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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Expense Related to Stock-Based Compensation
The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements of Income related to stock-based compensation for the years ended December 31 (in thousands):
 
202320222021
Stock options$24,342 $61,993 $30,057 
Restricted stock91,744 59,423 50,014 
Stock-based compensation$116,086 $121,416 $80,071 
Summary of Total Unrecognized Compensation Cost Related to Outstanding Stock Awards
The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of December 31, 2023 (cost in thousands):
 
Unrecognized
Compensation
Cost
Weighted Average
Period of Expense
Recognition Remaining
(in Years)
Stock options$70,627 2.19
Restricted stock40,695 0.50
Total$111,322 
Summary of Changes in Number of Shares of Common Stock Options Outstanding
The following summarizes the changes in the number of shares of stock options outstanding for the following periods (shares and aggregate intrinsic value in thousands): 
SharesWeighted
Average
Exercise
Price		Options
Exercisable
at End of
Year		Weighted
Average
Exercise
Price of
Exercisable
Options		Weighted
Average Fair
Value of
Options
Granted During
the Year		Aggregate
Intrinsic
Value
Outstanding at December 31, 20204,964 $146.69 3,994 $130.37 $626,107 
Granted1,097 261.85 $72.84 
Exercised(592)82.50 83,686 
Forfeited(22)230.14 
Outstanding at December 31, 20215,447 176.52 3,798 145.18 257,707 
Granted649 223.66 $65.23 
Exercised(544)94.79 64,783 
Forfeited(251)230.60 
Outstanding at December 31, 20225,301 188.12 3,512 159.46 113,681 
Granted411 222.51 $66.28 
Exercised(648)172.01 40,983 
Forfeited(81)241.78 
Outstanding at December 31, 20234,983 $192.18 3,182 $163.54 $451,039 
Expected to vest at December 31, 2023952 $226.20 
Schedule of Stock Options Exercise Price
The following table summarizes information about stock options outstanding at December 31, 2023 (shares in thousands):
 
Exercise PriceOptions
Outstanding		Weighted Average
Remaining Vesting
Life in Years		Options
Exercisable
$106.83 – $199.75
2,670 0.022,615 
$200.41 – $216.18
251 1.1258 
$220.13 – $231.70
582 0.63219 
$235.52 – $251.88
265 2.4915 
$252.50 – $261.27
1,151 0.04234 
$263.21 – $286.86
45 0.4723 
$288.37 – $319.55
19 0.0117 
4,983 3,182 
Schedule of Weighted-Average Assumptions
The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows:
202320222021
Risk-free interest rate4.39 %1.65 %0.45 %
Dividend yield— — — 
Expected volatility33.73 %34.62 %34.44 %
Expected term (in years)3.43.94.0
The fair value of stock options granted with market based vesting conditions was estimated using the Monte Carlo simulation valuation model with the following assumptions during the year ended December 31, 2021 as follows. There were no performance options granted with market based vesting conditions in 2023 or 2022.
2021
Risk-free interest rate0.59 %
Dividend yield— 
Expected volatility36.10 %
Expected term (in years)3.3
Summary of Changes in Number of Shares of Restricted Stock Awards and Restricted Stock Units Outstanding
The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units outstanding for the following periods (shares in thousands):
 
SharesWeighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2020174 $265.29 
Granted215 272.59 
Cancelled(38)265.76 
Issued(73)258.13 
Outstanding at December 31, 2021278 278.57 
Granted386 229.22 
Cancelled(83)267.53 
Issued(146)283.60 
Outstanding at December 31, 2022435 237.68 
Granted441 213.36 
Cancelled(24)230.11 
Issued(310)235.25 
Outstanding at December 31, 2023542 $219.61