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Employee Stock Plans (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Awards | Compensation expense for stock-based awards recognized during the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Stock options | $ | — |  |  | $ | — |  |  | $ | 768 |  |  | $ | 248 |  |
Restricted stock units and awards | 1,452 |  |  | 1,188 |  |  | 4,066 |  |  | 4,015 |  |
Performance share units | 1,650 |  |  | 4,371 |  |  | 4,887 |  |  | 7,724 |  |
Total stock-based compensation expense | $ | 3,102 |  |  | $ | 5,559 |  |  | $ | 9,721 |  |  | $ | 11,987 |  |
Schedule of Stock Options, Restricted Stock Units and Awards, and Performance Share Units Activity | The following table presents our stock options and restricted stock units and awards activity during the nine months ended September 30, 2023 (in thousands, except per share data):
| Stock Options |  | Restricted Stock Units and Awards |
| Number of Options |  | Weighted Average Exercise Price Per Share |  | Number of Shares |  | Weighted Average Grant-Date Fair Value (1) |
Outstanding at beginning of year | 553 |  |  | $ | 21.03 |  |  | 277 |  |  | $ | 32.62 |  |
Granted | 50 |  |  | $ | 48.40 |  |  | 109 |  |  | $ | 48.64 |  |
Exercised or released | (433) |  |  | $ | 19.34 |  |  | (163) |  |  | $ | 31.63 |  |
Outstanding at September 30, 2023 | 170 |  |  | $ | 33.36 |  |  | 223 |  |  | $ | 41.19 |  |
Exercisable at September 30, 2023 | 170 |  |  | $ | 33.36 |  |  |  |  |  |
(1)Represents weighted average market value of the shares; awards are granted at no cost to the recipients. The following table presents our PSUs activity during the nine months ended September 30, 2023 (in thousands, except per share data):
| Performance Share Units |  | Weighted Average Grant-Date Fair Value Per Unit (1) |
Outstanding at beginning of year | 482 |  |  | $ | 28.84 |  |
Granted | 88 |  |  | $ | 48.40 |  |
Vested | (244) |  |  | $ | 25.75 |  |
Adjustments for performance results (2) | 138 |  |  | $ | 27.68 |  |
Outstanding at September 30, 2023 | 464 |  |  | $ | 33.84 |  |
(1)Represents weighted average market value of the performance share units; PSUs are granted at no cost to the recipients.(2)Represents the change in the number of performance awards earned based on performance achievement for the performance period.
Schedule of Fair Value Option Award Weighted Average Assumptions Used | The following weighted average assumptions were utilized:
| Nine Months Ended September 30, 2023
Expected volatility (1) | 28.57%
Expected option life (years) (2) | 4.74
Risk-free interest rate (3) | 3.89%
Expected dividend yield (4) | —%
(1) The expected volatility assumption was determined based upon the historical volatility of CBIZ's stock price using daily price intervals. (2) The expected option life was determined based upon CBIZ's historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest. (3) The risk-free interest rate assumption was based upon zero-coupon U.S. treasury bonds with a term approximating the expected life of the respective options. (4) The expected dividend yield assumption was determined in view of CBIZ's historical and estimated dividend payouts.

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