XML 50 R35.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Weighted-Average Assumptions Used in BSM Model to Calculate Fair Value of Options

The following table sets forth the key weighted-average assumptions used in the BSM Model to calculate the fair value of options:


	Year Ended December 31,
	2023	2022	2021
Expected holding period - years	4.1	4.7	5.0
Expected volatility	45.4%	36.5%	34.3%
Risk-free interest rate	3.8%	1.9%	0.9%
Expected dividend yield	0.0%	0.0%	0.0%

Schedule of Grant Date Fair Value and Stock-based Compensation Expense Allocated

The following table summarizes the grant date fair values of stock options and restricted shares issued during the period as well as the allocation of stock-based compensation expense to Total direct costs, and Selling, general and administrative reported in the consolidated statements of operations:


	Year Ended December 31,
	2023		2022		2021
Weighted average, grant date fair value
Stock options	$	85.30	$	47.57	$	52.70
Restricted shares (RSAs and RSUs)	$	225.69	$	149.87	$	174.94

Stock-based compensation expense allocated to:
Total direct costs	$	11,099	$	11,801	$	9,345
Selling, general, and administrative	9,417		9,611		5,124
Total stock-based compensation expense	$	20,516	$	21,412	$	14,469

Schedule of Stock Option Activity

The following table sets forth the Company’s stock option activity:


	Year Ended December 31,
	2023			2022			2021
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Outstanding - beginning of Period	1,629,148	$	89.71	1,992,915	$	68.39	2,500,727	$	43.26
Granted	12,437	$	211.25	252,490	$	138.91	282,588	$	168.34
Exercised	(287,048)	$	39.64	(579,407)	$	38.10	(745,572)	$	23.67
Cancelled/Forfeited/Expired	(11,250)	$	183.04	(36,850)	$	85.40	(44,828)	$	40.50
Outstanding - end of period	1,343,287	$	100.75	1,629,148	$	89.71	1,992,915	$	68.39

Exercisable - end of period	901,865	$	74.79	1,116,255	$	60.52	1,290,627	$	56.43

Schedule of Restricted Share Activity

The following table sets forth the Company’s Restricted Share activity:


	Year Ended December 31,
	2023	2022	2021
	Shares/Units	Shares/Units	Shares/Units
Outstanding and unvested - beginning of period	523,377	602,187	695,562
Granted	46,836	165,595	102,579
Vested	(154,618)	(197,000)	(119,000)
Forfeited	(24,597)	(47,405)	(76,954)
Outstanding and unvested - end of period	390,998	523,377	602,187

Schedule of Stock Options Expected To Vest, Stock Options Exercisable, and Unvested Restricted Share Awards Expected To Vest

The following table summarizes information about stock options expected to vest, stock options exercisable, and unvested restricted share awards expected to vest at December 31, 2023:


	Weighted Average Exercise Price		Stock Options		Restricted Shares/Units		Weighted Average Remaining Life (Years)
Number of stock options expected to vest	$	100.75	1,343,287		—		2.7
Number of restricted shares/units expected to vest					390,998
Total expected to vest			1,343,287		390,998
Total stock options exercisable	$	74.79	901,865		—		2.1
Unrecognized compensation cost (in thousands)			$	7,727	$	27,058
Weighted average years over which unrecognized compensation cost will be recognized			1.8		2.5

Schedule of Aggregate Intrinsic Value of Stock Options Exercised, Fair Values of Awards Vested, and Share Based Liabilities Settled

The following table sets forth the aggregate intrinsic value of stock options exercised, the fair values of awards vested, and share based liabilities settled during the respective periods (in thousands):


	Year Ended December 31,
	2023		2022		2021
Total intrinsic value of stock options exercised	$	56,548	$	77,527	$	104,695
Total grant-date fair value of stock options vested	$	3,591	$	5,228	$	5,185
Total grant-date fair value of restricted shares vested	$	9,306	$	9,248	$	3,796
Total settlement date fair value of restricted shares vested	$	31,842	$	32,802	$	22,321