STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Stock-Based Compensation Expense |
The following is a summary of stock-based compensation expense we recorded during the respective periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| |
|
|
|
|
2024 |
|
2023 |
|
2022 |
| |
|
|
|
|
(in thousands) |
| Selling, general and administrative expenses |
|
|
|
|
$ |
50,668 |
|
|
$ |
40,751 |
|
|
$ |
45,214 |
|
| Corporate expenses |
|
|
|
|
59,680 |
|
|
75,208 |
|
|
64,835 |
|
| Total |
|
|
|
|
$ |
110,348 |
|
|
$ |
115,959 |
|
|
$ |
110,049 |
|
|
| Summary of Stock Options Activity |
The following table presents a summary of our stock options outstanding at the dates given, and stock option activity for the period between such dates (“Price” reflects the weighted average exercise price per share):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| |
2024 |
|
2023 |
|
2022 |
| |
Options |
|
Price |
|
Options |
|
Price |
|
Options |
|
Price |
| |
(in thousands, except per share data) |
| Outstanding January 1 |
2,366 |
|
|
$ |
32.85 |
|
|
3,257 |
|
|
$ |
29.78 |
|
|
7,720 |
|
|
$ |
18.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
(851) |
|
|
30.57 |
|
|
(891) |
|
|
21.63 |
|
|
(4,461) |
|
|
9.79 |
|
Forfeited or expired |
(1) |
|
|
63.29 |
|
|
— |
|
|
— |
|
|
(2) |
|
|
70.26 |
|
| Outstanding December 31 |
1,514 |
|
|
$ |
34.12 |
|
|
2,366 |
|
|
$ |
32.85 |
|
|
3,257 |
|
|
$ |
29.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable December 31 |
1,513 |
|
|
$ |
34.09 |
|
|
2,362 |
|
|
$ |
32.78 |
|
|
3,171 |
|
|
$ |
29.02 |
|
| Weighted average fair value per option granted |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
| Summary of Stock Options, by Range of Exercise Price |
Vesting dates on the stock options is March 2025, and expiration dates range from January 2025 to March 2031 at exercise prices and average contractual lives as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of
Exercise
Prices |
|
Outstanding
as of
12/31/24 |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price
|
|
Exercisable
as of
12/31/24 |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
|
(in thousands)
|
|
(in years)
|
|
|
|
(in thousands)
|
|
(in years)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$15.00 - $19.99 |
|
510 |
|
|
1.1 |
|
$ |
19.36 |
|
|
510 |
|
|
1.1 |
|
$ |
19.36 |
|
$20.00 - $24.99 |
|
5 |
|
|
1.3 |
|
$ |
23.43 |
|
|
5 |
|
|
1.3 |
|
$ |
23.43 |
|
$25.00 - $29.99 |
|
484 |
|
|
2.2 |
|
$ |
28.99 |
|
|
484 |
|
|
2.2 |
|
$ |
28.99 |
|
$30.00 - $44.99 |
|
145 |
|
|
3.2 |
|
$ |
44.05 |
|
|
145 |
|
|
3.2 |
|
$ |
44.05 |
|
$45.00 - $60.99 |
|
357 |
|
|
4.2 |
|
$ |
56.79 |
|
|
357 |
|
|
4.2 |
|
$ |
56.79 |
|
$61.00 - $89.99 |
|
13 |
|
|
6.0 |
|
$ |
74.39 |
|
|
12 |
|
|
6.0 |
|
$ |
73.19 |
|
|
| Summary of Unvested Restricted Stock Activity |
The following table presents a summary of our unvested restricted stock awards outstanding at December 31, 2024, 2023 and 2022 (“Price” reflects the weighted average share price at the date of grant):
|
|
|
|
|
|
|
|
|
|
|
|
| |
Restricted Stock
|
| |
Awards |
|
Price |
| |
(in thousands, except per share data) |
| Unvested at December 31, 2021 |
860 |
|
|
$ |
78.48 |
|
| Granted |
2,002 |
|
|
103.34 |
|
| Forfeited |
(22) |
|
|
80.57 |
|
| Vested |
(1,844) |
|
|
99.68 |
|
| Unvested at December 31, 2022 |
996 |
|
|
$ |
89.22 |
|
| Granted |
841 |
|
|
70.51 |
|
| Forfeited |
(7) |
|
|
92.06 |
|
| Vested |
(357) |
|
|
89.93 |
|
| Unvested at December 31, 2023 |
1,473 |
|
|
$ |
78.34 |
|
| Granted |
749 |
|
|
96.49 |
|
| Forfeited |
(32) |
|
|
85.51 |
|
| Vested |
(710) |
|
|
81.84 |
|
| Unvested at December 31, 2024 |
1,480 |
|
|
$ |
85.70 |
|
|
| Assumptions Used to Calculate Fair Value of Deferred Stock Awards |
The following assumptions were used to calculate the fair value of the deferred stock awards with market conditions on the date of grant:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| |
2024 |
|
2023 |
|
2022 |
| Risk-free interest rate |
4.17 |
% |
|
4.47 |
% |
|
2.85% - 3.69% |
| Volatility factors |
40.57 |
% |
|
39.33 |
% |
|
45.10% - 45.99% |
| Weighted average expected life (in years) |
4.84 |
|
5.22 |
|
5.27 |
|
| Summary of Deferred Stock Activity |
The following table presents a summary of our unvested deferred stock awards outstanding at December 31, 2024, 2023 and 2022 (“Price” reflects the weighted average grant date fair value):
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Stock
|
|
Awards |
|
Price |
|
(in thousands, except per share data) |
| Unvested at December 31, 2021 |
2,192 |
|
|
$ |
26.56 |
|
| Awarded |
2,160 |
|
|
59.79 |
|
| Forfeited |
— |
|
|
— |
|
| Vested |
(2,192) |
|
|
26.56 |
|
| Unvested at December 31, 2022 |
2,160 |
|
|
$ |
59.79 |
|
| Awarded |
289 |
|
|
70.47 |
|
| Forfeited |
— |
|
|
— |
|
| Vested |
— |
|
|
— |
|
| Unvested at December 31, 2023 |
2,449 |
|
|
$ |
61.05 |
|
| Awarded |
33 |
|
|
76.61 |
|
| Forfeited |
— |
|
|
— |
|
| Vested |
(486) |
|
|
66.87 |
|
| Unvested at December 31, 2024 |
1,996 |
|
|
$ |
59.89 |
|
|