Annual report [Section 13 and 15(d), not S-K Item 405]

Share-Based Compensation (Tables)

v3.25.0.1
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Compensation  
Schedule of share-based compensation expense and related income tax benefit

The following table presents share-based compensation amounts recognized in our Consolidated Statements of Operations, in thousands:

Year Ended December 31, 

2024

2023

2022

Share-based compensation expense

$

16,579

$

15,838

$

12,310

Income tax (expense)/benefit

$

(1,942)

$

1,356

$

1,733

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the year ended December 31, 2024, in thousands, except per share amounts:

RSAs

Stock Options

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Weighted Average Exercise Price Per Share

   

Aggregate
Intrinsic
Value

Balance December 31, 2023

195.5

$

223.49

128.7

$

36.65

$

98.58

$

35,462.8

Granted

46.0

$

419.05

$

$

Converted/Exercised

(53.1)

$

229.38

(16.0)

$

82.64

$

201.27

$

3,312.8

Forfeited/Expired

(12.4)

$

283.09

$

$

Balance December 31, 2024

176.0

$

269.50

112.7

$

30.10

$

83.97

$

25,604.9

Exercisable December 31, 2024 (a)

112.7

$

30.10

$

83.97

$

25,604.9

(a) The weighted average remaining contractual term for vested stock options is 4.2 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards

We had unrecognized share-based compensation expense relating to unvested awards as shown in the following table, dollars in thousands:

As of December 31, 2024

Unrecognized Compensation Expense
on Unvested Awards

Weighted Average
Remaining
Compensation Expense Period

RSAs

$

18,634

0.9

Stock options

Total unrecognized compensation expense related to unvested awards

$

18,634

Schedule of key inputs used to estimate the fair value of awards

2024

2023

2022

Measurement period (years)

2.86

2.86

2.87

Risk free interest rate

4.36

%

4.42

%

1.76

%

Dividend yield

0.00

%

0.00

%

0.00

%

Estimated fair value of market-based RSAs at grant date

$

503.68

$

270.64

$

298.20

As a result of the Company's performance against a group of peers based on relative total shareholder return, our RSAs with a market-based condition that were granted on February 15, 2022, did not meet the established performance criteria, and will be forfeited in the first quarter of 2025.

Performance-based conditions | Restricted Stock Awards  
Share-Based Compensation  
Schedule of the range of payouts and the related expense for RSAs with performance-based conditions

Payout Ranges and Related Expense

RSAs with Performance-Based Conditions

Grant Date Fair Value

0%

25%

100%

200%

February 15, 2022

$

2,907

$

-

$

727

$

2,907

$

5,814

February 21, 2023

$

3,830

$

-

$

958

$

3,830

$

7,660

February 21, 2024

$

4,452

$

-

$

1,113

$

4,452

$

8,904