Share-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

NOTE 9. Share-Based Compensation

Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity with respect to the nine months ended September 30, 2023 is as follows:


	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2022		743		$	69.01
Granted		317		$	88.92
Vested		(404	)	$	58.88
Forfeited		(48	)	$	82.95
Nonvested at September 30, 2023		608		$	85.01

Of the 608 nonvested shares outstanding at September 30, 2023, 515 are service-based RSUs and 93 are market-based PRSUs. The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s stock at the date of grant. The fair value of the Company’s market-based PRSUs granted during fiscal years 2023 and 2022 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $100.79 and $85.49, respectively.

As of September 30, 2023 and December 31 2022, there was $32,572 and $28,653 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 1.6 years and 1.5 years for September 30, 2023 and December 31, 2022, respectively.