Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

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12.STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the Company’s activities with respect to its stock option plans for the three months ended March 31, 2024 as follows (dollars and shares in thousands, except for per share data):

		Weighted-		Weighted-Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2023	1,340	$	168.32
Exercised	(153)	$	125.67
Outstanding at March 31, 2024	1,187	$	173.82	1.7	$	52,211
Exercisable at March 31, 2024	1,161	$	172.14	1.5	$	52,211
Unvested at March 31, 2024	26	$	248.41	8.9	$	—

The total intrinsic value for options exercised during the three months ended March 31, 2024 was $14.2 million.

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the three months ended March 31, 2024:

	RSUs			PSUs (1)
		Weighted-Average			Weighted-Average
	Number of	Grant Date Fair		Number of	Grant Date Fair
	Shares	Value per Share		Shares	Value per Share
	(in thousands)			(in thousands)
Outstanding at December 31, 2023	267	$	269.08	368	$	298.46
Granted	257	$	217.02	59	$	291.51
PSU adjustment (2)	—	$	—	11	$	236.63
Vested	(110)	$	271.27	(155)	$	236.32
Forfeited/canceled	(5)	$	254.56	(2)	$	376.76
Outstanding at March 31, 2024	409	$	235.91	281	$	314.08

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.