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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The components of the Company’s share-based compensation expense were as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2024 |  | 2023 |  |  |  |
Stock options | $ | 1,346 |  |  | $ | 1,388 |  |  |  |  |
Restricted stock | 3,477 |  |  | 3,699 |  |  |  |  |
Performance vested restricted stock units | 4,271 |  |  | 4,684 |  |  |  |  |
Total share-based compensation expense | $ | 9,094 |  |  | $ | 9,771 |  |  |  |  |
A summary of the share-based award activity during the three months ended March 31, 2024 is presented below:
| Stock Options |  | Restricted Stock |  | Performance Vested Restricted Stock Units
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2024 | 943,641 |  |  | $ | 102.90 |  |  |  |  | 361,668 |  |  | $ | 136.05 |  |  | 458,495 |  |  | $ | 136.14 |
Granted | 78,988 |  |  | 111.94 |  |  |  |  | 49,333 |  |  | 111.94 |  |  | 143,312 |  |  | 111.94 |
Performance-based leveraging (1) | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised/vested | (87,240) |  |  | 71.74 |  |  |  |  | (37,307) |  |  | 105.52 |  |  | (146,675) |  |  | 107.54 |
Expired | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | (440) |  |  | 123.71 |  |  |  |  | (2,433) |  |  | 119.50 |  |  | (10,940) |  |  | 115.62 |
Outstanding as of March 31, 2024 | 934,949 |  |  | $ | 106.56 |  |  | 6.2 years |  | 371,261 |  |  | $ | 135.99 |  |  | 444,192 |  |  | $ | 138.29 |
Options exercisable as of March 31, 2024 | 639,175 |  |  | $ | 99.47 |  |  | 5.2 years |  |  |  |  |  |  |  |
(1) During the three months ended March 31, 2024, there were no revisions to the outstanding PVRSUs as a result of a change in the Company's targeted performance conditions. The fair value of the restricted stock and the PVRSUs with performance conditions that were granted during the three months ended March 31, 2024 was equal to the market price of the Company’s common stock on the date of the grant. The fair value of the PVRSUs with market conditions that are based on the Company’s total shareholder return relative to a predetermined peer group was estimated using a Monte Carlo simulation method as of the date of the grant. The requisite service periods for the restricted stock and the PVRSUs was between 9 months and 48 months. The PVRSUs have vesting ranges generally between 0% and 230% of the initial units granted. The stock options granted by the Company had an exercise price that is equal to the market price of the Company's common stock on the date of grant. The fair value of the stock options granted during the three months ended March 31, 2024 was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
Risk-free interest rate | 4.27 | %
Expected volatility | 31.34 | %
Expected life of the stock option | 6 years
Dividend yield | 1.03 | %
Requisite service period | 4 years
Contractual life | 10 years
Weighted average fair value of the stock options granted (per stock option) | $ | 38.85 |

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