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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expenses | 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 |  |  |  |  |
Schedule of Stock-Based Award Activity | 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.
Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model | 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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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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)(2) -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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