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Share-based awards (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of stock option activity | The following table summarizes option activity for the three months ended March 31, 2024:
| Options Outstanding Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life
Outstanding at December 31, 2023 | 902,806 |  |  | $ | 142.96 |  |  | 4.42
Granted | 68,380 |  |  | $ | 325.51 |  |  |
Exercised | (156,527) |  |  | $ | 104.48 |  |  |
Outstanding at March 31, 2024 | 814,659 |  |  | $ | 165.67 |  |  | 4.73
Exercisable at March 31, 2024 | 575,646 |  |  | $ | 132.89 |  |  | 4.00
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, 2024 |  | March 31, 2023
Weighted average grant date fair value | $ | 115.76 |  |  | $ | 85.75 |
Assumptions: |  |  |
Expected volatility | 36 | % |  | 33 | %
Dividend yield | — | % |  | — | %
Risk-free interest rate | 4.20 | % |  | 4.22 | %
Expected life | 4.3 years |  | 5 years
Summary of RSU and PSU activity | The following table summarizes RSU and PSU activity for the three months ended March 31, 2024:
| 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, 2023 | 105,256 |  |  | $ | 226.29 |  |  | 621,011 |  |  | $ | 218.27 |
Granted | 48,626 |  |  | $ | 325.51 |  |  | 42,826 |  |  | $ | 325.51 |
Shares vested | (9,544) |  |  | $ | 174.96 |  |  | (22,648) |  |  | $ | 214.55 |
Forfeited | (50,194) |  |  | $ | 231.36 |  |  | (22,751) |  |  | $ | 215.86 |
Outstanding at March 31, 2024 | 94,144 |  |  | $ | 280.04 |  |  | 618,438 |  |  | $ | 225.92 |
Schedule of non-cash stock compensation expense | Stock compensation expense for the three months ended March 31, 2024 and March 31, 2023 has been allocated as follows:
| Three Months Ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
| (in thousands) |  |
Direct costs | $ | 6,721 |  |  | $ | 5,668 |  |  |  |  |
Selling, general and administrative | 6,460 |  |  | 9,091 |  |  |  |  |
Total | $ | 13,181 |  |  | $ | 14,759 |  |  |  |  |

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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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