v3.22.4
CAPITAL STOCK AND STOCK AWARD PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense A summary expense recognized within personnel expenses in our consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
202220212020
Stock options$13,025 $16,128 $20,162 
Stock awards74,186 110,701 20,985 
Company expense on ESPP discount3,466 3,148 2,848 
Total stock-based compensation expense$90,677 $129,977 $43,995 
Schedule of Stock Option Activity The following schedule summarizes stock option activity in the plans. All outstanding unvested options as of December 31, 2022, relate to time-based grants from 2018 through 2020.
OptionsWeighted
Average
Exercise
Price		Aggregate
Intrinsic
Value
(in thousands)		Average
Remaining
Life
(years)
Outstanding as of December 31, 20216,493,864 $76.88 $199,682 5.8
Exercised(1,126,384)71.91 
Forfeitures(8,684)76.43 
Outstanding as of December 31, 20225,358,796 $77.93 $73,065 5.1
Vested as of December 31, 20224,491,967 $78.17 4.7
Exercisable as of December 31, 20224,491,967 $78.17 4.7
Schedule of Intrinsic Value of Options Exercised Information on the intrinsic value of options exercised is as follows (in thousands):
2022$43,353 
202120,427 
202038,551 
Schedule of Unvested Stock Option Grants
The following table summarizes these unvested stock option grants as of December 31, 2022:
First Vesting DateLast Vesting DateOptions
Granted, Net of
Forfeitures
Weighted
Average Grant
Date Fair Value(1)
Unvested Options
December 31, 2019December 31, 20231,152,836 $20.13 223,752 
December 31, 2020December 31, 20241,632,187 13.87 643,077 
2,785,023 $16.46 866,829 
________________________________ 
(1) Amount shown is the weighted average grant date fair value of options granted, net of forfeitures.
Schedule of Option Pricing Model Valuation Assumptions
The grant date fair value per option was estimated using the Black-Scholes option pricing model with the following assumptions: 
2020 Grants2019 Grants
Weighted-average risk-free interest rate1.6%2.1%
Expected dividend yield2.5%2.0%
Weighted-average volatility23%25%
Expected term (in years)8.916.08
Weighted average fair value per option$13.88 $17.52 
Schedule of Performance Based Restricted Shares and Restricted Stock Units
The following table summarizes activity related to our performance-based restricted shares and PSUs as of December 31, 2022:
Number of Restricted Shares and Restricted Stock UnitsWeighted Average
Grant Date Fair Value
Unvested as of December 31, 2021407,642 $72.21 
Granted(1)
334,092 76.87 
Performance-based grant adjustment(2)
59,338 71.43 
Vested(266,651)68.86 
Forfeitures(16,613)70.84 
Unvested as of December 31, 2022517,808 $76.89 
________________________________ 
(1) Amount represents PSU grants at target.
(2)Amount represents incremental shares issuable for achieving 200 percent upside upon meeting certain adjusted gross profits targets in 2022.
The following table summarizes unvested PSUs by vesting period at target: 
First Vesting DateLast Vesting DatePerformance Shares and Stock Units
Granted, Net of
Forfeitures
Weighted
Average Grant
Date Fair Value (1)
Unvested Performance Shares and Restricted Stock Units
December 31, 2021December 31, 2023261,524 $74.84 248,708 
December 31, 2022December 31, 2024294,928 76.74 269,100 
556,452 $75.85 517,808 
________________________________ 
(1) Amount shown is the weighted average grant date fair value of PSUs granted, net of forfeitures.
Schedule of Unvested Time-Based Restricted Share and Restricted Stock Unit Grants The following table summarizes our unvested time-based restricted share and restricted stock unit grants as of December 31, 2022: 
Number of Restricted
Shares and Stock Units		Weighted Average
Grant Date Fair Value
Unvested as of December 31, 2021763,481 $69.42 
Granted745,689 77.55 
Vested(568,617)71.85 
Forfeitures(51,141)72.88 
Unvested as of December 31, 2022889,412 $74.26 
Schedule of Fair Value Stock Awards Vested
A summary of the fair value of stock awards vested (in thousands): 
2022$74,186 
2021110,701 
202020,985 
Schedule of Employee Stock Purchase Plan Activity The following is a summary of the employee stock purchase plan activity (dollar amounts in thousands): 
Shares Purchased
By Employees		Aggregate Cost
to Employees		Expense Recognized
By the Company
2022229,705 $19,643 $3,466 
2021220,970 17,838 3,148 
2020236,062 16,146 2,848 
Schedule of Share Repurchase Program Activity The activity under these authorizations is as follows (dollar amounts in thousands):
Shares RepurchasedTotal Value of Shares
Repurchased
2022 Repurchases14,226,190 $1,456,713 
2021 Repurchases6,154,364 580,818 
2020 Repurchases2,542,915 182,745