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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023						2022
Direct costs			$	248					$	262					$	341
Sales and marketing			3,756						2,686						3,083
Research, development, and engineering			3,665						3,245						2,503
General, administrative, and other related costs			33,246						25,727						20,674
Total share-based compensation expense			$	40,915					$	31,920					$	26,601

Stock Options Activity

Stock option activity for the years ended December 31, 2024, 2023, and 2022 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, 2022			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
Granted			—						$	—
Exercised			—						$	—
Canceled			—						$	—
Options outstanding at December 31, 2024			435,135						$	68.97					3.0						$	0
Exercisable at December 31, 2024			326,351						$	68.97					3.0						$	0
Vested and expected to vest at December 31, 2024			102,128						$	68.97					3.0						$	0

Valuation Assumptions of Market-based Restricted Stock Awards Granted

The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:

			December 31,
			2024						2023						2022
Underlying stock price at valuation date			$	66.88					$	77.80					$	99.32
Expected volatility			32.9		%				32.0		%				36.7		%
Risk-free interest rate			4.3		%				4.1		%				1.8		%

Restricted Stock and Restricted Stock Unit Award Activity

Restricted stock award (“RSA”) and PSA activity for the years ended December 31, 2024, 2023 and 2022 is set forth below:

			RSAs												PSAs
			Number of shares						Weighted average grant date fair value						Number of shares						Weighted average grant date fair value
Nonvested at January 1, 2022			220,782						$	72.07					163,181						$	36.27
Granted			—						—						—						—
Vested			(67,762)						74.13						—						—
Canceled			(4,920)						77.92						—						—
Nonvested at December 31, 2022			148,100						$	70.93					163,181						$	36.27
Granted			—						—						—						—
Vested			(52,060)						72.29						—						—
Canceled			(322)						77.75						—						—
Nonvested at December 31, 2023			95,718						$	70.17					163,181						$	36.27
Granted			—						—						—						—
Vested			(40,735)						71.73						—						—
Canceled			(154)						77.75						—						—
Nonvested at December 31, 2024			54,829						$	68.97					163,181						$	36.27

Restricted stock unit activity for the years ended December 31, 2024, 2023 and 2022 is set forth below:

			RSUs												PSUs
			Number of shares						Weighted average grant date fair value						Number of shares (1)						Weighted average grant date fair value
Outstanding at January 1, 2022			299,023						$	107.52					60,891						$	86.78
Granted			154,022						94.47						100,193						87.11
Vested			(84,259)						108.04						(30,435)						91.23
Canceled			(24,831)						94.02						(10,250)						89.73
Outstanding at December 31, 2022			343,955						$	102.53					120,399						$	87.04
Granted			305,549						76.80						167,606						70.06
Vested			(111,185)						101.41						—						—
Canceled			(31,894)						83.82						(17,233)						77.98
Outstanding at December 31, 2023			506,425						$	88.36					270,772						$	77.09
Granted			413,053						64.60						308,970						87.17
Vested			(175,564)						90.68						—						—
Canceled			(91,687)						74.44						(58,756)						79.88
Outstanding at December 31, 2024			652,227						74.59						520,986						82.73
Vested and expected to vest at December 31, 2024			610,299						$	74.53					499,185						$	82.54

(1)Represents the number of shares at 100% achievement.

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,
			2024						2023						2022
Risk-free interest rate			5.3%						3.4%						1.2%
Expected term (in years)			0.5						0.5						0.5
Expected volatility			31.4%						38.3%						40.7%

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