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Stockholders' Equity (Tables)

3 Months Ended

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 1st			$	0.1125					$	1,725
2021			Per Share						Dollar Value
March 1st			$	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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