |  |  | 651,351 |  |  | $ | 218.41 |
Schedule of non-cash stock compensation expense | Stock compensation expense for the three and nine months ended September 30, 2023 and September 30, 2022 has been allocated as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
| (in thousands) |  | (in thousands)
Direct costs | $ | 6,637 |  |  | $ | 6,285 |  |  | $ | 18,725 |  |  | $ | 17,117 |
Selling, general and administrative | $ | 9,828 |  |  | $ | 11,232 |  |  | $ | 29,097 |  |  | $ | 38,586 |
Total | $ | 16,465 |  |  | $ | 17,517 |  |  | $ | 47,822 |  |  | $ | 55,703 |

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -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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