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Share-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Share-Based Incentive Compensation Plans
Under the Company's 2017 Omnibus Incentive Compensation Plan, effective as of June 7, 2017, there were 1,209,140 shares of common stock available for grant as of December 31, 2021.
Share-Based Compensation Expense
The table below reflects the total share-based compensation expense recognized in our Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019:
 202120202019
Income Statement Classification
Options (1)
Restricted
Shares (2)
Options (1)
Restricted
Shares (2)
Options (1)
Restricted
Shares (2)
Direct cost of revenues$— $13,432 $9 $13,080 $497 $11,869 
Selling, general and administrative expenses2,018 12,130 126 11,926 2,628 9,005 
Total$2,018 $25,562 $135 $25,006 $3,125 $20,874 
(1)Includes options and cash-settled stock appreciation rights.
(2)Includes restricted share awards, restricted stock units, performance stock units and cash-settled restricted stock units.
Stock Options
We did not grant any stock options during the years ended December 31, 2021, 2020 and 2019. Historically, we used the Black-Scholes option-pricing model to determine the fair value of our stock option grants.
A summary of our stock option activity during the year ended December 31, 2021 is presented in the table below. The aggregate intrinsic value of stock options outstanding and exercisable, or fully vested, at December 31, 2021 represents the total pre-tax intrinsic value, which is calculated as the difference between the closing price of our common stock on the last trading day of 2021 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on December 31, 2021. The aggregate intrinsic value changes based on fluctuations in the fair market value per share of our common stock.
OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
Stock options outstanding at December 31, 2020538 $36.20 
Stock options granted— N/A
Stock options exercised(78)$34.73 
Stock options forfeited— N/A
Stock options outstanding at December 31, 2021460 $36.45 3.5$53,863 
Stock options exercisable at December 31, 2021460 $36.45 3.5$53,863 
Cash received from option exercises for the years ended December 31, 2021, 2020 and 2019 was $2.7 million, $4.9 million and $9.7 million, respectively. The tax benefit realized from stock options exercised totaled $0.2 million, $0.4 million and $0.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.
The intrinsic value of stock options exercised is the amount by which the market value of our common stock on the exercise date exceeds the exercise price. The total intrinsic value of stock options exercised for the years ended December 31, 2021, 2020 and 2019 was $8.3 million, $11.0 million and $13.2 million, respectively.
As of December 31, 2021, there was no unrecognized compensation cost related to stock options.
Restricted Share Awards
A summary of our restricted share awards activity during the year ended December 31, 2021 is presented below:
SharesWeighted
Average Grant
Date Fair Value
Unvested restricted share awards outstanding at December 31, 2020873 $66.00 
Restricted share awards granted112 $131.59 
Restricted share awards vested(192)$59.45 
Restricted share awards forfeited(11)$79.91 
Unvested restricted share awards outstanding at December 31, 2021782 $76.82 
As of December 31, 2021, there was $31.7 million of unrecognized compensation cost related to unvested restricted share awards. That cost is expected to be recognized ratably over a weighted average period of 3.4 years. The total fair value of restricted share awards that vested during the years ended December 31, 2021, 2020 and 2019 was $25.3 million, $27.9 million and $18.6 million, respectively.
Restricted Stock Units
A summary of our restricted stock units activity during the year ended December 31, 2021 is presented below:
SharesWeighted
Average Grant
Date Fair Value
Restricted stock units outstanding at December 31, 2020315 $55.45 
Restricted stock units granted38 $129.75 
Restricted stock units released(32)$72.54 
Restricted stock units forfeited— N/A
Restricted stock units outstanding at December 31, 2021321 $62.60 
As of December 31, 2021, there was $4.7 million of unrecognized compensation cost related to unvested restricted stock units. That cost is expected to be recognized ratably over a weighted average period of 4.2 years. The total fair value of restricted stock units released for the years ended December 31, 2021, 2020 and 2019 was $4.1 million, $6.1 million and $4.5 million, respectively.
Performance Stock Units
Performance stock units represent common stock potentially issuable in the future, subject to achievement of either market or performance conditions. Our current outstanding performance stock units that are subject to market conditions vest based on the adjusted total shareholder return of the Company as compared with the adjusted total shareholder return of the Standard & Poor’s 500 Index over the applicable performance period. Our current outstanding performance stock units that are subject to performance conditions vest based on Adjusted EBITDA metrics over the applicable performance period. The vesting and payout range for all of our performance stock units is typically between 0% and up to 150% of the target number of shares granted at the end of a two- or three-year performance period.
A summary of our performance stock units activity during the year ended December 31, 2021 is presented below:
SharesWeighted
Average Grant
Date Fair Value
Performance stock units outstanding at December 31, 2020370 $87.50 
Performance stock units granted (1)
103 $134.27 
Performance stock units released(157)$63.72 
Performance stock units forfeited (1)
(47)$93.85 
Performance stock units outstanding at December 31, 2021269 $118.27 
(1)    Performance stock units granted and forfeited are presented at the maximum potential payout percentage of 150% of target shares granted.
As of December 31, 2021, there was $7.7 million of unrecognized compensation cost related to unvested performance stock units. That cost is expected to be recognized ratably over a weighted average period of 0.8 years. The total fair value of performance stock units released during the years ended December 31, 2021, 2020 and 2019 was $17.2 million, $12.6 million and $5.8 million, respectively.
The weighted average grant date fair value per share of restricted share awards, restricted stock units and performance stock units awarded during the years ended December 31, 2021, 2020 and 2019 was $132.40, $120.99 and $80.10, respectively. The fair value of our restricted share awards, restricted stock units and performance stock units that are subject to performance conditions is determined based on the closing market price per share of our common stock on the grant date. The fair value of our performance stock units subject to market conditions is calculated using a Monte Carlo pricing model as of the grant date.