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STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

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NOTE 14.    STOCK-BASED COMPENSATION

The Compensation Committee of our Board of Directors administers our stock plans. As of September 30, 2024, we had two active stock-based incentive compensation plans: the Amended and Restated 2023 Omnibus Incentive Plan (the “2023 Incentive Plan”) and the Employee Stock Purchase Plan (“ESPP”). The 2023 Incentive Plan was approved by stockholders on April 27, 2023 and amended and restated on November 2, 2023. We issue all new equity compensation grants under the 2023 Incentive Plan; however, outstanding awards previously issued under now inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans.

The 2023 Incentive Plan provides for the grant of awards including stock options, stock appreciation rights, performance stock units, performance units, stock, restricted stock, restricted stock units, and cash incentive awards.

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

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​	​	September 30, 2024
Shares available for future issuance under the 2023 Incentive Plan	​	1,809
Shares available for future issuance under the ESPP	​	556

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Stock-Based Compensation Expense

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. During the nine months ended September 30, 2024, stock-based compensation expense includes $1.8 million related to a modification for accounting purposes of prior awards. Stock-based compensation was as follows:

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Three Months Ended September 30,

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Nine Months Ended September 30,

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2024

2023

2024

2023

Stock-based compensation expense

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$

11,914

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$

8,075

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$

34,303

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$

22,813

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See Note 2. Acquisitions for information regarding future stock-based compensation expense related to the Airity acquisition.

Restricted Stock Units

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.

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Changes in our RSUs were as follows:

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​	​	​	​	​	​
​	​	Nine Months Ended September 30, 2024
​		​		Weighted-
​	​	​	​	Average
​	​	Number of	​	Grant Date
​	​	RSUs	​	Fair Value
RSUs outstanding at beginning of period		917	​	$	85.96
RSUs granted		546	​	$	104.79
RSUs vested		(286)	​	$	90.22
RSUs forfeited		(87)	​	$	77.73
RSUs outstanding at end of period		1,090	​	$	94.92

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Stock Options

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.

Changes in our stock options were as follows:

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​	​	​	​	​	​
​	​	Nine Months Ended September 30, 2024
​		​		Weighted-
​	​	​	​	Average
​	​	Number of	​	Exercise Price
​	​	Options	​	per Share
Options outstanding at beginning of period		89	​	$	76.69
Options exercised		(10)	​	$	26.32
Options outstanding at end of period		79	​	$	83.05

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