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Stockholders' Equity and Equity Compensation Plans | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity and Equity Compensation Plans | 9. STOCKHOLDERS’ EQUITY AND EQUITY COMPENSATION PLANS Stock Repurchase Program. We currently have a stock repurchase program, approved by our Board, authorizing us to repurchase shares of our common stock from time-to-time as market and business conditions warrant (the “Stock Repurchase Program”). We did not make any share repurchases during the first quarter of 2023. During the first quarter of 2022 we repurchased approximately 266,000 shares of our common stock for $16.0 million (weighted-average price of $60.13 per share) under a SEC Rule 10b5-1 Plan. As of March 31, 2023, the total remaining number of shares available for repurchase under the Stock Repurchase Program totaled 2.1 million shares. Stock Repurchases for Tax Withholdings. In addition to the above-mentioned stock repurchases, during the first quarters of 2023 and 2022, we repurchased and then cancelled approximately 166,000 shares of common stock for $9.3 million and approximately 123,000 shares of common stock for $7.8 million, respective ly, in connection with minimum tax withholding requirements resulting from the vesting of restricted common stock under our stock incentive plans. Cash Dividends. During the first quarter of 2023, our Board approved a quarterly cash dividend of $0.28 per share of common stock, totaling $8.8 million. During the first quarter of 2022, our Board approved a quarterly cash dividend of $0.265 per share of common stock, totaling $8.6 million. Warrants. In 2014, in conjunction with the execution of an amendment to our agreement with Comcast Corporation (“Comcast”), we issued stock warrants (the “Warrant Agreement”) for the right to purchase up to 2.9 million shares of our common stock (the “Stock Warrants”) as an additional incentive for Comcast to convert customer accounts onto our solutions based on various milestones. The Stock Warrants have a ten-year term and an exercise price of $26.68 per warrant. As of March 31, 2023, 1.0 million Stock Warrants remain issued, none of which have vested. The remaining unvested Stock Warrants will be accounted for as a customer contract cost asset once the performance conditions necessary for vesting are considered probable. Stock-Based Awards. A summary of our unvested restricted common stock activity during the quarter ended March 31, 2023 is as follows (shares in thousands):
|  | Quarter Ended |  |
|  | March 31, 2023 |  |
|  | Shares |  |  | Weighted- Average Grant Date Fair Value |  |
Unvested awards, beginning |  |  | 1,147 |  |  | $ | 53.34 |  |
Awards granted |  |  | 600 |  |  |  | 52.01 |  |
Awards forfeited/cancelled |  |  | (19 | ) |  |  | 54.51 |  |
Awards vested |  |  | (438 | ) |  |  | 49.76 |  |
Unvested awards, ending |  |  | 1,290 |  |  | $ | 53.80 |  |
Included in the awards granted during the first quarter of 2023 are awards issued to members of executive management and certain key employees in the form of: (i) performance-based awards of approximately 134,000 restricted common stock shares, which vest in the first quarter of 2025 upon meeting certain pre-established financial performance objectives over a two-year performance period; and (ii) market-based awards of approximately 45,000 restricted common stock shares, which vest in the first quarter of 2026 upon meeting a relative total shareholder return performance achievement tier. Certain of these awards become fully vested upon a change in control, as defined, and the subsequent involuntary termination of employment. The other restricted common stock shares granted during the first quarter of 2023 are primarily time-based awards, which vest annually over three years with no restrictions other than the passage of time. Certain shares of the restricted common stock become fully vested upon a change in control, as defined, involuntary terminations of employment, or death. We recorded stock-based compensation expense for the first quarters of 2023 and 2022 of $6.4 million and $5.6 million, respectively.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
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