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Equity-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Option Activity | Stock option activity during 2023 and 2024 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, 2023 |  |  | 979,277 |  |  | $ | 46.27 |  |  |  |  |  |  |
Options granted |  |  | 296,340 |  |  |  | 78.94 |  |  |  |  |  |  |
Options exercised |  |  | (198,527 | ) |  |  | 41.29 |  |  |  |  |  |  |
Options cancelled |  |  | (140,545 | ) |  |  | 55.95 |  |  |  |  |  |  |
Options outstanding at December 31, 2023 |  |  | 936,545 |  |  |  | 56.21 |  |  |  |  |  |  |
Options granted |  |  | 3,000 |  |  |  | 78.59 |  |  |  |  |  |  |
Options exercised |  |  | (121,468 | ) |  |  | 45.94 |  |  |  |  |  |  |
Options cancelled |  |  | (45,560 | ) |  |  | 67.12 |  |  |  |  |  |  |
Options outstanding at June 30, 2024 |  |  | 772,517 |  |  | $ | 57.27 |  |  |  | 6.85 |  |  | $ | 10,819 |
Options exercisable at June 30, 2024 |  |  | 422,652 |  |  | $ | 48.06 |  |  |  | 5.80 |  |  | $ | 8,872 |
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 six months ended June 30, 2024 and year ended December 31, 2023:
|  | June 30, 2024 |  |  | December 31, 2023 |
Weighted average grant-date fair value of options |  | $ | 28.34 |  |  | $ | 30.99 |
Risk-free interest rate |  |  | 4.4 | % |  |  | 4.2 | %
Expected volatility |  |  | 33 | % |  |  | 37 | %
Expected life (in years) |  |  | 4.7 |  |  |  | 5.0 |
Restricted Stock Activity | Restricted stock unit activity during 2023 and 2024 was as follows:
|  | Number of Shares |  |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1, 2023 |  |  | 1,045,202 |  |  | $ | 54.89 |
Granted |  |  | 587,239 |  |  |  | 76.32 |
Cancelled |  |  | (198,740 | ) |  |  | 57.21 |
Vested |  |  | (403,223 | ) |  |  | 50.48 |
Unvested at December 31, 2023 |  |  | 1,030,478 |  |  | $ | 68.38 |
Granted |  |  | 492,602 |  |  |  | 76.45 |
Cancelled |  |  | (61,121 | ) |  |  | 70.45 |
Vested |  |  | (287,340 | ) |  |  | 61.41 |
Unvested at June 30, 2024 |  |  | 1,174,619 |  |  | $ | 73.36 |
Performance stock unit activity | Performance stock unit activity during 2023 and 2024 was as follows:
|  | Number of Units |  |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1, 2023 |  |  | 1,273,800 |  |  | $ | 20.69 |
Granted |  |  | 177,509 |  |  |  | 70.98 |
Performance adjustment |  |  | 407,825 |  |  |  | 17.69 |
Cancelled |  |  | (114,908 | ) |  |  | 69.07 |
Vested |  |  | (1,408,195 | ) |  |  | 10.60 |
Unvested at December 31, 2023 |  |  | 336,031 |  |  | $ | 69.35 |
Granted |  |  | 75,909 |  |  |  | 67.85 |
Performance adjustment |  |  | (9,241 | ) |  |  | 72.99 |
Cancelled |  |  | (15,723 | ) |  |  | 70.37 |
Vested |  |  | (98,504 | ) |  |  | 61.52 |
Unvested at June 30, 2024 |  |  | 288,472 |  |  | $ | 71.45 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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