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Stock-Based Compensation (Tables)

3 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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