Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense under the Company's plans was as follows:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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(in thousands) |
| Stock-based compensation expense |
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$ |
79,581 |
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$ |
67,525 |
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$ |
56,292 |
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| Tax effect on stock-based compensation expense |
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(20,293) |
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(17,219) |
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(14,354) |
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| Net effect on income |
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$ |
59,288 |
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$ |
50,306 |
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$ |
41,938 |
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| Schedule of Weighted Average Assumptions Used to Value Options Granted |
The following weighted average assumptions were used to value options granted during the periods indicated:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
| Grant date fair value of options |
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$ |
— |
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$ |
31.23 |
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$ |
— |
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| Volatility |
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— |
% |
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42.1 |
% |
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— |
% |
| Risk-free interest rate |
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— |
% |
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0.4 |
% |
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— |
% |
| Dividend yield |
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— |
% |
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— |
% |
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— |
% |
| Expected term (in years) |
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0.0 |
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6.5 |
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0.0 |
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| Schedule of Option Activity Under the Company's Plans |
The following table summarizes option activity under the Company’s plans:
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Options |
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Weighted-Average Exercise Price |
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Weighted-Average Remaining Contractual Life |
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Aggregate Intrinsic Value |
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(Years) |
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(in thousands) |
| Outstanding as of December 31, 2019 |
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1,150,586 |
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$ |
25.66 |
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3.4 |
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$ |
50,590 |
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| Exercised |
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(705,333) |
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18.83 |
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| Forfeited |
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(7,213) |
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48.70 |
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| Outstanding as of December 31, 2020 |
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438,040 |
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36.28 |
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4.1 |
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20,156 |
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| Granted |
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4,781 |
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74.83 |
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| Exercised |
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(76,303) |
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27.37 |
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| Forfeited |
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(1,277) |
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49.02 |
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| Outstanding as of December 31, 2021 |
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365,241 |
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38.61 |
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3.3 |
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14,878 |
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| Exercised |
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(82,802) |
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31.67 |
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| Forfeited |
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(4,904) |
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72.96 |
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| Outstanding as of December 31, 2022 |
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277,535 |
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40.07 |
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2.2 |
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6,005 |
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| Options exercisable |
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277,303 |
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39.69 |
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2.2 |
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6,005 |
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| Schedule of Other Information |
Other information is as follows:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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(in thousands) |
| Total intrinsic value of options exercised |
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$ |
2,650 |
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$ |
3,815 |
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$ |
35,687 |
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| Cash received from exercises of stock options |
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2,620 |
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2,090 |
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10,760 |
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| Schedule of the Activity for Unvested Restricted Stock Units and Awards Granted Under the Company's Plans |
The following is a summary of the activity for unvested restricted stock units granted under the Company’s plans:
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RSUs |
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PSUs |
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Number of Shares |
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Weighted-Average Grant Date Fair Value per Share |
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Number of Shares |
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Weighted-Average Grant Date Fair Value per Share |
| Outstanding as of December 31, 2019 |
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1,318,870 |
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$ |
58.88 |
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254,118 |
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$ |
67.96 |
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| Granted |
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970,390 |
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74.61 |
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81,689 |
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83.47 |
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| Vested |
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(804,982) |
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57.77 |
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— |
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— |
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| Forfeited |
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(138,931) |
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62.14 |
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(33,010) |
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64.70 |
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| Outstanding as of December 31, 2020 |
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1,345,347 |
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70.56 |
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302,797 |
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72.50 |
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| Granted |
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1,195,313 |
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71.03 |
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129,865 |
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70.92 |
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| Vested |
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(828,942) |
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69.50 |
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(62,524) |
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61.53 |
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| Forfeited |
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(204,294) |
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70.71 |
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(10,954) |
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78.97 |
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| Outstanding as of December 31, 2021 |
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1,507,424 |
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71.50 |
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359,184 |
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73.64 |
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| Granted |
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1,401,742 |
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73.13 |
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113,269 |
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68.47 |
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| Vested |
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(908,362) |
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71.22 |
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(155,417) |
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66.22 |
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| Forfeited |
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(318,828) |
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73.16 |
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(57,987) |
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78.17 |
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| Outstanding as of December 31, 2022 |
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1,681,976 |
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72.69 |
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259,049 |
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74.83 |
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