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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 CompensationThe following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three and nine months ended September 30, 2023 and 2022, and associated with the issuance of restricted shares of common stock and vesting of stock options that are included in general and administrative expenses in the accompanying consolidated statements of income (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stock options | $ | 406 |  |  | $ | 947 |  |  | $ | 1,393 |  |  | $ | 2,868 |
Restricted stock | 5,300 |  |  | 2,555 |  |  | 11,971 |  |  | 7,609 |
Total stock-based compensation expense | $ | 5,706 |  |  | $ | 3,502 |  |  | $ | 13,364 |  |  | $ | 10,477 |
Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2023 was $33.7 million. Options The Company’s outstanding stock options consisted of the following:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Options outstanding at January 1, 2023 | 859,850 |  |  | $ | 25.88 |  |  | 2.19 |  | $ | 10.3 |
Options granted | — |  |  | — |  |  | — |  |  | — |
Options exercised | (125,000) |  |  | 10.00 |  |  | — |  |  | 3.3 |
Options forfeited | (50,000) |  |  | 0.10 |  |  | — |  |  | — |
Options outstanding at September 30, 2023 | 684,850 |  |  | $ | 30.66 |  |  | 1.92 |  | $ | 7.0 |
Options exercisable at September 30, 2023 | 589,522 |  |  | $ | 21.80 |  |  | 1.51 |  | $ | 6.7 |
During the nine months ended September 30, 2023, options were exercised for 125,000 shares of the Company’s common stock, resulting in proceeds of $1.3 million. During the nine months ended September 30, 2022, options were exercised for 41,603 shares of the Company’s common stock, resulting in proceeds of $0.7 million. Restricted Stock The Company grants restricted stock to officers and employees, which are earned based on service conditions. The grant date fair value of the restricted stock is that day’s closing market price of the Company’s common stock. During the nine months ended September 30, 2023, the Company granted 353,181 shares of restricted stock with performance based conditions and 340,107 shares of restricted stock without performance based conditions. During the nine months ended September 30, 2023, the weighted average grant date fair value of restricted stock with and without performance based conditions was $32.54 and $33.13, respectively. As of September 30, 2023, unvested restricted stock awards, including performance based restricted stock awards totaled 1.3 million shares. Warrants All warrants issued by the Company expired as of December 31, 2022. As a result, there are no outstanding warrants as of September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2022, common stock warrants were exercised for 281,742 shares of the Company’s common stock, which resulted in proceeds of approximately $2.0 million. The exercise price ranged from $10.00 to $11.00 per share for the exercises during the nine months ended September 30, 2022.

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