Employee Stock Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Awards

Compensation expense for stock-based awards recognized during the three months ended March 31, 2023 and 2022 was as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Stock options	$	768	$	173
Restricted stock units and awards	1,259		1,493
Performance share units	1,804		2,023
Total stock-based compensation expense	$	3,831	$	3,689

Schedule of Stock Options, Restricted Stock Units and Awards, and Performance Share Units Award Activity

The following table presents our stock options and restricted stock units and awards activity during the three months ended March 31, 2023 (in thousands, except per share data):

	Stock Options			Restricted Stock Units and Awards
	Number of Options	Weighted Average Exercise Price Per Share		Number of Shares	Weighted Average Grant-Date Fair Value (1)
Outstanding at beginning of year	553	$	21.03	277	$	32.62
Granted	50	$	48.40	88	$	48.40
Exercised or released	(189)	$	19.20	(123)	$	29.87
Outstanding at March 31, 2023	414	$	25.16	242	$	39.76
Exercisable at March 31, 2023	414	$	25.16

(1)Represents weighted average market value of the shares; awards are granted at no cost to the recipients.

The following table presents our PSU award activity during the three months ended March 31, 2023 (in thousands, except per share data):

	Performance Share Units	Weighted Average Grant-Date Fair Value Per Unit (1)
Outstanding at beginning of year	482	$	28.84
Granted	88	$	48.40
Vested	(244)	$	25.75
Outstanding at March 31, 2023	326	$	36.46

(1)Represents weighted average market value of the performance share units; PSUs are granted at no cost to the recipients.

Schedule of Fair Value Option Award Weighted Average Assumptions Used

The following weighted average assumptions were utilized:

	Three Months Ended March 31, 2023
Expected volatility (1)	28.57%
Expected option life (years) (2)	4.74
Risk-free interest rate (3)	3.89%
Expected dividend yield (4)	—%

(1) The expected volatility assumption was determined based upon the historical volatility of CBIZ's stock price using daily price intervals.

(2) The expected option life was determined based upon CBIZ's historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest.

(3) The risk-free interest rate assumption was based upon zero-coupon U.S. treasury bonds with a term approximating the expected life of the respective options.

(4) The expected dividend yield assumption was determined in view of CBIZ's historical and estimated dividend payouts.