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Equity Incentive Plans and Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans and Stock-Based Compensation | Equity Incentive Plans and Stock-Based Compensation 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, 2022 | 7,655,769
Increase in shares approved for issuance (1) | 5,210,000
Nonvested equity stock and stock units granted (2) (3) | (1,987,388)
Nonvested equity stock and stock units forfeited (2) | 529,072
Total shares available for grant as of June 30, 2023 | 11,407,453
_________________________________________ (1) On April 27, 2023, the Company’s stockholders approved these additional shares to be reserved for issuance under the 2015 Equity Incentive Plan (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 unit granted prior to April 27, 2023 reduces the number of shares available for grant by 1.5 shares and each restricted stock unit forfeited increases shares available for grant by 1.5 shares. Each restricted stock unit granted on or after April 27, 2023 reduces the number of shares available for grant by 1.0 shares and each restricted stock unit forfeited increases shares available for grant by 1.0 shares. (3) Amount includes approximately 0.2 million shares that have been reserved for potential future issuance related to certain performance unit awards granted in the first quarter of 2023 and discussed under the section titled “Nonvested Equity Stock and Stock Units” below. General Stock Option Information The following table summarizes stock option activity under the Company’s equity incentive plans for the six months ended June 30, 2023 and information regarding stock options outstanding, exercisable, and vested and expected to vest as of June 30, 2023.
|  | Options Outstanding |  |  |  |
(In thousands, except shares, per share amounts and years) |  | Number of Shares |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2022 |  | 432,443 |  | $ | 11.60 |  |  |  |  |
Options exercised |  | (155,205) |  | $ | 11.04 |  |  |  |  | $ | 8,247 |
Outstanding as of June 30, 2023 |  | 277,238 |  | $ | 11.92 |  |  | 3.60 |  | $ | 14,485 |
Vested or expected to vest at June 30, 2023 |  | 277,234 |  | $ | 11.92 |  |  | 3.60 |  | $ | 14,485 |
Options exercisable at June 30, 2023 |  | 270,571 |  | $ | 11.88 |  |  | 3.54 |  | $ | 14,147 |
Employee Stock Purchase Plan Under the 2015 Employee Stock Purchase Plan (“2015 ESPP”), the Company issued 120,569 shares at a price of $27.91 per share and 161,254 shares at a price of $19.97 per share during the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, approximately 2.4 million shares under the 2015 ESPP remained available for issuance. Stock-Based Compensation For the six months ended June 30, 2023 and 2022, the Company maintained stock plans covering a broad range of potential equity grants including stock options, nonvested equity stock and equity stock units and performance-based instruments. In addition, the Company sponsors the 2015 ESPP, whereby eligible employees are entitled to purchase common stock semi-annually, by means of limited payroll deductions, at a 15% discount from the fair market value of the common stock as of specific dates. Stock Options There were no stock options granted during the six months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense related to stock options was immaterial for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, there was $0.1 million of total unrecognized compensation cost, net of expected forfeitures, related to non-vested stock-based compensation arrangements granted under the stock option plans. That cost is expected to be recognized over a weighted-average period of 0.3 years. Employee Stock Purchase Plan For the three and six months ended June 30, 2023, the Company recorded stock-based compensation expense related to the 2015 ESPP of $0.4 million and $1.0 million, respectively. For the three and six months ended June 30, 2022, the Company recorded stock-based compensation expense related to the 2015 ESPP of $0.4 million and $0.8 million, respectively. As of June 30, 2023, there was $0.6 million of total unrecognized compensation cost related to stock-based compensation arrangements granted under the 2015 ESPP. That cost is expected to be recognized over four months. Nonvested Equity Stock and Stock Units The Company grants nonvested equity stock units to officers, employees and directors. During the three and six months ended June 30, 2023, the Company granted nonvested equity stock units totaling approximately 0.1 million and 1.2 million shares, respectively. During the three and six months ended June 30, 2022, the Company granted nonvested equity stock units totaling approximately 0.1 million and 1.7 million shares, respectively. These awards have a service condition, generally a service period of four years, except in the case of grants to directors, for which the service period is one year. For the three and six months ended June 30, 2023, the nonvested equity stock units were valued at the date of grant giving them a fair value of approximately $2.5 million and $55.2 million, respectively. For the three and six months ended June 30, 2022, the nonvested equity stock units were valued at the date of grant giving them a fair value of approximately $4.3 million and $48.9 million, respectively. During the first quarters of 2023 and 2022, the Company granted performance unit awards to certain Company executive officers with vesting subject to the achievement of certain performance and/or market conditions. The ultimate number of performance units that can be earned can range from 0% to 200% of target depending on performance relative to target over the applicable period. The shares earned will vest on the third or fourth anniversary of the date of gran t. The Company’s shares available for grant have been reduced to reflect the shares that could be earned at the maximum target. For the three and six months ended June 30, 2023, the Company recorded stock-based compensation expense of approximately $10.9 million and $23.4 million, respectively, primarily related to all outstanding nonvested equity stock grants. For the three and six months ended June 30, 2022, the Company recorded stock-based compensation expense of approximately $8.2 million and $15.5 million, respectively, related to all outstanding nonvested equity stock grants. Unrecognized stock-based compensation related to all nonvested equity stock grants, net of estimated forfeitures, was approximately $86.9 million at June 30, 2023. This amount is expected to be recognized over a weighted-average period of 2.3 years. The following table reflects the activity related to nonvested equity stock and stock units for the six months ended June 30, 2023:
Nonvested Equity Stock and Stock Units |  | Shares |  | Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2022 |  | 4,718,060 |  | $ | 22.78 |
Granted |  | 1,174,026 |  | $ | 46.01 |
Vested |  | (1,516,751) |  | $ | 24.29 |
Forfeited |  | (328,194) |  | $ | 26.62 |
Nonvested at June 30, 2023 |  | 4,047,141 |  | $ | 31.32 |

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