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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table presents the effects of share-based compensation expense in the Condensed Consolidated Statements of Operations during the periods presented (in thousands):

			Three months ended June 30,												Six months ended June 30,
			2023						2022						2023						2022
Cost of revenues			$	94					$	142					$	170					$	226
Sales and marketing			1,038						1,106						1,962						1,675
Research, development, and engineering			958						852						1,741						1,481
General and administrative			7,127						5,603						13,746						11,038
Total share-based compensation expense			$	9,217					$	7,703					$	17,619					$	14,420

Market-Based Restricted Stock Awards, Valuation Assumptions

The weighted-average fair values of market-based restricted stock units granted have been estimated utilizing the following assumptions:

			June 30, 2023						June 30, 2022
Underlying stock price at valuation date			$	77.80					$	99.32
Expected volatility			32.0		%				36.7		%
Risk-free interest rate			4.1		%				1.8		%

Restricted Stock and Restricted Stock Unit Award Activity

Restricted stock award activity for the six months ended June 30, 2023 is set forth below:

			Shares						Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2023			311,281						$	59.90
Vested			(47,484)						$	78.37
Nonvested at June 30, 2023			263,797						$	57.71

Restricted stock unit activity for the six months ended June 30, 2023 is set forth below:

			Number of Shares						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
Outstanding at January 1, 2023			464,354
Granted			458,765
Vested			(67,892)
Canceled			(5,401)
Outstanding at June 30, 2023			849,826						3.2						$	59,538,810
Vested and expected to vest at June 30, 2023			710,196						2.9						$	49,756,330

Schedule of Employee Stock Purchase Plan, Valuation Assumptions

The shared-based compensation expense related to the Purchase Plan has been estimated utilizing the following weighted-average assumptions:

			June 30, 2023						June 30, 2022
Risk-free interest rate			4.7%						1.5%
Expected term (in years)			0.5						0.5
Expected volatility			35.8%						41.6%

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Tabular disclosure of share-based payment arrangement.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-1

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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