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Employee Stock Plans (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Awards
Compensation expense for stock-based awards recognized during the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Stock options$— $75 $768 $248 
Restricted stock units and awards1,355 1,334 2,614 2,827 
Performance share units1,433 1,330 3,237 3,353 
Total stock-based compensation expense$2,788 $2,739 $6,619 $6,428 
Schedule of Stock Options, Restricted Stock Units and Awards, and Performance Share Units Activity The following table presents our stock options and restricted stock units and awards activity during the six months ended June 30, 2023 (in thousands, except per share data):
Stock OptionsRestricted Stock Units and Awards
Number of
Options
Weighted Average Exercise Price
Per Share
Number of
Shares
Weighted Average
Grant-Date
Fair Value (1)
Outstanding at beginning of year553 $21.03 277 $32.62 
Granted50 $48.40 109 $48.64 
Exercised or released(221)$19.24 (154)$31.25 
Outstanding at June 30, 2023382 $25.64 232 $41.09 
Exercisable at June 30, 2023382 $25.64 

(1)Represents weighted average market value of the shares; awards are granted at no cost to the recipients.
The following table presents our PSUs activity during the six months ended June 30, 2023 (in thousands, except per share data):
Performance
Share Units
Weighted
Average
Grant-Date
Fair Value
Per Unit (1)
Outstanding at beginning of year482 $28.84 
Granted88 $48.40 
Vested(244)$25.75 
Outstanding at June 30, 2023326 $36.46 
(1)Represents weighted average market value of the performance share units; PSUs are granted at no cost to the recipients.
Schedule of Fair Value Option Award Weighted Average Assumptions Used The following weighted average assumptions were utilized:
Six Months Ended June 30, 2023
Expected volatility (1)28.57%
Expected option life (years) (2)4.74
Risk-free interest rate (3)3.89%
Expected dividend yield (4)—%

(1) The expected volatility assumption was determined based upon the historical volatility of CBIZ's stock price using daily price intervals.
(2) The expected option life was determined based upon CBIZ's historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest.
(3) The risk-free interest rate assumption was based upon zero-coupon U.S. treasury bonds with a term approximating the expected life of the respective options. (4) The expected dividend yield assumption was determined in view of CBIZ's historical and estimated dividend payouts.