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Stock-based Compensation | 3 Months Ended
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Mar. 31, 2024
Stock-based Compensation |
Stock-based Compensation | 13. Stock-based Compensation ​ Performance Share Units ​ The Company periodically grants PSUs to certain members of the Company's senior management team. PSUs vest subject to the satisfaction of annual and cumulative performance and/or market conditions established by the Company’s Compensation Committee. ​ A summary of the Company’s PSU activity for the three months ended March 31, 2024 and related information is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-Average
​ | ​ | Shares | ​ | Grant Date Fair Value
Outstanding as of December 31, 2023 | ​ | 503,880 | ​ | $ | 33.13
Granted | ​ | 203,000 | ​ | ​ | 45.06
Vested | ​ | (314,921) | ​ | ​ | 33.90
Forfeited | ​ | — | ​ | ​ | —
Performance adjustment | ​ | 119,721 | ​ | ​ | 34.26
Outstanding as of March 31, 2024 | ​ | 511,680 | ​ | $ | 37.66
​ The number of PSUs granted represents the target number of shares of common stock that may be earned. However, the actual number of shares earned may vary based on the satisfaction of performance criteria. The weighted-average grant date fair value of PSUs granted for the three months ended March 31, 2024, and 2023 was $45.06 and $38.71, respectively. ​ Restricted Stock Units ​ The Company granted RSUs to employees during the three months ended March 31, 2024. RSUs granted prior to 2024 generally vest ratably over a four-year period of service. Beginning in 2024, RSUs granted by the Company vest ratably over a three-year period of service. ​ A summary of the Company’s RSU activity for the three months ended March 31, 2024 and related information is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-Average
​ | ​ | Shares | ​ | Grant Date Fair Value
Outstanding as of December 31, 2023 | ​ | 2,443,907 | ​ | $ | 22.88
Granted | ​ | 885,674 | ​ | ​ | 33.70
Vested | ​ | (685,436) | ​ | ​ | 23.06
Forfeited | ​ | (80,392) | ​ | ​ | 25.83
Outstanding as of March 31, 2024 | ​ | 2,563,753 | ​ | $ | 26.47
​ The weighted-average grant date fair value per share of RSUs granted for the three months ended March 31, 2024 and 2023 was $33.70 and $26.82, respectively. The total fair value of RSUs vested (measured on the date of vesting) for the three months ended March 31, 2024, and 2023 was $23,112 and $14,779, respectively. Stock Options The Company’s qualified incentive stock options and non-qualified options generally vest ratably over a four-year period and generally have a ten-year contractual life. Upon termination, vested stock options are generally exercisable for three months following the termination date, while unvested options are forfeited immediately upon termination. ​ A summary of the Company’s stock option activity for the three months ended March 31, 2024 and related information is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted- |  | ​ | ​
​ | ​ | ​ |  | ​ | Weighted- |  | Average | ​ | ​ | ​
​ | ​ | ​ |  | ​ | Average |  | Remaining | ​ | ​ | Aggregate
​ | ​ | ​ | ​ | ​ | Exercise Price |  | Contractual | ​ | ​ | Intrinsic
​ |  | Shares |  | ​ | per Share |  | Term (in years) |  | ​ | Value
Outstanding as of December 31, 2023 |  | 1,176,750 | ​ | $ | 19.48 |  | 4.3 | ​ | $ | 13,297
Exercised |  | (200,200) | ​ | ​ | 20.96 | ​ | ​ | ​ | ​ | ​
Cancelled |  | (1,000) | ​ | ​ | 27.73 | ​ | ​ | ​ | ​ | ​
Outstanding as of March 31, 2024 |  | 975,550 | ​ | $ | 19.17 |  | 4.0 | ​ | $ | 19,172
Exercisable as of March 31, 2024 |  | 974,941 | ​ | $ | 19.17 | ​ | 4.0 | ​ | $ | 19,160
​ There were no stock options granted during the three months ended March 31, 2024 and 2023. ​ Employee Stock Purchase Plan ​ The Company’s 2015 Employee Stock Purchase Plan allows employees to purchase shares of the Company’s common stock. The purchase price is equal to 85% of the lower of the closing price of the Company’s common stock on: (i) the first day of the purchase period; or (ii) the last day of the purchase period. During the three months ended March 31, 2024, 18,538 shares of common stock were purchased for total proceeds of $356. The expense for the three months ended March 31, 2024 and 2023 was $65 and $46, respectively. ​ Stock-based Compensation Expense ​ A summary of the allocation of the Company’s stock-based compensation expense for the three months ended March 31, 2024 and 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31,
​ | 2024 | ​ | 2023
Selling, general and administrative | $ | 7,475 | ​ | $ | 6,035
Total stock-based compensation expense | $ | 7,475 | ​ | $ | 6,035
​ As of March 31, 2024, there was approximately $72,231 of unrecognized compensation expense related to unvested options, restricted stock units and performance stock units, which is expected to be recognized as expense over a weighted average period of approximately 2.5 years.

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