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Share-Based Compensation
 6 Months Ended
Jun. 30, 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 June 30,
Six Months Ended June 30,
(in thousands)20242023
2024
2023
Stock options$1,292 $1,752 $2,638 $3,140 
Restricted stock3,236 3,358 6,713 7,057 
Performance vested restricted stock units4,749 7,096 9,020 11,780 
Total share-based compensation expense$9,277 $12,206 $18,371 $21,977 
A summary of the share-based award activity during the six months ended June 30, 2024 is presented below:
 Stock OptionsRestricted StockPerformance Vested
Restricted Stock Units
 OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life		SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value
Outstanding as of January 1, 2024943,641 $102.90 361,668 $136.05 458,495 $136.14 
Granted78,988 111.94 61,974 113.74 145,228 112.15 
Performance-based leveraging (1)
— — — — (3,772)129.01 
Exercised/vested(88,483)71.87 (52,538)108.91 (146,675)107.54 
Expired— — — — (8,028)108.79 
Forfeited(440)123.71 (5,494)120.32 (6,721)130.04 
Outstanding as of June 30, 2024933,706 $106.60 6.0 years365,610 $136.37 438,527 $138.42 
Options exercisable as of June 30, 2024637,932 $99.51 4.9 years
(1) Any revisions to the outstanding PVRSUs during the six months ended June 30, 2024 is based on the Company's performance relative to the targeted performance conditions in the respective PVRSUs.
The fair value of the restricted stock and the PVRSUs with performance conditions that were granted during the six months ended June 30, 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 was 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 six months ended June 30, 2024 was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
Risk-free interest rate4.27 %
Expected volatility31.34 %
Expected life of the stock option6 years
Dividend yield1.03 %
Requisite service period4 years
Contractual life10 years
Weighted average fair value of the stock options granted (per stock option)$38.85