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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Option Activity | Stock option activity during 2022, 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, 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 |  |  | 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 |  |  | 4,000 |  |  |  | 75.30 |  |  |  |  |  |  |
Options exercised |  |  | (158,714 | ) |  |  | 45.43 |  |  |  |  |  |  |
Options cancelled |  |  | (86,810 | ) |  |  | 66.91 |  |  |  |  |  |  |
Options outstanding at December 31, 2024 |  |  | 695,021 |  |  | $ | 57.45 |  |  |  | 6.34 |  |  | $ | 1,317,714 |
Options exercisable at December 31, 2024 |  |  | 393,416 |  |  | $ | 48.91 |  |  |  | 5.35 |  |  | $ | 1,317,714 |
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 years ended December 31, 2024, 2023 and 2022:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Weighted-average grant-date fair value of options |  | $ | 27.24 |  |  | $ | 30.99 |  |  | $ | 20.72 |
Risk-free interest rate |  |  | 4.4 | % |  |  | 4.2 | % |  |  | 2.0 | %
Expected volatility |  |  | 33 | % |  |  | 37 | % |  |  | 39 | %
Expected life (in years) |  |  | 4.8 |  |  |  | 5.0 |  |  |  | 5.0 |
Restricted Stock Unit Activity | Restricted stock unit activity during 2022, 2023 and 2024 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 |  |  | 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 |  |  | 608,572 |  |  |  | 71.78 |
Cancelled |  |  | (127,761 | ) |  |  | 72.84 |
Vested |  |  | (365,871 | ) |  |  | 63.29 |
Unvested at December 31, 2024 |  |  | 1,145,418 |  |  | $ | 71.31 |
Performance Stock Unit Activity | Performance stock unit activity during 2022, 2023 and 2024 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 |  |  | 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 |  |  | 78,955 |  |  |  | 68.04 |
Performance adjustment |  |  | (9,241 | ) |  |  | 72.99 |
Cancelled |  |  | (15,723 | ) |  |  | 70.37 |
Vested |  |  | (98,504 | ) |  |  | 61.52 |
Unvested at December 31, 2024 |  |  | 291,518 |  |  | $ | 71.47 |

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