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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
Cost of revenues | $ | 2,503 |  |  | $ | 2,179 |  |  |  |  |
Operating expenses |  |  |  |  |  |  |
Sales and marketing | 2,423 |  |  | 2,032 |  |  |  |  |
Research and development | 1,777 |  |  | 1,474 |  |  |  |  |
General and administrative | 5,077 |  |  | 3,330 |  |  |  |  |
| $ | 11,780 |  |  | $ | 9,015 |  |  |  |  |
Stock-based compensation expense by grant type or plan was as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
Stock options | $ | 490 |  |  | $ | 477 |  |  |  |  |
PSUs | 3,926 |  |  | 2,699 |  |  |  |  |
RSUs | 6,062 |  |  | 4,638 |  |  |  |  |
RSAs & DSUs | 108 |  |  | 108 |  |  |  |  |
ESPP | 589 |  |  | 574 |  |  |  |  |
401(k) stock match | 605 |  |  | 519 |  |  |  |  |
| $ | 11,780 |  |  | $ | 9,015 |  |  |  |  |
Stock Option Activity | Our stock option activity was as follows:
| Three Months Ended March 31, 2023
| Options (#) |  | Weighted Average Exercise Price ($/share)
Outstanding, beginning of period | 562,697 |  |  | $ | 56.24 |
Granted | 30,148 |  |  | 150.76 |
Exercised | (68,088) |  |  | 32.06 |
Forfeited | (1,916) |  |  | 123.49 |
Outstanding, end of period | 522,841 |  |  | $ | 64.60 |
Weighted Average Grant Date Fair Value of Options Granted, Assumptions | The weighted average grant date fair value of options granted during the three months ended March 31, 2023 was $54.53 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:
Life (in years) | 3.9
Volatility | 39.7 | %
Dividend yield | — |
Risk-free interest rate | 4.2 | %
PSU, RSU, RSA, and DSU | Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:
| Three Months Ended March 31, 2023
| # |  | Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period | 712,158 |  |  | $ | 103.93 |
Granted | 304,635 |  |  | 163.06 |
Vested and common stock issued | (305,123) |  |  | 74.70 |
Forfeited | (3,798) |  |  | 112.93 |
Outstanding, end of period | 707,872 |  |  | $ | 141.92 |
Summary of ESPP Activity | Our ESPP activity was as follows:
| Three Months Ended March 31, |  |
(in thousands, except shares) | 2023 |  | 2022 |  |  |  |
Amounts for shares purchased | $ | 241 |  |  | $ | 147 |  |  |  |  |
Shares purchased | 2,549 |  |  | 1,698 |  |  |  |  |
Fair Value Estimation of Common Stock Using Black-Scholes Option Pricing Model, Assumptions | The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:
Life (in years) | 0.5
Volatility | 46.4 | %
Dividend yield | — |
Risk-free interest rate | 2.5 | %

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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