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Equity Incentive Plans and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of shares available for grant | A summary of shares available for grant under the Company’s plans is as follows:
|  | Shares Available for Grant
Total shares available for grant as of December 31, 2019 |  | 6,826,863
Increase in shares approved for issuance (1) |  | 7,800,000
Stock options granted |  | (40,000)
Stock options forfeited |  | 101,816
Nonvested equity stock and stock units granted (2) (3) |  | (3,528,401)
Nonvested equity stock and stock units forfeited (2) |  | 1,252,042
Total shares available for grant as of December 31, 2020 |  | 12,412,320
Stock options forfeited |  | 54,327
Nonvested equity stock and stock units granted (2) (4) |  | (3,918,251)
Nonvested equity stock and stock units forfeited (2) |  | 1,943,782
Total shares available for grant as of December 31, 2021 |  | 10,492,178
Nonvested equity stock and stock units granted (2) (5) |  | (4,107,633)
Nonvested equity stock and stock units forfeited (2) |  | 1,271,224
Total shares available for grant as of December 31, 2022 |  | 7,655,769
______________________________________ (1) On April 30, 2020, the Company’s stockholders approved an additional 7,800,000 shares for issuance under the 2015 Plan. (2) For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock granted reduces the number of shares available for grant by 1.5 shares and each restricted stock forfeited increases shares available for grant by 1.5 shares. (3) Amount includes approximately 0.5 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in 2020 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below. (4) Amount includes approximately 0.4 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in 2021 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below. (5) Amount includes approximately 0.6 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in 2022 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below.
Schedule of stock option activity | The following table summarizes stock option activity under the Company’s equity incentive plans for the years ended December 31, 2022, 2021 and 2020 and information regarding stock options outstanding, exercisable, and vested and expected to vest as of December 31, 2022:
|  | Options Outstanding |  | Weighted-Average Remaining Contractual Term (years) |  |
(In thousands, except per share amounts and years) |  | Number of Shares |  | Weighted-Average Exercise Price Per Share |  |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2019 |  | 1,639,146 |  | $ | 11.37 |  |  |  |  |
Options granted |  | 40,000 |  | $ | 15.59 |  |  |  |  |
Options exercised |  | (613,119) |  | $ | 10.74 |  |  |  |  |
Options forfeited |  | (101,816) |  | $ | 19.41 |  |  |  |  |
Outstanding as of December 31, 2020 |  | 964,211 |  | $ | 11.08 |  |  |  |  |
Options exercised |  | (360,303) |  | $ | 11.06 |  |  |  |  |
Options forfeited |  | (54,327) |  | $ | 14.98 |  |  |  |  |
Outstanding as of December 31, 2021 |  | 549,581 |  | $ | 10.71 |  |  |  |  |
Options exercised |  | (117,138) |  | $ | 7.43 |  |  |  |  |
Outstanding as of December 31, 2022 |  | 432,443 |  | $ | 11.60 |  |  | 3.8 |  | $ | 10,472 |
Vested or expected to vest at December 31, 2022 |  | 432,399 |  | $ | 11.60 |  |  | 3.8 |  | $ | 10,471 |
Options exercisable at December 31, 2022 |  | 415,776 |  | $ | 11.53 |  |  | 3.6 |  | $ | 10,097 |
Weighted-average assumptions for stock option plan | The following table presents the weighted-average assumptions used to estimate the fair value of stock options granted that contain only service conditions in the periods presented:
|  |  |  |  | Stock Option Plan for Year Ended December 31,
|  |  |  |  | 2020
Stock Option Plan |  |  |  |  |
Expected stock price volatility |  |  |  |  | 38%
Risk free interest rate |  |  |  |  | 0.2%
Expected term (in years) |  |  |  |  | 5.5
Weighted-average fair value of stock options granted |  |  |  |  | $5.46
There were no stock options granted during the years ended December 31, 2022 and 2021, respectively.
Weighted-average assumptions for employee stock purchase plan |
| Employee Stock Purchase Plan for Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Employee Stock Purchase Plan |  |  |  |  |
Expected stock price volatility | 40%-44% |  | 32%-33% |  | 37%-46%
Risk free interest rate | 1.49%-4.58% |  | 0.04%-0.05% |  | 0.1%
Expected term (in years) | 0.5 |  | 0.5 |  | 0.5
Weighted-average fair value of purchase rights granted under the purchase plan | $8.02 |  | $5.17 |  | $3.46
Schedule of nonvested equity stock and stock units activity | The following table reflects the activity related to nonvested equity stock and stock units for the years ended December 31, 2022, 2021 and 2020:
Nonvested Equity Stock and Stock Units | Shares |  | Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2019 | 5,289,483 |  | $ | 11.27 |
Granted | 1,986,117 |  | $ | 15.60 |
Vested | (1,693,659) |  | $ | 11.70 |
Forfeited | (730,676) |  | $ | 11.83 |
Nonvested at December 31, 2020 | 4,851,265 |  | $ | 12.82 |
Granted | 2,363,885 |  | $ | 21.18 |
Vested | (1,524,950) |  | $ | 12.41 |
Forfeited | (971,815) |  | $ | 15.30 |
Nonvested at December 31, 2021 | 4,718,385 |  | $ | 16.62 |
Granted | 2,338,255 |  | $ | 28.10 |
Vested | (1,853,260) |  | $ | 14.42 |
Forfeited | (485,320) |  | $ | 20.48 |
Nonvested at December 31, 2022 | 4,718,060 |  | $ | 22.78 |

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