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STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 16.    STOCK-BASED COMPENSATION

The Compensation Committee of our Board of Directors administers our stock plans. As of March 31, 2023, we have two active stock-based incentive compensation plans: the 2017 Omnibus Incentive Plan (“the 2017 Plan”) and the Employee Stock Purchase Plan (“ESPP”). We issue all new equity compensation grants under these two plans; however, outstanding awards previously issued under inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans.

The 2017 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units, unrestricted stock, and dividend equivalent rights. Any of the awards issued may be issued as performance-based awards to align stock compensation awards to the attainment of annual or long-term performance goals.

The following table summarizes information related to our stock-based incentive compensation plans:

​

​	​	​	​
​	​	March 31, 2023
Shares available for future issuance under the 2017 Omnibus Incentive Plan	​	1,205	​
Shares available for future issuance under the Employee Stock Purchase Plan	​	619	​

​

Generally, we grant restricted stock units (“RSUs”) with a three-year time-based vesting schedule. Certain RSUs contain performance-based or market-based vesting conditions in addition to the time-based vesting requirements. RSUs are generally granted with a grant date fair value based on the market price of our stock on the date of grant.

Generally, we grant stock option awards with an exercise price equal to the market price of our stock at the date of grant and with either a three or four-year vesting schedule or performance-based vesting. Stock option awards generally have a term of ten years.

We recognize stock-based compensation expense based on the fair value of the awards issued and the functional area of the employee receiving the award. Stock-based compensation was as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2023			2022
Stock-based compensation expense	​	$	6,801	​	$	3,928

​

Changes in our RSUs were as follows:

​

​	​	​	​	​	​
​	​	Three Months Ended March 31, 2023
​		​		Weighted-
​	​	​	​	Average
​	​	Number of	​	Grant Date
​	​	RSUs	​	Fair Value
RSUs outstanding at beginning of period		803	​	$	78.46
RSUs granted		295	​	$	96.70
RSUs vested		(97)	​	$	89.09
RSUs forfeited		(25)	​	$	68.29
RSUs outstanding at end of period		976	​	$	83.00

​

Changes in our stock options were as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31, 2023				​
​		​		Weighted-
​	​	​	​	Average		​
​	​	Number of	​	Exercise Price		​
​	​	Options	​	per Share		​
Options outstanding at beginning of period		151	​	$	55.48	​
Options exercised		(36)	​	$	24.19	​
Options outstanding at end of period		115	​	$	65.14	​

​

X

- Definition

The entire disclosure for share-based payment arrangement.

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