Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

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 stock-based compensation for the three months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended March 31,
	2024		2023
Stock options	$	6,119	$	8,950
Restricted stock	18,860		17,146
Stock-based compensation	$	24,979	$	26,096

The tax benefits recorded on stock-based compensation and upon the exercises of options were $15.0 million and $4.4 million for the three months ended March 31, 2024 and 2023, respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of March 31, 2024 (cost in thousands):

	Unrecognized Compensation Cost		Weighted Average Period of Expense Recognition Remaining (in Years)
Stock options	$	52,539	2.35
Restricted stock	76,494		1.05
Total	$	129,033

Stock Options

The following summarizes the changes in the number of shares of stock options outstanding for the three months ended March 31, 2024 (shares 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, 2023	4,983	$	192.18	3,182	$	163.54			$	451,039
Granted	138	251.10					$	95.87
Exercised	(539)	167.72							$	64,000
Forfeited	(14)	223.39
Outstanding at March 31, 2024	4,568	$	197.22	2,851	$	167.09			$	508,550
Expected to vest as of March 31, 2024	866	$	234.40

The aggregate intrinsic value of stock options exercisable at March 31, 2024 was $468.4 million. The weighted average remaining contractual term of options exercisable at March 31, 2024 was 2.3 years.

Restricted Stock

The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units outstanding for the three months ended March 31, 2024 (shares in thousands):

 

	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	542	$	219.63
Granted	233	269.30
Issued	(311)	219.07
Cancelled	(36)	216.33
Outstanding at March 31, 2024	428	$	243.72