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Stockholders’ Equity and Equity-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stockholders’ Equity and Equity-Based Compensation | Stockholders’ Equity and Equity-Based Compensation Stockholders’ Equity Common Stock The Company issued approximately 103,000 and 18,000 shares of common stock during the three months ended September 30, 2022 and 2021, respectively, related to the exercise of stock options and the vesting of Restricted Stock Units. Treasury Stock In October 2015, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to purchase up to $100 million of its common stock. In February 2017, the Company’s Board of Directors approved an increase to the share repurchase program, authorizing the Company to repurchase up to an additional $100 million of its outstanding common stock. The Company expects to fund future repurchases, if any, through a combination of cash on hand, cash generated by operations and future financing transactions, if appropriate. Accordingly, the share repurchase program is subject to the Company having available cash to fund repurchases. Under the share repurchase program, management is authorized to purchase shares of the Company’s common stock from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. During the three and nine months ended September 30, 2022, the Company repurchased approximately 275,000 and 984,000 shares of its common stock at an average per share cost of $58.94 and $74.02, respectively. During the three and nine months ended September 30, 2021, the Company repurchased approximately 41,900 shares of its common stock at an average cost of $115.95. As of September 30, 2022, the Company fully utilized its authorization for purchases under the share repurchase program. Dividends The Company declared and paid cash dividends of $0.24 and $0.72 per share of common stock, or $8.6 million and $26.0 million, during the three and nine months ended September 30, 2022, respectively, and $0.21 and $0.63 per share of common stock, or $7.7 million and $23.0 million, during the three and nine months ended September 30, 2021, respectively. On October 17, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.24 per share of outstanding common stock payable on December 15, 2022 to stockholders of record at the close of business on December 1, 2022. Future declarations of dividends are subject to the final determination of the Board of Directors, and will depend on, among other things, the Company’s future financial condition, results of operations, capital requirements, capital expenditure requirements, contractual restrictions, anticipated cash needs, business prospects, provisions of applicable law and other factors the Board of Directors may deem relevant. Equity-Based Compensation The Company recognizes stock-based compensation expense for all equity-based compensation awards, including employee Restricted Stock Units and Performance-based Restricted Stock Units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and stock options, based on the fair value of each award on the grant date. Awards granted prior to June 1, 2022 were granted under the Company’s Amended and Restated 2012 Omnibus Equity Incentive Plan (the “2012 Plan”). At the Annual Meeting held on June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan. The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by financial statement line item included in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenue | $ | 173 |  |  | $ | (49) |  |  | $ | 407 |  |  | $ | 309 |
Sales and marketing | 1,503 |  |  | 638 |  |  | 4,060 |  |  | 2,031 |
Product development | 2,957 |  |  | 1,675 |  |  | 7,295 |  |  | 4,703 |
General and administrative | 4,455 |  |  | 6,479 |  |  | 12,196 |  |  | 19,596 |
Total | $ | 9,088 |  |  | $ | 8,743 |  |  | $ | 23,958 |  |  | $ | 26,639 |
The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by award type included in the accompanying Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Stock options | $ | 84 |  |  | $ | 179 |  |  | $ | 62 |  |  | $ | 531 |
RSUs | 9,004 |  |  | 8,564 |  |  | 23,896 |  |  | 26,108 |
Total | $ | 9,088 |  |  | $ | 8,743 |  |  | $ | 23,958 |  |  | $ | 26,639 |
Stock Option Awards During the nine months ended September 30, 2022, no options to purchase shares of its common stock were granted. As of September 30, 2022, there were approximately 286,000 options vested and exercisable with a weighted average exercise price of $34.03. As of September 30, 2022, the total unrecognized compensation expense related to non-vested options was approximately $0.1 million, which is expected to be recognized through 2023. Restricted Stock Unit Awards During the nine months ended September 30, 2022, the Company had RSU grants, net of forfeitures, of approximately 1,122,000. As of September 30, 2022, there are approximately 1,730,000 non-vested RSUs outstanding with a weighted average grant-date fair value of $71.59. As of September 30, 2022, the total unrecognized non-cash equity-based compensation expense related to the non-vested RSUs was approximately $84.9 million, which is expected to be recognized through 2026. During the nine months ended September 30, 2022 and 2021, shares of common stock with an aggregate value of $22.0 million and $21.3 million were withheld upon vesting of RSUs and paid in connection with related remittance of employee withholding taxes to taxing authorities. During the nine months ended September 30, 2022, the Company had approximately $3 million in forfeitures associated with the resignation of its former Chief Executive Officer.

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