Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.21.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
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, 

2021

2020

Share-based compensation expense

$

3,111

$

3,908

Income tax benefit realized

$

3,093

$

5,500

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, 2021, 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, 2020

324.8

$

87.79

239.7

$

24.33

$

68.86

$

27,612.1

Granted

56.8

$

248.17

24.1

$

89.59

$

214.58

Converted/Exercised

(134.1)

$

81.03

(51.9)

$

21.97

$

61.30

$

7,039.9

Forfeited/Expired

$

$

$

Balance March 31, 2021

247.5

$

109.33

211.9

$

32.33

$

87.28

$

25,997.0

Exercisable March 31, 2021 (a)

115.7

$

20.97

$

57.86

$

17,535.3

(a) The weighted average remaining contractual term for vested stock options is approximately 6.5 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards

Unrecognized share-based compensation expense related to unvested awards is shown in the following table, dollars in thousands:

As of March 31, 2021

Unrecognized Compensation Expense
on Unvested Awards

Weighted Average
Remaining
Vesting Period

RSAs

$

14,062

1.4

Stock options

2,801

1.3

Total unrecognized compensation expense related to unvested awards

$

16,863

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

2021

2020

Measurement period (years)

2.87

2.88

Risk free interest rate

0.22

%

1.40

%

Dividend yield

0.00

%

0.00

%

Estimated fair value of market-based RSAs at grant date

$

298.66

$

158.24

Schedule of assumptions used to estimate the fair values of options granted

2021

2020

Risk free interest rate

0.76

%

1.53

%

Expected volatility, using historical return volatility and implied volatility

43.29

%

31.50

%

Expected life (in years)

6.0

6.0

Dividend yield

0.00

%

0.00

%

Estimated fair value of stock options at grant date

$

89.59

$

39.49

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 18, 2019

$

2,281

$

$

570

$

2,281

$

4,562

February 17, 2020

$

2,694

$

$

674

$

2,694

$

5,388

February 16, 2021

$

2,596

$

$

649

$

2,596

$

5,192