Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The following table summarizes the expense recognized within general and administrative expenses in the Unaudited Consolidated Statements of Income related to share-based payments recognized in the three and six months ended June 30 (in thousands):

 

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Stock options	$	18,287	$	5,012	$	36,125	$	9,602
Restricted stock	15,730		12,873		30,523		26,030
Stock-based compensation	$	34,017	$	17,885	$	66,648	$	35,632

The tax benefits recorded on stock-based compensation and upon the exercises of options were $20.0 million and $24.5 million for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to stock based compensation as of June 30, 2022 (cost in thousands):

	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition (in Years)
Stock options	$	80,708	1.77
Restricted stock	64,907		1.15
Total	$	145,615

Stock Options

The following summarizes the changes in the number of shares of common stock under option for the six months ended June 30, 2022 (shares/options and aggregate intrinsic value in thousands):

	Shares	Weighted Average Exercise Price		Options Exercisable at End of Period	Weighted Average Exercise Price of Exercisable Options		Weighted Average Fair Value of Options Granted  During the Period		Aggregate Intrinsic Value
Outstanding at December 31, 2021	5,447	$	176.52	3,798	$	145.18			$	257,707
Granted	590	226.05					$	65.71
Exercised	(314)	57.80							53,730
Forfeited	(35)	244.52
Outstanding at June 30, 2022	5,688	$	188.22	3,723	$	158.07			$	208,558
Expected to vest as of June 30, 2022	1,972	$	244.40

The aggregate intrinsic value of stock options exercisable at June 30, 2022 was $206.7 million. The weighted average remaining contractual term of options exercisable at June 30, 2022 was 4.3 years.

Restricted Stock

The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the six months ended June 30, 2022 (shares in thousands):

 

	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	278	$	278.57
Granted	319	229.80
Vested	(139)	269.05
Canceled or forfeited	(42)	327.35
Outstanding at June 30, 2022	416	$	239.48