Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.24.1.u1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 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 condensed consolidated statements of operations, in thousands:

Three Months Ended March 31, 

2024

2023

Share-based compensation expense

$

5,127

$

3,135

Income tax expense

$

(2,009)

$

(45)

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the three months ended March 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

42.6

$

419.56

$

$

Converted/Exercised

(48.2)

$

230.09

(5.8)

$

70.25

$

177.53

$

1,355.3

Forfeited/Expired

(2.2)

$

276.34

$

$

Balance March 31, 2024

187.7

$

265.84

122.9

$

35.08

$

94.88

$

42,498.1

Exercisable March 31, 2024 (a)

122.9

$

35.08

$

94.88

$

42,498.1

(a) The weighted average remaining contractual term for vested stock options is approximately 5.1 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards

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

As of March 31, 2024

Unrecognized Compensation Expense
on Unvested Awards

Weighted Average
Remaining
Compensation Expense Period

RSAs

$

31,455

1.2

Stock options

Total unrecognized compensation expense related to unvested awards

$

31,455

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

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 The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands:

Payout Ranges and Related Expense

RSAs with Performance-Based Conditions

Grant Date Fair Value

0%

25%

100%

200%

February 15, 2022

$

2,986

$

-

$

747

$

2,986

$

5,972

February 21, 2023

$

4,054

$

-

$

1,014

$

4,054

$

8,108

February 21, 2024

$

4,846

$

-

$

1,212

$

4,846

$

9,692