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Stock-based Compensation

6 Months Ended

Jun. 30, 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 six months ended June 30, 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		(514,050)			32.53
Forfeited		(165,700)			43.12
Performance adjustment		196,550			32.58
Outstanding as of June 30, 2024		223,680		$	37.45

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 six months ended June 30, 2024, and 2023 was $45.06 and $38.71, respectively.

Restricted Stock Units

The Company granted RSUs to employees during the six months ended June 30, 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 six months ended June 30, 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		960,857			33.76
Vested		(878,447)			23.35
Forfeited		(270,847)			27.78
Outstanding as of June 30, 2024		2,255,470		$	26.74

The weighted-average grant date fair value per share of RSUs granted for the six months ended June 30, 2024 and 2023 was $33.76 and $26.33, respectively. The total fair value of RSUs vested (measured on the date of vesting) for the six months ended June 30, 2024, and 2023 was $29,704 and $16,480, 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 six months ended June 30, 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		(482,448)			20.57
Cancelled		(1,000)			27.73
Outstanding as of June 30, 2024		693,302		$	18.71		3.9		$	9,354
Exercisable as of June 30, 2024		692,975		$	18.71		3.9		$	9,350

There were no stock options granted during the six months ended June 30, 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 six months ended June 30, 2024, 18,538 shares of common stock were purchased for total proceeds of $356. The expense for the three months ended June 30, 2024 and 2023 was $69 and $55, respectively. The expense for the six months ended June 30, 2024 and 2023 was $134 and $101, respectively.

Stock-based Compensation Expense

A summary of the allocation of the Company’s stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Selling, general and administrative	$	10,012		$	7,072		$	17,487		$	13,107
Total stock-based compensation expense	$	10,012		$	7,072		$	17,487		$	13,107

As of June 30, 2024, there was approximately $52,286 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 2.4 years.