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Equity
 3 Months Ended
Mar. 31, 2025
Equity  
Equity

14. Equity

​

The changes in shareholders’ equity for the three months ended March 31, 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additional

​

​

​

​

​

​

​

​

​

Accumulated Other

​

Total

​

​

Common Stock

 

Paid- In

​

Treasury Stock

​

Accumulated

 

Comprehensive

​

Shareholders’

​

   

Shares

   

Amount

   

Capital

   

Shares

   

Amount

   

Deficit

   

Income (Loss)

   

Equity

Balance, December 31, 2024

​

39,646,749

​

$

40

​

$

590,251

​

(8,206,594)

​

$

(197,505)

​

$

(163,999)

​

$

55

​

$

228,842

Exercise of common stock options

​

67,718

​

​

—

​

​

1,552

​

—

​

​

—

​

​

—

​

​

—

​

​

1,552

Issuance for employee stock purchase plan

​

17,868

​

​

—

​

​

506

​

—

​

​

—

​

​

—

​

​

—

​

​

506

Vesting of RSUs and PSUs

​

956,368

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Shares withheld for employee taxes upon vesting of RSUs and PSUs

​

(350,311)

​

​

—

​

​

(10,593)

​

—

​

​

—

​

​

—

​

​

—

​

​

(10,593)

Stock-based compensation

​

—

​

​

—

​

​

11,524

​

—

​

​

—

​

​

—

​

​

—

​

​

11,524

Other comprehensive loss, net of tax

​

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

​

186

​

​

186

Net income

​

—

​

​

—

​

​

—

​

—

​

​

—

​

​

2,417

​

​

—

​

​

2,417

Balance, March 31, 2025

​

40,338,392

​

$

40

​

$

593,240

​

(8,206,594)

​

$

(197,505)

​

$

(161,582)

​

$

241

​

$

234,434

​

The changes in shareholders’ equity for the three months ended March 31, 2024 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additional

​

​

​

​

​

​

​

​

​

Accumulated Other

    

Total

​

​

Common Stock

 

Paid- In

​

Treasury Stock

​

Accumulated

​

Comprehensive

 

Shareholders’

​

   

Shares

   

​

Amount

   

Capital

   

Shares

   

​

Amount

   

Deficit

   

Income (Loss)

   

Equity

Balance, December 31, 2023

​

38,192,441

​

$

38

​

$

565,949

​

(6,323,892)

​

$

(137,381)

​

$

(233,189)

​

$

14

​

$

195,431

Exercise of common stock options

​

200,200

​

​

—

​

​

4,205

​

—

​

​

—

​

​

—

​

​

—

​

​

4,205

Issuance for employee stock purchase plan

​

18,538

​

​

—

​

​

356

​

—

​

​

—

​

​

—

​

​

—

​

​

356

Vesting of RSUs and PSUs

​

1,000,357

​

​

1

​

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

1

Shares withheld for employee taxes upon vesting of RSUs and PSUs

​

(381,897)

​

​

—

​

​

(12,874)

​

—

​

​

—

​

​

—

​

​

—

​

​

(12,874)

Stock-based compensation

​

—

​

​

—

​

​

7,475

​

—

​

​

—

​

​

—

​

​

—

​

​

7,475

Other comprehensive loss, net of tax

​

—

​

​

—

​

​

—

​

—

​

​

—

​

​

—

​

​

(138)

​

​

(138)

Net income

​

—

​

​

—

​

​

—

​

—

​

​

—

​

​

27,713

​

​

—

​

​

27,713

Balance, March 31, 2024

​

39,029,639

​

$

39

​

$

565,111

​

(6,323,892)

​

$

(137,381)

​

$

(205,476)

​

$

(124)

​

$

222,169

​

Common Stock

​

In May 2015, the Company adopted the Amended and Restated 2014 Stock Incentive Plan (the “Plan”), under which an aggregate of 2,700,000 shares of common stock were authorized for issuance to employees, officers, directors, consultants and advisors of the Company, plus an annual increase on the first day of each fiscal year until the expiration of the Plan equal to 4% of the total number of outstanding shares of common stock on December 31st of the immediately preceding calendar year (or a lower amount as otherwise determined by the Company’s board of directors (“Board of Directors”) prior to January 1st). As of March 31, 2025, there were 1,874,404 shares of common stock available for issuance pursuant to the Plan. The Plan provides for granting of both Internal Revenue Service qualified incentive stock options and non-qualified options, restricted stock awards, restricted stock units and performance stock units. The Company’s qualified incentive stock options and non-qualified options generally vest ratably over a four-year period of service 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. The Company’s 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. Upon termination, unvested RSUs are forfeited immediately. Refer to Note 15, Stock-based Compensation, for more information.

​

Share Repurchases

In January 2024, the Company’s Board of Directors authorized the repurchase of up to $150,000 of the Company’s common stock through June 30, 2025 (the “2024-2025 Repurchase Program”). The 2024-2025 Repurchase Program permits the Company to effect repurchases through a variety of methods, including open-market purchases (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, or otherwise in compliance with Rule 10b-18 of the Exchange Act. The timing and amount of any shares purchased on the open market will be determined based on the Company’s evaluation of the market conditions, share price and other factors. The Company plans to utilize existing cash on hand to fund share repurchases.

​

Through March 31, 2025, the Company repurchased 1,882,702 shares at a weighted-average price of $31.88 per share for a total of $60,025, inclusive of $25 of fees and commissions, under the 2024-2025 Repurchase Program and the cost of repurchased shares was recorded as treasury stock in the Condensed Consolidated Balance Sheet. As of March 31, 2025, $90,000 remained available for share repurchases under the 2024-2025 Repurchase Program.

​

In May 2025, the Company’s Board of Directors authorized an accelerated share repurchase program to repurchase $25,000 of the Company’s common stock as part of the 2024-2025 Repurchase Program (refer to Note 2, Summary of Significant Accounting Policies – Subsequent Events).