Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.4
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2022
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,
  2022 2021 2020
  (in thousands)
Selling, general and administrative expenses $ 45,214  $ 161,849  $ 88,620 
Corporate expenses 64,835  47,488  28,269 
Total $ 110,049  $ 209,337  $ 116,889 
Assumptions Used to Calculate Fair Value of Options The following assumptions were used to calculate the fair value of our options on the date of grant:  
Year Ended December 31,
  2021 2020
Risk-free interest rate 1.01  %
0.09% - 1.19%
Dividend yield 0.0  % 0.0  %
Volatility factors
42.61%
32.37% - 51.83%
Weighted average expected life (in years) 6.40 2.51
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,
  2022 2021 2020
      Options     Price     Options     Price     Options     Price
  (in thousands, except per share data)
Outstanding January 1 7,720  $ 18.24  9,323  $ 18.93  11,347  $ 18.36 
Granted —  —  89.81  51  66.27 
Exercised (4,461) 9.79  (1,603) 22.32  (2,071) 16.96 
Forfeited or expired
(2) 70.26  (9) 75.57  (4) 41.71 
Outstanding December 31 3,257  $ 29.78  7,720  $ 18.24  9,323  $ 18.93 
Exercisable December 31 3,171  $ 29.02  7,702  $ 18.13  8,827  $ 16.98 
Weighted average fair value per option granted $ —  $ 38.55    $ 13.62 
Summary of Stock Options, by Range of Exercise Price Vesting dates on the stock options range from February 2023 to March 2025, and expiration dates range from December 2023 to March 2031 at exercise prices and average contractual lives as follows:
Range of
Exercise
Prices
Outstanding
as of
12/31/22
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price 
Exercisable
as of
12/31/22
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price
(in thousands) 
(in years) 
(in thousands) 
(in years) 
$15.00 - $19.99
658  3.0 $ 19.33  658  3.0 $ 19.33 
$20.00 - $24.99
887  1.1 $ 21.07  887  1.1 $ 21.07 
$25.00 - $29.99
954  3.4 $ 27.63  954  3.4 $ 27.63 
$30.00 - $44.99
325  5.1 $ 43.95  325  5.1 $ 43.95 
$45.00 - $60.99
412  6.2 $ 56.83  329  6.2 $ 56.81 
$61.00 - $89.99
21  8.0 $ 73.77  18  8.0 $ 71.27 
Summary of Unvested Restricted Stock Activity The following table presents a summary of our unvested restricted stock awards outstanding at December 31, 2022, 2021 and 2020 (“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, 2019 1,170  $ 45.80 
Granted 2,454  55.52 
Forfeited (106) 53.26 
Vested (1,929) 47.48 
Unvested at December 31, 2020 1,589  $ 58.19 
Granted 758  86.57 
Forfeited (361) 61.18 
Vested (1,126) 61.25 
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 
Summary of Deferred Stock Activity The following table presents a summary of our unvested deferred stock awards outstanding at December 31, 2022, 2021 and 2020 (“Price” reflects the weighted average grant date fair value):
Deferred Stock
Awards Price
(in thousands, except per share data)
Unvested at December 31, 2019 2,486  $ 26.63 
Awarded —  0.00
Forfeited —  0.00
Vested (119) 28.80
Unvested at December 31, 2020 2,367  $ 26.53 
Awarded —  0.00
Forfeited —  0.00
Vested (175) 26.12
Unvested at December 31, 2021 2,192  $ 26.56 
Awarded 2,160  59.79
Forfeited —  0.00
Vested (2,192) 26.56
Unvested at December 31, 2022 2,160  $ 59.79