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Stock Options and Employee Stock Purchase Plan (Tables)
6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock Option Activity
The following table represents stock option activity for the six months ended June 30, 2021:
Number of SharesWeighted-
Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value
Outstanding at January 1, 2021475,601 $69.61 
Granted— — 
Exercised(45,351)29.34 
Canceled— — 
Outstanding at June 30, 2021430,250 $73.85 6.3$27,405,745 
Exercisable at June 30, 2021180,250 $72.22 5.9$11,775,745 
Vested and expected to vest at June 30, 2021363,615 $73.64 6.2$23,239,725 
Market-Based Restricted Stock Awards, Valuation Assumptions
The weighted-average fair values of market-based shares granted have been estimated utilizing the following assumptions:
June 30, 2021June 30, 2020
Underlying stock price at valuation date$113.27 $91.17 
Expected volatility30.3 %27.0 %
Risk-free interest rate1.3 %0.7 %
Restricted Stock and Restricted Stock Unit Award Activity
Restricted stock award activity for the six months ended June 30, 2021 is set forth below:
SharesWeighted-Average
Grant-Date
Fair Value
Nonvested at January 1, 2021820,566 $62.66 
Granted— — 
Vested(334,294)64.02 
Canceled(2,067)82.38 
Nonvested at June 30, 2021484,205 $61.62 
  
Restricted stock unit award activity for the six months ended June 30, 2021 is set forth below:
Number of
Shares
Weighted-Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value
Outstanding at January 1, 2021209,784 
Granted163,380 
Vested(100,224)
Canceled— 
Outstanding at June 30, 2021272,940 3.4$37,542,897 
Vested and expected to vest at June 30, 2021182,186 2.8$25,059,725 
Employee Stock Purchase Plan, Valuation Assumptions
The compensation expense related to the Purchase Plan has been estimated utilizing the following assumptions:
June 30, 2021June 30, 2020
Risk-free interest rate0.02%0.1%
Expected term (in years)0.50.5
Dividend yield0.00%0.00%
Expected volatility29.5%24.0%
Weighted average volatility29.5%24.0%