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Stock Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Market-Based Restricted Stock Awards, Valuation Assumptions
The weighted-average fair values of market-based restricted stock awards granted have been estimated utilizing the following assumptions:
September 30, 2022September 30, 2021
Underlying stock price at valuation date$99.32 $113.27 
Expected volatility36.7 %30.3 %
Risk-free interest rate1.8 %1.3 %
Restricted Stock and Restricted Stock Unit Award Activity
Restricted stock award activity for the nine months ended September 30, 2022 is set forth below:
SharesWeighted-Average
Grant-Date
Fair Value
Nonvested at January 1, 2022383,963 $62.65 
Granted— — 
Vested(65,831)$80.89 
Canceled(1,605)$93.75 
Nonvested at September 30, 2022
316,527 $60.11 
  
Restricted stock unit activity for the nine months ended September 30, 2022 is set forth below:
Number of
Shares
Weighted-Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value
Outstanding at January 1, 2022360,743 
Granted253,175 
Vested(74,604)
Canceled(12,658)
Outstanding at September 30, 2022526,656 2.6$36,065,403 
Vested and expected to vest at September 30, 2022385,498 2.2$26,398,925 
Employee Stock Purchase Plan, Valuation Assumptions
The compensation expense related to the Purchase Plan has been estimated utilizing the following assumptions:
September 30, 2022September 30, 2021
Risk-free interest rate
1.54 %0.06 %
Expected term (in years)
0.50.5
Dividend yield
0.00 %0.00 %
Expected volatility
41.6 %35.62 %
Weighted average volatility
41.6 %35.62 %