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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Information With Respect to Stock Options | The below tables present information with respect to stock options:
(in thousands, except for exercise price) | Number of Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding at January 1, 2023 | 1,029 |  |  | $ | 12.82 |  |  |
Options exercised | (97) |  |  | 10.73 |  |  |
Options canceled/forfeited | (12) |  |  | 13.40 |  |  |
Outstanding at December 31, 2023 | 920 |  |  | $ | 13.04 |  |  | $ | 28,053 |
Vested and expected to vest at December 31, 2023 | 920 |  |  | $ | 13.04 |  |  | $ | 28,046 |
Total shares exercisable at December 31, 2023 | 898 |  |  | $ | 13.12 |  |  | $ | 27,299 |
Shares remaining available for future grant | — |  |  |  |  |
(in thousands, except for grant date fair value) | 2023 |  | 2022 |  | 2021
Option expense recorded, in thousands, for the year ended December 31, | $ | 2,814 |  |  | $ | 5,664 |  |  | $ | 9,585 |
Weighted average grant date fair value | $ | — |  |  | $ | — |  |  | $ | 60.48 |
Total intrinsic value of stock options exercised, in thousands, for the year ended December 31, | $ | 2,700 |  |  | $ | 4,000 |  |  | $ | 6,000 |
Cash received for options exercised | $ | 1,069 |  |  | $ | 1,286 |  |  | $ | 1,156 |
Schedule of Assumptions for Fair Value of Options at the Date of the Grant | Issuance date fair value of the Warrant was determined to be $14.3 million based on using the Black-Scholes model with the following assumptions:
Expected term | 5.0 years
Risk free interest rate | 0.85 | %
Expected volatility | 53.78 | %
Expected dividend yield | None
Fair value (per warrant) | $ | 28.65 |
The fair value of options at the date of the grant was estimated using the Black-Scholes model with the following assumptions for the period ending December 31, 2021:
|  |  |  |  | 2021
Expected option life |  |  |  |  | 3.1 years
Weighted average risk-free interest rate |  |  |  |  | 0.4 | %
Weighted average expected volatility |  |  |  |  | 56.5 | %
Expected dividend yield |  |  |  |  | None
Schedule of Share-based Compensation by Exercise Price Range | Stock options outstanding at December 31, 2023 are summarized as follows:
Range of exercise prices |  | Number outstanding (in thousands) |  | Weighted average remaining life |  |
$0.73 - $35.26 |  | 920 |  |  | 5.95 years |  |
Summary of Restricted Stock Awards Activity | Current year activity with respect to the Company’s non-vested RSUs is as follows:
(in thousands, except weighted average fair value) | Shares |  | Weighted Average grant- date fair value
Balance at January 1, 2023 | 512 |  |  | $ | 35.96 |
Granted | 625 |  |  | 35.74 |
Vested | (210) |  |  | 34.10 |
Canceled/forfeited | (88) |  |  | 38.17 |
Balance at December 31, 2023 | 839 |  |  | $ | 35.83 |
The below table presents information with respect to RSUs:
(in thousands) | 2023 |  | 2022 |  | 2021
Service-based RSU | $ | 9,325 |  |  | $ | 6,775 |  |  | $ | 3,353 |
Performance-based RSU | 2,257 |  |  | 836 |  |  | 839 |
Total stock-based compensation expense related to RSUs | $ | 11,582 |  |  | $ | 7,611 |  |  | $ | 4,192 |

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