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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company applies the fair value recognition provisions of ASC Topic 718: Stock Compensation. Stock-based compensation expense, net of forfeitures of $0.1 million and $0.1 million, was $4.0 million and $3.5 million for the three months ended September 30, 2023 and 2022, respectively. Stock-based compensation expense, net of forfeitures of $0.4 million and $0.9 million, was $10.6 million and $10.3 million for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023, the aggregate unrecognized compensation expense related to unvested equity awards was $25.3 million, which is expected to be recognized as compensation expense in fiscal years 2023 through 2026. A summary of stock option activity for the nine months ended September 30, 2023 is below:
(in thousands, except for weighted average exercise price) | Options outstanding |  | Weighted average exercise price
Outstanding at January 1, 2023 | 1,029 |  |  | $ | 12.82 |
Exercised | (88) |  |  | 9.98 |
Canceled/forfeited | (12) |  |  | 13.29 |
Outstanding at September 30, 2023 | 929 |  |  | $ | 13.10 |
A summary of unvested restricted stock units activity for the nine months ended September 30, 2023 is below:
(in thousands, except for weighted average award value) | Restricted Stock Unit Awards |  | Weighted average award value
Outstanding at January 1, 2023 | 512 |  |  | $ | 35.96 |
Granted | 622 |  |  | 35.74 |
Vested | (207) |  |  | 32.46 |
Canceled/forfeited | (65) |  |  | 39.12 |
Outstanding at September 30, 2023 | 862 |  |  | $ | 35.83 |

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