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Stock-Based Compensation and Equity (Tables)
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Schedule of restricted and conditional award activity
Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at June 30, 2022 and changes during the six months ended June 30, 2022 were as follows:
RSA and RSU AwardsPSU Awards
SharesWeighted-Average
Grant Date
Fair Value		SharesWeighted-Average
Grant Date
Fair Value
Nonvested at January 1, 2022
306,994 $71.21 398,255 $86.86 
Granted (a)
212,226 80.10 144,311 104.97 
Vested (b)
(136,412)72.53 (165,615)92.16 
Forfeited(5,412)76.54 — — 
Adjustment (c)
— — 143,984 81.65 
Nonvested at June 30, 2022 (d)
377,396 $75.65 520,935 $89.53 
__________
(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the six months ended June 30, 2022, we used a risk-free interest rate of 1.2%, an expected volatility rate of 36.7%, and assumed a dividend yield of zero.
(b)The grant date fair value of shares vested during the six months ended June 30, 2022 was $25.2 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At June 30, 2022 and December 31, 2021, we had an obligation to issue 1,181,947 and 1,104,020 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $57.0 million and $49.8 million, respectively.
(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at June 30, 2022 to reflect the number of shares expected to be issued when the PSUs vest.
(d)At June 30, 2022, total unrecognized compensation expense related to these awards was approximately $47.5 million, with an aggregate weighted-average remaining term of 2.2 years.
Schedule of earnings per share reconciliation
The following table summarizes basic and diluted earnings (dollars in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net income — basic and diluted$127,678 $120,245 $284,673 $171,879 
Weighted-average shares outstanding — basic194,019,451 180,099,370 192,971,256 178,379,654 
Effect of dilutive securities744,244 569,362 734,779 522,605 
Weighted-average shares outstanding — diluted194,763,695 180,668,732 193,706,035 178,902,259 
Schedule of issuance of shares The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Shares of common stock issued491,068 2,205,509 2,740,295 4,225,624 
Weighted-average price per share$81.70 $74.56 $80.79 $72.50 
Net proceeds$39,101 $162,292 $218,095 $302,512 
Schedule of Stockholders Equity
In addition, we refer to our three forward equity offerings presented below as the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards (collectively, the “Equity Forwards”), which are discussed in the 2021 Annual Report. Our ATM Forwards are also presented below (gross offering proceeds at closing in thousands):
Agreement Date (a)
Shares Offered (b)
Average Gross Offering PriceAverage Gross Offering Proceeds at Closing
Outstanding Shares as of June 30, 2022
June 2020 Equity Forwards (c)
6/17/20205,462,500$70.00 $382,375 —
June 2021 Equity Forwards (d)
6/7/20216,037,50075.30 454,624 —
August 2021 Equity Forwards8/9/20215,175,00078.00 403,650 3,925,000
ATM Forwards (e)
5/2/20223,674,18783.98 308,553 3,674,187
7,599,187
__________
(a)We expect to settle the Equity Forwards in full within 18 months of the respective agreement dates via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the Equity Forwards, subject to certain conditions.
(b)Includes 712,500, 787,500, and 675,000 shares of common stock purchased by certain underwriters in connection with the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards, respectively, upon the exercise of 30-day options to purchase additional shares.
(c)All remaining outstanding shares were settled during the three months ended June 30, 2021.
(d)All remaining outstanding shares were settled during the three months ended December 31, 2021.
(e)We sold shares under our ATM Forwards during the second quarter of 2022. We did not settle any of the shares sold and therefore did not receive any proceeds from such sales.
Reclassification out of accumulated other comprehensive loss
The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Three Months Ended June 30, 2022
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsGains and (Losses) on InvestmentsTotal
Beginning balance$23,717 $(265,857)$— $(242,140)
Other comprehensive loss before reclassifications23,213 (43,993)— (20,780)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(3,359)— — (3,359)
Interest expense122 — — 122 
Total(3,237)— — (3,237)
Net current period other comprehensive loss19,976 (43,993)— (24,017)
Ending balance$43,693 $(309,850)$— $(266,157)
Three Months Ended June 30, 2021
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsGains and (Losses) on InvestmentsTotal
Beginning balance$982 $(234,871)$— $(233,889)
Other comprehensive income before reclassifications(1,607)5,973 — 4,366 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(614)— — (614)
Interest expense198 — — 198 
Total(416)— — (416)
Net current period other comprehensive income(2,023)5,973 — 3,950 
Net current period other comprehensive income attributable to noncontrolling interests(21)— — (21)
Ending balance$(1,062)$(228,898)$— $(229,960)
Six Months Ended June 30, 2022
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsGains and (Losses) on InvestmentsTotal
Beginning balance$16,347 $(256,705)$18,688 $(221,670)
Other comprehensive loss before reclassifications32,523 (53,145)— (20,622)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(5,463)— — (5,463)
Interest expense286 — — 286 
Other gains and (losses) (Note 8)
— — (18,688)(18,688)
Total(5,177)— (18,688)(23,865)
Net current period other comprehensive loss27,346 (53,145)(18,688)(44,487)
Ending balance$43,693 $(309,850)$— $(266,157)
Six Months Ended June 30, 2021
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsGains and (Losses) on InvestmentsTotal
Beginning balance$(18,937)$(220,969)$— $(239,906)
Other comprehensive income before reclassifications16,805 (7,929)— 8,876 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income567 — — 567 
Interest expense524 — — 524 
Total1,091 — — 1,091 
Net current period other comprehensive income17,896 (7,929)— 9,967 
Net current period other comprehensive income attributable to noncontrolling interests(21)— — (21)
Ending balance$(1,062)$(228,898)$— $(229,960)