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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Stock options			$	1,292					$	1,752					$	2,638					$	3,140
Restricted stock			3,236						3,358						6,713						7,057
Performance vested restricted stock units			4,749						7,096						9,020						11,780
Total share-based compensation expense			$	9,277					$	12,206					$	18,371					$	21,977

Schedule of Stock-Based Award Activity

A summary of the share-based award activity during the six months ended June 30, 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												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, 2024			933,706						$	106.60					6.0 years						365,610						$	136.37					438,527						$	138.42
Options exercisable as of June 30, 2024			637,932						$	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.

Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model

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 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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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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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