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Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Outstanding Equity Awards
The following table provides a summary of the Company's outstanding equity awards (in shares or units, as applicable) as of June 30, 2024:
Restricted stock
Restricted stock related to compensation plans:
Annual grants566,943 
Sign-on grants102,137 
Inducement grants40,529 
2020 Inducement Plan grants
263,653 
2022 Inducement Plan grants
126,608 
Total restricted stock related to compensation plans1,099,870 
Restricted stock related to acquisitions (1)764,335 
Total restricted stock1,864,205 
Restricted stock units152,318 
Stock options156,667 
(1)Includes restricted stock with service conditions issued in conjunction with all acquisitions since January 1, 2020.
Schedule of Maximum Payout Leverage for Leadership Grants The maximum payout leverage by grant year is as follows:
Maximum Payout Leverage
Grant YearPerformance ConditionMarket Condition Total
202475%75%150%
2023100%100%200%
202275%75%150%
202175%75%150%
202075%75%150%
Schedule of Expected Payout Leverage for Performance Condition RSUs As of June 30, 2024, the expected payout leverage for the performance condition portion of the award by grant year is as follows:
Expected Payout
Grant YearLeverage
202472%
202357%
202228%
Schedule of Market Condition RSU Valuation Assumptions The fair value of the market condition portion of the award was determined on the grant date using a Monte Carlo simulation with the following assumptions:
Risk-Free
Expected Stock
Grant YearVesting YearInterest RatePrice Volatility
202420274.38%34.3%
202320264.35%47.5%
202220251.80%43.8%
202120240.23%43.2%
202020231.40%27.3%
Schedule of Stock Options Valuation Assumptions
The fair value of these stock option awards was estimated on the respective date of grant using the Black-Scholes option-pricing model with the following assumptions:
February 2023February 2018
GrantGrant
Risk-free interest rate3.94 %2.82 %
Dividend yield3.21 %3.22 %
Expected stock price volatility38.50 %37.20 %
Expected life of options (in years)7.07.0
Fair value of options granted (per share)$46.71 $24.49 
Schedule of Stock-Based Compensation Expense
The following table summarizes the Company's stock-based compensation activity:
Three Months EndedSix Months Ended
June 30,June 30,
(Amounts in millions)2024202320242023
Stock-based compensation expense$22.9 $12.8 $49.6 $40.1 
Forfeitures1.0 0.2 1.5 0.8 
Tax benefit related to stock-based compensation expense3.9 3.0 7.9 8.1 
Changes in Unvested Restricted Stock
The following table summarizes the changes in the Company's unvested restricted stock:
UnvestedWeighted Average
Restricted StockGrant Date
(in Shares)Fair Value
December 31, 20232,593,922 $104.89 
Granted217,729 191.94 
Vested(919,349)97.43 
Canceled(28,097)135.29 
June 30, 20241,864,205 $118.28 
Changes in Unvested Restricted Stock Units
The following table summarizes the changes in the Company's unvested restricted stock units:
UnvestedWeighted Average
RestrictedGrant Date
Stock UnitsFair Value
December 31, 2023181,193 $141.08 
Granted33,694 199.39 
Vested(62,569)103.69 
Canceled— — 
June 30, 2024152,318 $169.34 
Changes in Outstanding Stock Options
The following table summarizes the changes in the Company's outstanding stock options:
Weighted Average
WeightedRemaining
OptionsAverageContractual TermAggregate
OutstandingExercise Price(in Years)Intrinsic Value
December 31, 2023156,667 $133.35 6.5$6,504,325 
Granted— — 
Exercised— — 
Canceled— — 
Expired— — 
June 30, 2024156,667 $133.35 6.0$15,168,010 
Options exercisable at June 30, 202481,667 $99.00 3.6$10,712,260