Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.22.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Compensation  
Schedule of share-based compensation expense and related income tax benefit

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

2021

2022

2021

Share-based compensation expense

$

3,334

$

2,266

$

7,061

$

5,377

Income tax (expense) benefit

$

(32)

$

228

$

1,573

$

3,320

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the three months ended June 30, 2022, 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, 2021

244.4

$

119.41

210.5

$

32.35

$

87.30

$

39,692.4

Granted

105.5

$

181.82

$

$

Converted/Exercised

(166.8)

$

75.10

(18.1)

$

27.85

$

80.14

$

2,282.9

Forfeited/Expired

(9.3)

$

222.20

(3.1)

$

68.81

$

174.76

Balance June 30, 2022

173.8

$

194.70

189.3

$

32.19

$

86.57

$

16,311.0

Exercisable June 30, 2022 (a)

155.5

$

25.82

$

70.45

$

15,391.1

(a) The weighted average remaining contractual term for vested stock options is approximately 5.8 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 June 30, 2022

Unrecognized Compensation Expense
on Unvested Awards

Weighted Average
Remaining
Vesting Period

RSAs

$

17,630

1.6

Stock options

826

0.8

Total unrecognized compensation expense related to unvested awards

$

18,456

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

2022

2021

Measurement period (years)

2.87

2.87

Risk free interest rate

1.76

%

0.22

%

Dividend yield

0.00

%

0.00

%

Estimated fair value of market-based RSAs at grant date

$

298.20

$

298.66

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

2021

Risk free interest rate

0.76

%

Expected volatility, using historical return volatility and implied volatility

43.29

%

Expected life (in years)

6.0

Dividend yield

0.00

%

Estimated fair value of stock options at grant date

$

89.59

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 17, 2020

$

2,535

$

0

$

634

$

2,535

$

5,070

February 16, 2021

$

2,404

$

0

$

601

$

2,404

$

4,808

February 15, 2022

$

3,464

$

0

$

866

$

3,464

$

6,928