Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Equity-Based Compensation Plans with Grants Outstanding

The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2023. Each of the following plans was approved by our shareholders:

Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2010 Equity Incentive Plan (1)	700,000	23,681	—
2014 Equity Incentive Plan (2)	950,000	273,143	1,778
2018 Equity Incentive Plan (3)	275,000	163,248	90,322

(1)The 2010 Equity Incentive Plan (the “2010 Plan”) authorized us to issue Options and RSUs. There were 18,211 Options and 5,470 RSUs outstanding as of December 31, 2023. Shares can no longer be granted from this plan.

(2)The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only.

(3)The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275,000 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40,000 may be granted in the form of RSUs. There were 141,236 Options and 22,012 RSUs outstanding as of December 31, 2023. Of the 90,322 shares available to issue, 17,808 may be granted in the form of RSUs.

Summary of Options and RSUs granted during the year

During 2023, we issued 4,100 Options under the 2014 Plan. Approximately half of the Options issued vest over four years in 25% increments beginning on December 31, 2025, while the remaining Options issued vest over two years in 50% increments beginning on December 31, 2027. Vesting for half of the Options issued is contingent solely upon continued employment, while vesting for the other half of the Options is contingent upon both continued employment and our return on capital performance during the three year periods beginning 2023.

In addition, we granted 1,904 RSUs under the 2018 Plan during 2023. Of the RSUs granted, 1,214 RSUs will vest over four years in 25% increments beginning on either December 31, 2025 or December 31, 2026, and 690 RSUs will vest over two years in 50% increments beginning on December 31, 2025. Vesting for half of the RSUs issued is contingent solely upon continued employment, while vesting for the other half of the RSUs issued is contingent upon both continued employment and our return on capital performance during the three year periods beginning on either 2023 or 2024, based on the RSU's initial vesting date.

Equity-Based Compensation Plans

The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2023:

	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2022	590,554	$	3,060.71
Granted	4,100	5,424.19
Exercised	(152,086)	1,660.69
Forfeited	(9,978)	3,820.80
Outstanding at December 31, 2023	432,590	$	3,557.78	6.0	$	1,489,264
Exercisable at December 31, 2023	227,684	$	2,827.99	4.1	$	950,003
RSUs
Outstanding at December 31, 2022	33,320
Granted	1,904
Vested	(5,936)
Forfeited	(1,806)
Outstanding at December 31, 2023	27,482				$	192,386
Vested, but not issued at December 31, 2023	5,461				$	38,229

Black-Scholes Option-Pricing Model Assumptions

The fair value of the Options granted during 2023, 2022 and 2021 was estimated on the grant date using the Pricing Model, based on the following assumptions:  

	2023			2022			2021
Estimated option life (years)	6.05			5.61			5.31
Risk free interest rate (range)	3.53%-4.69%			1.17%-4.36%			0.30%-1.55%
Expected volatility (range)	26.75%-30.01%			24.93%-30.89%			24.46%-30.80%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	1,936.08		$	1,437.93		$	1,235.91

Exercised Option Proceeds

Information with respect to the vested RSUs and exercised Options is as follows:

	Year Ended December 31,
	2023		2022		2021
Aggregate exercise proceeds	$	250,509	$	196,717	$	142,370
Aggregate intrinsic value on exercise dates	$	635,709	$	234,732	$	219,219