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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Summary of Restricted Stock Unit and PSU Activity | The following table summarizes restricted stock awards activity for the year ended December 31, 2022:
|  | Time-Based |  |  | Market-Based |
|  | Restricted Stock Awards |  |  | Restricted Stock Awards |
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested shares of restricted stock outstanding at December 31, 2021 |  |  | 369.6 |  |  | $ | 259.94 |  |  |  | 1,628.3 |  |  | $ | 111.87 |
Granted |  |  | 392.2 |  |  | $ | 304.28 |  |  |  | 59.5 |  |  | $ | 269.00 |
Vested |  |  | (219.8 | ) |  | $ | 202.40 |  |  |  | (0.1 | ) |  | $ | 347.62 |
Forfeited |  |  | (62.9 | ) |  | $ | 317.73 |  |  |  | (10.7 | ) |  | $ | 279.87 |
Unvested shares of restricted stock outstanding at December 31, 2022 |  |  | 479.1 |  |  | $ | 315.04 |  |  |  | 1,677.0 |  |  | $ | 116.36 |
|  | Time RSUs |  |  | PSUs |
|  | Units |  |  | Weighted Average Grant Date Fair Value Per Unit |  |  | Units |  |  | Weighted Average Grant Date Fair Value Per Unit |
Unvested restricted stock units outstanding at December 31, 2021 |  |  | — |  |  | $ | — |  |  |  | 37.1 |  |  | $ | 556.50 |
Granted |  |  | 0.5 |  |  | $ | 377.01 |  |  |  | 51.5 |  |  | $ | 296.07 |
Vested |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |  |  |  | (10.8 | ) |  | $ | 376.69 |
Unvested restricted stock units outstanding at December 31, 2022 (1) |  |  | 0.5 |  |  | $ | 377.01 |  |  |  | 77.8 |  |  | $ | 409.13 |
(1) A maximum of 194,478 shares could be delivered upon settlement of PSUs based upon Paycom’s Relative TSR over the applicable performance periods.
Summary of Aggregate Fair Value of Awards | The following table presents the aggregate fair value of awards that vested during the indicated period.
|  | 2022 |  |  | 2021 |  |  | 2020 |
Time-Based Restricted Stock Awards |  | $ | 63,970 |  |  | $ | 97,242 |  |  | $ | 76,653 |
Market-Based Restricted Stock Awards |  | $ | — |  |  | $ | 76,153 |  |  | $ | 90,122 |
Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested Restricted Stock Units | The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested restricted stock unit awards as of December 31, 2022:
|  | Restricted Stock |  |  | Restricted Stock |
|  | Awards |  |  | Units |
Unrecognized compensation cost |  | $ | 217,409 |  |  | $ | 13,210 |
Weighted average period for recognition (years) |  |  | 3.0 |  |  |  | 1.5 |
Non-cash Stock-based Compensation Resulting From Restricted Stock Awards and Restricted Stock Units Awards | The following table presents our total non-cash stock-based compensation expense resulting from restricted stock awards and restricted stock unit awards in the aggregate, which is included in the following line items in the accompanying consolidated statements of comprehensive income:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Operating expenses |  | $ | 4,671 |  |  | $ | 4,570 |  |  | $ | 5,185 |
Sales and marketing |  |  | 18,659 |  |  |  | 13,801 |  |  |  | 14,376 |
Research and development |  |  | 11,063 |  |  |  | 7,527 |  |  |  | 9,107 |
General and administrative |  |  | 60,505 |  |  |  | 71,608 |  |  |  | 61,440 |
Total non-cash stock-based compensation expense |  | $ | 94,898 |  |  | $ | 97,506 |  |  | $ | 90,108 |
Restricted Stock [Member] |
Summary of Grant-Date Fair Values of Restricted Stock / PSUs Granted and Related Assumptions | The following table presents a summary of the grant-date fair values of restricted stock granted during the years ended December 31, 2022, 2021 and 2020 and the related assumptions:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Grant-date fair value of restricted stock |  | $259.65 - $348.19 |  | $315.95 - $521.17 |  | $99.56 - $377.68
Risk-free interest rate |  | 1.75% |  | 0.95% |  | 0.52% - 1.44%
Estimated volatility |  | 40.0% |  | 33.0% |  | 30.0% - 32.0%
Expected life (in years) |  | 2.5 |  | 2.3 |  | 4.4
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Grant-date fair value of restricted stock |  | $252.16 - $377.01 |  | $382.78 - $587.97 |  | —
Risk-free interest rate |  | 1.25% - 1.51% |  | 0.11% - 0.34% |  | —
Estimated volatility |  | 49.2% |  | 50.3% - 51.2% |  | —
Expected life (in years) |  | 2.7 |  | 2.6 |  | —

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