Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of RSUs and PSUs to be Settled in Common Stock Activity

A summary of the activity for RSUs to be settled in common stock for the three months ended March 31, 2024 and 2023 is as follows (RSUs in thousands):

	2024		2023
	RSUs	Weighted Average Grant Date Fair Value (Per Unit)	RSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	2,548	$104.76	3,263	$78.74
Granted	561	$236.82	626	$158.82
Vested	(635)	$111.81	(1,120)	$65.50
Forfeited	(20)	$144.76	(75)	$107.63
Unvested at March 31	2,454	$132.93	2,694	$102.59

A summary of the activity for PSUs to be settled in common stock for the three months ended March 31, 2024 and 2023 is as follows (PSUs in thousands):

	2024		2023
	PSUs	Weighted Average Grant Date Fair Value (Per Unit)	PSUs	Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1	491	$129.70	733	$65.39
Granted	109	$257.29	177	$174.50
Vested	(175)	$96.45	(413)	$35.12
Unvested at March 31	425	$176.03	497	$129.38

Grant Date Fair Value for Awards of Performance Units Inputs

The Monte Carlo simulation valuation methodology applied the following key inputs:

	2024		2023
Valuation date price based on March 4, 2024 and March 9, 2023 closing stock prices of Quanta common stock	$243.34		$160.55
Expected volatility	33	%	35	%
Risk-free interest rate	4.43	%	4.62	%
Term in years	2.83		2.81