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Common Stock and Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Common Stock and Stock-Based Compensation Stockholders' Equity In December 2022, our Board of Directors authorized a new share repurchase program effective December 9, 2022 with no expiration. The new share repurchase program authorizes the Company to repurchase up to $250.0 million of its common stock. There were no shares repurchased during the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, repurchases totaled 0.6 million and 2.4 million shares, respectively, at a cost of approximately $14.1 million and $64.4 million, respectively, under a previous share repurchase program, which was terminated in the fourth quarter of 2022. Share repurchases during the nine months ended September 30, 2022 included 0.8 million shares, at a cost of $25.0 million, representing the final settlement of an accelerated share repurchase agreement, which was funded in December 2021 but a portion of which remained outstanding as of December 31, 2021. Certain shares of stock repurchased during September 2022, totaling $2.6 million, were cash settled in October 2022 in accordance with normal settlement practices. Stock-Based Compensation Stock-based compensation expense totaled approximately $6.1 million and $18.8 million for the three and nine months ended September 30, 2023, respectively. Stock-based compensation expense totaled approximately $5.9 million and $16.7 million for the three and nine months ended September 30, 2022, respectively. The Company's annual grant of share-based awards generally occurs in the second quarter under our Fifth Amended and Restated Stock Option and Incentive Plan (the "Plan”). Our stock options have contractual terms of ten years and become exercisable over a three-year period. Expense related to stock options is recognized on a straight-line basis over the vesting period. Expense related to restricted stock units ("RSUs") issued to eligible employees under the Plan is recognized over the vesting period, generally between three years and four years. Beginning in 2020, certain RSU grants provide for full vesting when the award recipients retire having reached 60 years of age and having provided at least ten years of service to the Company, provided that the awards remain outstanding for a period of six months from the date of grant. The expense for these awards is recognized over the applicable service period for each of the eligible award recipients. Expense related to RSUs and restricted stock awards ("RSAs") granted to non-employee directors under the Plan is recognized on a straight-line basis over the vesting period, generally one year. Expense related to performance units is recognized on a straight-line basis from their award date to the end of the performance period, generally three years. The following table summarizes stock-based compensation awards granted during the nine months ended September 30, 2023:
| Number of Shares Granted |  | Weighted Average Grant-Date Fair Value per Award
Restricted stock units | 635,186 |  |  | $ | 21.63 |
Restricted stock awards | 22,937 |  |  | $ | 21.32 |
Performance units | 284,061 |  |  | $ | 28.47 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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