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Stockholders’ Equity and Equity-Based Compensation | 9 Months Ended
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Sep. 30, 2023
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 72,000 and 103,000 shares of common stock during the three months ended September 30, 2023 and 2022, 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 (the “2015 Share Repurchase Program”), authorizing the Company to repurchase 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. As of December 31, 2022, the Company had fully utilized its authorization for repurchases under the 2015 Share Repurchase Program. In June 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”), authorizing the Company to purchase up to $100 million of its 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, 2023, the Company repurchased approximately 351,000 and 431,000 shares of its common stock at an average cost of $42.75 and $44.06, respectively, under the 2023 Share Repurchase Program. 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 cost of $58.94 and $74.02, respectively, under the 2015 Share Repurchase Program. Dividends The Company declared and paid cash dividends of $0.27 and $0.81 per share of common stock, or $9.6 million and $29.0 million during the three and nine months ended September 30, 2023, respectively, and $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. On October 23, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.27 per share of outstanding common stock payable on December 14, 2023 to stockholders of record at the close of business on November 30, 2023. 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, 2023 and 2022 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue | $ | 180 |  |  | $ | 173 |  |  | $ | 670 |  |  | $ | 407 |
Sales and marketing | 2,067 |  |  | 1,503 |  |  | 5,158 |  |  | 4,060 |
Product development | 3,509 |  |  | 2,957 |  |  | 10,178 |  |  | 7,295 |
General and administrative | 7,247 |  |  | 4,455 |  |  | 20,583 |  |  | 12,196 |
Total | $ | 13,003 |  |  | $ | 9,088 |  |  | $ | 36,589 |  |  | $ | 23,958 |
For the three and nine months ended September 30, 2023 and 2022, substantially all of the Company’s non-cash equity-based compensation expense related to RSUs. Stock Option Awards During the nine months ended September 30, 2023, no options to purchase shares of its common stock were granted. As of September 30, 2023, there were approximately 303,000 options vested and exercisable with a weighted average exercise price of $34.53. Restricted Stock Unit Awards During the nine months ended September 30, 2023, the Company had RSU grants, net of forfeitures, of approximately 876,000. As of September 30, 2023, there are approximately 2,004,000 non-vested RSUs outstanding with a weighted average grant-date fair value of $69.29. As of September 30, 2023, the total unrecognized non-cash equity-based compensation expense related to the non-vested RSUs was approximately $94.1 million, which is expected to be recognized through 2027. During the nine months ended September 30, 2023 and 2022, shares of common stock with an aggregate value of $15.2 million and $22.0 million were withheld upon vesting of RSUs and paid in connection with related remittance of employee withholding taxes to taxing authorities.

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