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Share-based awards (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes option activity for the six months ended June 30, 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 | (201,654) |  |  | $ | 107.30 |  |  |
Outstanding at June 30, 2024 | 769,532 |  |  | $ | 168.52 |  |  | 4.55
Exercisable at June 30, 2024 | 535,883 |  |  | $ | 134.89 |  |  | 3.81
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, 2024 |  | June 30, 2023
Weighted average grant date fair value | $ | 115.76 |  |  | $ | 85.12 |
Assumptions: |  |  |
Expected volatility | 36 | % |  | 33 | %
Dividend yield | — | % |  | — | %
Risk-free interest rate | 4.20 | % |  | 4.18 | %
Expected life | 4.3 years |  | 5 years
Summary of RSU and PSU Activity | The following table summarizes RSU and PSU activity for the six months ended June 30, 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 |  |  | 237,539 |  |  | $ | 318.49 |
Shares vested | (9,975) |  |  | $ | 177.38 |  |  | (109,885) |  |  | $ | 220.87 |
Forfeited | (72,764) |  |  | $ | 252.86 |  |  | (39,114) |  |  | $ | 221.86 |
Outstanding at June 30, 2024 | 71,143 |  |  | $ | 273.79 |  |  | 709,551 |  |  | $ | 251.22 |
Schedule of Non-Cash Stock Compensation Expense | Stock compensation expense for the three and six months ended June 30, 2024 and June 30, 2023 has been allocated as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 | June 30, 2023 |  | June 30, 2024 | June 30, 2023
| (in thousands)
Direct costs | $ | 7,299 |  | $ | 6,420 |  |  | $ | 14,020 |  | $ | 12,088 |
Selling, general and administrative | 7,665 |  | 10,178 |  |  | 14,125 |  | 19,269 |
Total | $ | 14,964 |  | $ | 16,598 |  |  | $ | 28,145 |  | $ | 31,357 |

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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