Quarterly report pursuant to Section 13 or 15(d)

Stockholders Equity and Stock Compensation (Tables)

v3.24.1.u1
Stockholders Equity and Stock Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Summary of Stock Repurchase Activities

The following table provides a summary the Company’s stock repurchase activities:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Shares repurchased

 

 

994,215

 

 

 

676,190

 

Average cost per share

 

$

60.37

 

 

$

44.39

 

Total cost of shares repurchased (in thousands)

 

$

60,020

 

 

$

30,014

 

 

Summary of Stock-Based Instruments

The Company issued the following stock-based instruments:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

Granted

 

 

Weighted-Average Grant-Date Fair Value

 

 

Granted

 

 

Weighted-Average Grant-Date Fair Value

 

Restricted stock

 

 

1,136,710

 

 

$

58.56

 

 

 

300,970

 

 

$

43.77

 

Performance-based restricted stock

 

 

93,500

 

 

$

60.64

 

 

 

121,225

 

 

$

43.34

 

Market-based restricted stock

 

 

93,500

 

 

$

78.80

 

 

 

121,225

 

 

$

59.71

 

 

The Company determines the fair value of restricted stock awards and any performance-related components based on the closing market price of the Company’s common stock on the date of grant. For share-based awards with a performance-based vesting requirement, the Company evaluates the probability of achieving the performance criteria throughout the performance period and will adjust stock compensation expense up or down based on its estimated probable outcome. Certain performance-based awards contain market condition components which are valued on the date of grant using a Monte Carlo simulation model.

Summary of Unvested Shares

A summary of the status and changes of the Company’s unvested shares is presented below:

 


 

 

Shares

 

 

Weighted-Average Grant-Date Fair Value

 

Unvested at December 31, 2023

 

 

3,462,705

 

 

$

43.54

 

Granted

 

 

1,323,710

 

 

 

60.14

 

Vested

 

 

(960,016

)

 

 

44.35

 

Cancelled

 

 

(11,600

)

 

 

44.42

 

Performance Adjustment

 

 

224,809

 

 

 

46.87

 

Unvested at March 31, 2024

 

 

4,039,608

 

 

$

48.97

 

Summary of the Payout for EPS and TSR Grants

A summary of the payout for EPS and TSR grants is presented below:

 

 

Three Months Ended March 31, 2024

 

 

 

Target Shares

 

 

Payout Factor

 

 

Performance Adjustment

 

December 2020 EPS Grant

 

 

125,000

 

 

 

133

%

 

 

41,665

 

December 2020 TSR Grant

 

 

125,000

 

 

 

162

%

 

 

77,250

 

March 2021 EPS Grant

 

 

108,750

 

 

 

133

%

 

 

36,250

 

March 2021 TSR Grant

 

 

108,750

 

 

 

164

%

 

 

69,644

 

Total Performance Adjustments

 

 

 

 

 

 

 

 

224,809