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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock, may be granted to officers, employees and directors of the Company pursuant to the Company's Omnibus Incentive and Equity Plan (the "Omnibus Plan"). At December 31, 2023, 478,216 shares of common stock remain available for issuance of the 3,370,000 shares that are authorized for issuance under the Omnibus Plan. Stock-based compensation expense is summarized as follows:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Stock-based compensation expense | $ | 26,825 |  |  | $ | 24,042 |  |  | $ | 26,225 |
Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent PSUs that convert into RSUs after performance measurement is complete and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Omnibus Plan and are not issued from treasury stock. RSU activity, inclusive of PSUs, for the year ended December 31, 2023 is summarized as follows:
| Number of shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022 | 377,087 |  |  | $ | 178.21 |
Granted | 210,420 |  |  | $ | 160.74 |
Forfeited | (38,060) |  |  | $ | 150.13 |
Settled | (204,730) |  |  | $ | 121.26 |
Outstanding at December 31, 2023 | 344,717 |  |  | $ | 204.48 |
The grant-date intrinsic value of RSUs granted during the year ended December 31, 2023 was $33.8 million.
| Years Ended December 31,
(in millions, except per share values) | 2023 |  | 2022 |  | 2021
Weighted-average grant-date fair value per share | $ | 160.74 |  |  | $ | 194.46 |  |  | $ | 268.65 |
Fair value of RSUs vested | $ | 24.8 |  |  | $ | 23.8 |  |  | $ | 22.8 |
For the years ended December 31, 2023, 2022 and 2021, a total of 79,516, 79,471 and 73,069 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations and for which the Company paid $13.8 million, $16.8 million and $19.5 million, respectively, in minimum employee tax withholding obligations. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued as a result of the vesting. During the years ended December 31, 2023 and 2022, the Company granted 44,583 and 30,516 PSUs, respectively, that contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three-year service period based upon the value determined using a combination of (i) the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, Stock Compensation ("ASC 718") and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period. As of December 31, 2023 and 2022, unamortized stock-based compensation expense for unvested RSUs and PSUs was $30.3 million and $27.7 million, respectively, with a weighted average remaining contractual life of 1.1 years and 1.0 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2023, 2022 and 2021. Employee Stock Purchase Plan The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.

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