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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | NOTE 9. Share-Based Compensation Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity with respect to the nine months ended September 30, 2023 is as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at December 31, 2022 |  |  | 743 |  |  | $ | 69.01 |
Granted |  |  | 317 |  |  | $ | 88.92 |
Vested |  |  | (404 | ) |  | $ | 58.88 |
Forfeited |  |  | (48 | ) |  | $ | 82.95 |
Nonvested at September 30, 2023 |  |  | 608 |  |  | $ | 85.01 |
Of the 608 nonvested shares outstanding at September 30, 2023, 515 are service-based RSUs and 93 are market-based PRSUs. The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s stock at the date of grant. The fair value of the Company’s market-based PRSUs granted during fiscal years 2023 and 2022 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $100.79 and $85.49, respectively. As of September 30, 2023 and December 31 2022, there was $32,572 and $28,653 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 1.6 years and 1.5 years for September 30, 2023 and December 31, 2022, respectively.

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