STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| 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, |
| |
|
|
|
|
2023 |
|
2022 |
|
2021 |
| |
|
|
|
|
(in thousands) |
| Selling, general and administrative expenses |
|
|
|
|
$ |
40,751 |
|
|
$ |
45,214 |
|
|
$ |
161,849 |
|
| Corporate expenses |
|
|
|
|
75,208 |
|
|
64,835 |
|
|
47,488 |
|
| Total |
|
|
|
|
$ |
115,959 |
|
|
$ |
110,049 |
|
|
$ |
209,337 |
|
|
| 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 |
|
|
| Risk-free interest rate |
|
|
1.01 |
% |
|
|
|
|
|
|
|
|
| Volatility factors |
|
|
42.61 |
% |
|
|
| Weighted average expected life (in years) |
|
|
6.40 |
|
|
|
| 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, |
| |
2023 |
|
2022 |
|
2021 |
| |
Options |
|
Price |
|
Options |
|
Price |
|
Options |
|
Price |
| |
(in thousands, except per share data) |
| Outstanding January 1 |
3,257 |
|
|
$ |
29.78 |
|
|
7,720 |
|
|
$ |
18.24 |
|
|
9,323 |
|
|
$ |
18.93 |
|
| Granted |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
89.81 |
|
| Exercised |
(891) |
|
|
21.63 |
|
|
(4,461) |
|
|
9.79 |
|
|
(1,603) |
|
|
22.32 |
|
Forfeited or expired |
— |
|
|
— |
|
|
(2) |
|
|
70.26 |
|
|
(9) |
|
|
75.57 |
|
| Outstanding December 31 |
2,366 |
|
|
$ |
32.85 |
|
|
3,257 |
|
|
$ |
29.78 |
|
|
7,720 |
|
|
$ |
18.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable December 31 |
2,362 |
|
|
$ |
32.78 |
|
|
3,171 |
|
|
$ |
29.02 |
|
|
7,702 |
|
|
$ |
18.13 |
|
| Weighted average fair value per option granted |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
38.55 |
|
|
| Summary of Stock Options, by Range of Exercise Price |
Vesting dates on the stock options range from February 2024 to 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
12/31/23 |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price
|
|
Exercisable
as of
12/31/23 |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
|
(in thousands)
|
|
(in years)
|
|
|
|
(in thousands)
|
|
(in years)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$15.00 - $19.99 |
|
634 |
|
|
2.1 |
|
$ |
19.36 |
|
|
634 |
|
|
2.1 |
|
$ |
19.36 |
|
$20.00 - $24.99 |
|
40 |
|
|
1.4 |
|
$ |
24.77 |
|
|
40 |
|
|
1.4 |
|
$ |
24.77 |
|
$25.00 - $29.99 |
|
954 |
|
|
2.4 |
|
$ |
27.63 |
|
|
954 |
|
|
2.4 |
|
$ |
27.63 |
|
$30.00 - $44.99 |
|
325 |
|
|
4.1 |
|
$ |
43.95 |
|
|
325 |
|
|
4.1 |
|
$ |
43.95 |
|
$45.00 - $60.99 |
|
395 |
|
|
5.2 |
|
$ |
56.82 |
|
|
392 |
|
|
5.2 |
|
$ |
56.80 |
|
$61.00 - $89.99 |
|
19 |
|
|
7.0 |
|
$ |
74.05 |
|
|
17 |
|
|
7.0 |
|
$ |
72.36 |
|
|
| Summary of Unvested Restricted Stock Activity |
The following table presents a summary of our unvested restricted stock awards outstanding at December 31, 2023, 2022 and 2021 (“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, 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 |
|
| Granted |
841 |
|
|
70.51 |
|
| Forfeited |
(7) |
|
|
92.06 |
|
| Vested |
(357) |
|
|
89.93 |
|
| Unvested at December 31, 2023 |
1,473 |
|
|
$ |
78.34 |
|
|
| 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, |
| |
2023 |
|
2022 |
| Risk-free interest rate |
4.47 |
% |
|
2.85% - 3.69% |
| Volatility factors |
39.33 |
% |
|
45.10% - 45.99% |
| Weighted average expected life (in years) |
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, 2023, 2022 and 2021 (“Price” reflects the weighted average grant date fair value):
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Stock
|
|
Awards |
|
Price |
|
(in thousands, except per share data) |
| Unvested at December 31, 2020 |
2,367 |
|
|
$ |
26.53 |
|
| Awarded |
— |
|
|
— |
|
| Forfeited |
— |
|
|
— |
|
| Vested |
(175) |
|
|
26.12 |
|
| 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 |
|
|