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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Dividends Declared | Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts):
2022 | Per Share |  | Dollar Value
March 1 st | $ | 0.1125 |  |  | $ | 1,725 |
2021 | Per Share |  | Dollar Value
March 1 st | $ | 0.1000 |  |  | $ | 1,799 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Restricted stock activity is as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | 9,300 |  | $ | 324 |  |  | — |  | $ | — |  |  |  |  |  |  |
Returned for payroll taxes | 9,688 |  | $ | 347 |  |  | 4,185 |  | $ | 207 |  |  |  |  |  |  |
Cancelled | — |  | $ | — |  |  | 1,000 |  | $ | 31 |  |  |  |  |  |  |
(1) | Restricted stock granted during the three months ended March 31 2021 vests over a three-year period, if the employee has remained continuously employed by us during the vesting period, at a weighted average stock price of $34.79.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of the right (option) to purchase shares under the ESPP is estimated at the date of purchase with the four quarterly purchase dates using the following assumptions:
| 2022
Dividend yield | 0.01%
Expected volatility | 30.24%
Risk-free interest rate | 0.08%, 0.22%, 0.31%, 0.40%
Expected life (years) | 0.25, 0.50, 0.75, 1.00
Share-based Payment Arrangement, Performance Shares, Outstanding Activity | Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Board of Directors | 5,040 |  | $ | 177 |  |  | 2,669 |  | $ | 142 |  |  |  |  |  |  |
Advisor to the Board | 142 |  | $ | 5 |  |  | 93 |  | $ | 5 |  |  |  |  |  |  |
(1) | Common stock granted during the three months ended March 31, 2021 and 2022 had a weighted average price of $35.19 and $53.33, respectively.
Share-based Payment Arrangement, Option, Activity | Stock option grants and cancellations are as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | 701,400 |  | $ | 7,115 |  |  | 58,500 |  | $ | 959 |  |  |  |  |  |  |
Granted(2) | — |  | $ | — |  |  | 310,000 |  | $ | 5,388 |  |  |  |  |  |  |
Cancelled | 3,840 |  | $ | 24 |  |  | 7,000 |  | $ | 71 |  |  |  |  |  |  |
(1) | Stock options granted during the three months ended March 31, 2021 and 2022 had a weighted average price of $34.79 and $49.48, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2021 and 2022 vest over a five-year period and have a ten-year term. These options will vest if the employee has remained continuously employed by us through the vesting period.
(2) | Stock options granted during the three months ended March 31, 2022 had a weighted average price of $49.48. The fair value of these options was calculated using the Black-Scholes option pricing model and vest over a seven-year period and have a ten-year term. These options will vest if the employee has remained continuously employed by us through the vesting period.
The fair value of the options granted during the three months ended March 31, 2022 were estimated using the Black-Scholes option pricing model with the following assumptions:
Grant Date | February 23, 2022
Expected holding period (years) | 7.00 |  | 5.00
Awards granted | 310,000 |  |  | 58,500 |
Dividend yield | 0.91% |  | 0.91%
Expected volatility | 34.35% |  | 33.18%
Risk-free interest rate | 1.98% |  | 1.89%
Black-Scholes value | $17.38 |  | $16.39
Additional stock option activity is as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2021 |  | 2022 |  |  |  |
| Shares | Cash |  | Shares | Cash |  |  |  |  |  |
Exercised(1) | 101,000 |  | N/A |  | 18,736 |  | N/A |  |  |  |  |  |
Returned for option price(2) | 62,766 |  | $ | 147 |  |  | 8,125 |  | $ | 60 |  |  |  |  |  |  |
Returned for payroll taxes(3) | 8,011 |  | $ | 295 |  |  | 1,601 |  | $ | 82 |  |  |  |  |  |  |
(1) | Stock options exercised during the three months ended March 31, 2021 and 2022 had a weighted average exercise price of $24.18 and $25.88, respectively, with an aggregate intrinsic value of $1.3 million and $0.5 million, respectively.
(2) | Represents shares withheld/cash received for the payment of the option price.
(3) | Represents shares withheld/cash paid for the payment of payroll taxes.
Share-based Payment Arrangement, Activity | Performance award activity is as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted | — |  | $ | — |  |  | 3,750 |  | $ | 162 |  |  |  |  |  |  |
Cancelled | 27,948 |  | $ | 268 |  |  | 6,987 |  | $ | 67 |  |  |  |  |  |  |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | ESPP activity is as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2021 |  | 2022 |  |  |  |
| Shares | Price |  | Shares | Price |  |  |  |  |  |
ESPP | 18,182 |  | $ | 26.32 |  |  | 13,293 |  | $ | 45.33 |  |  |  |  |  |  |

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