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Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Option Activity

Stock option activity during 2022 and 2023 was as follows:

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Options outstanding at January 1, 2022			1,106,069			$	42.07
Options granted			334,260				55.73
Options exercised			(285,577	)			40.66
Options cancelled			(175,475	)			46.98
Options outstanding at December 31, 2022			979,277				46.27
Options granted			271,740				79.32
Options exercised			(161,507	)			40.50
Options cancelled			(99,990	)			56.68
Options outstanding at September 30, 2023			989,520			$	55.24				7.39			$	20,815
Options exercisable at September 30, 2023			392,795			$	42.69				5.73			$	12,705

Schedule of Stock Options Valuation Assumptions

The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the nine months ended September 30, 2023 and year ended December 31, 2022:

		September 30, 2023				December 31, 2022
Weighted average grant-date fair value of options		$	31.11			$	20.72
Risk-free interest rate			4.1	%			2.0	%
Expected volatility			37	%			39	%
Expected life (in years)			5.0				5.0

Restricted Stock Activity

Restricted stock activity during 2022 and 2023 was as follows:

		Number of Shares				Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022			926,627			$	37.84
Granted			650,396				64.65
Cancelled			(145,205	)			49.03
Vested			(386,616	)			32.64
Unvested at December 31, 2022			1,045,202			$	54.89
Granted			515,202				76.53
Cancelled			(175,705	)			56.55
Vested			(373,983	)			49.44
Unvested at September 30, 2023			1,010,716			$	67.65

Restricted Stock Unit Activity

Restricted stock unit activity during 2022 and 2023 was as follows:

		Number of Units				Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022			1,504,420			$	23.20
Granted			105,311				73.96
Performance adjustment			182,543				33.05
Cancelled			—				—
Vested			(518,474	)			43.16
Unvested at December 31, 2022			1,273,800			$	20.69
Granted			177,509				70.98
Performance adjustment			388,124				15.47
Cancelled			(114,908	)			69.07
Vested			(1,408,195	)			10.60
Unvested at September 30, 2023			316,330			$	69.84

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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