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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Valuation Assumptions of Stock Options and Market-based Restricted Stock Awards Granted | The following table presents the effects of share-based compensation expense in the Consolidated Statements of Operations during the periods presented (in thousands):
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Direct costs | $ | 262 |  |  | $ | 341 |  |  | $ | 306 |
Sales and marketing | 2,686 |  |  | 3,083 |  |  | 1,288 |
Research, development, and engineering | 3,245 |  |  | 2,503 |  |  | 1,984 |
General, administrative, and other related costs | 25,727 |  |  | 20,674 |  |  | 20,551 |
Total share-based compensation expense | $ | 31,920 |  |  | $ | 26,601 |  |  | $ | 24,129 |
Stock Options Activity | Stock option activity for the years ended December 31, 2023, 2022, and 2021 is summarized as follows:
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (In Years) |  | Aggregate Intrinsic Value
Options outstanding at January 1, 2021 | 475,601 |  |  | $ | 69.61 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (70,776) |  |  | 41.63 |  |  |  |  |
Canceled | — |  |  | — |  |  |  |  |
Adjustment due to Consensus Separation (1) | 35,749 |  |  | $ | 68.25 |  |  |  |  |
Options outstanding at December 31, 2021 | 440,574 |  |  | $ | 68.45 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (5,439) |  |  | 27.15 |  |  |  |  |
Canceled | — |  |  | — |  |  |  |  |
Options outstanding at December 31, 2022 | 435,135 |  |  | $ | 68.97 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Canceled | — |  |  | $ | — |  |  |  |  |
Options outstanding at December 31, 2023 | 435,135 |  |  | $ | 68.97 |  |  | 4.0 |  | $ | — |
Exercisable at December 31, 2023 | 271,959 |  |  | $ | 68.97 |  |  | 4.0 |  | $ | — |
Vested and expected to vest at December 31, 2023 | 144,040 |  |  | $ | 68.97 |  |  | 4.0 |  | $ | — |
(1)As noted above, in connection with the Consensus separation and pursuant to the anti-dilution provisions of the 2015 Plan, the number of shares underlying each stock option outstanding as of the date of the Separation was multiplied by a factor of approximately 1.09 and the related exercise price for the stock options was divided by a factor of approximately 1.09, which was intended to preserve the intrinsic value of the awards prior to the Separation.
Valuation Assumptions of Market-based Restricted Stock Awards Granted | The weighted-average fair values of market-based restricted stock units granted have been estimated utilizing the following assumptions:
| December 31,
| 2023 |  | 2022 |  | 2021
Underlying stock price at valuation date | $ | 77.8 |  |  | $ | 99.32 |  |  | $ | 113.27 |
Expected volatility | 32.0 | % |  | 36.7 | % |  | 30.3 | %
Risk-free interest rate | 4.1 | % |  | 1.8 | % |  | 1.3 | %
Restricted Stock and Restricted Stock Unit Award Activity | Restricted stock award activity for the years ended December 31, 2023, 2022 and 2021 is set forth below:
| Shares |  | Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2021 | 820,566 |  |  | $ | 62.66 |
Granted | — |  |  | — |
Vested | (435,529) |  |  | 60.52 |
Canceled | (33,194) |  |  | 83.23 |
Adjustment due to Consensus Separation (1) | 32,120 |  |  | 74.62 |
Nonvested at December 31, 2021 | 383,963 |  |  | $ | 62.66 |
Granted | — |  |  | — |
Vested | (67,762) |  |  | 80.64 |
Canceled | (4,920) |  |  | 84.77 |
Nonvested at December 31, 2022 | 311,281 |  |  | $ | 59.90 |
Granted | — |  |  | — |
Vested | (52,060) |  |  | 72.29 |
Canceled | (322) |  |  | 77.75 |
Nonvested at December 31, 2023 | 258,899 |  |  | $ | 48.76 |
(1)As noted above, in connection with the Consensus separation and pursuant to the anti-dilution provisions of the 2015 Plan, the number of shares underlying each restricted stock award outstanding as of the date of the Separation was multiplied by a factor of approximately 1.09 and the market condition stock price target for marked-based restricted stock awards was also adjusted. Restricted stock unit activity for the years ended December 31, 2023, 2022 and 2021 is set forth below:
| Number of Shares |  | Aggregate Intrinsic Value
Outstanding at January 1, 2021 | 209,784 |  |  |
Granted | 319,345 |  |  |
Vested | (124,761) |  |  |
Canceled | (60,201) |  |  |
Adjustment due to Consensus Separation (1) | 16,576 |  |  |
Outstanding at December 31, 2021 | 360,743 |  |  |
Granted | 254,215 |  |  |
Vested | (115,523) |  |  |
Canceled | (35,081) |  |  |
Outstanding at December 31, 2022 | 464,354 |  |  |
Granted | 473,155 |  |  |
Vested | (111,185) |  |  |
Canceled | (49,127) |  |  |
Outstanding at December 31, 2023 | 777,197 |  |  | $ | 52,219,866 |
Vested and expected to vest at December 31, 2023 | 721,572 |  |  | $ | 48,482,422 |
(1)As noted above, in connection with the Consensus separation and pursuant to the anti-dilution provisions of the 2015 Plan, the number of shares underlying each restricted stock unit outstanding as of the date of the Separation was multiplied by a factor of approximately 1.09 and the market condition stock price target for marked-based restricted stock units was also adjusted.
Valuation Assumptions of Stock Options Granted | The share-based compensation expense related to the Purchase Plan has been estimated utilizing the following weighted average assumptions:
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Risk-free interest rate |  | 3.35% |  | 1.17% |  | 0.05%
Expected term (in years) |  | 0.5 |  | 0.5 |  | 0.5
Expected volatility |  | 38.3% |  | 40.7% |  | 35.0%

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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