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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 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 |
June 1 st | $ | 0.1125 |  |  | $ | 1,730 |
2021 | Per Share |  | Dollar Value
March 1 st | $ | 0.1000 |  |  | $ | 1,799 |
June 1 st | $ | 0.1000 |  |  | $ | 1,808 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Restricted stock activity is as follows (in thousands, except shares):
| Three months ended June 30, |  | Six months ended June 30, |  |
| 2021 |  | 2022 |  | 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | 9,300 |  | $ | 324 |  |  | — |  | $ | — |  |  |  |  |  |  |
Returned for payroll taxes | — |  | $ | — |  |  | (49) |  | $ | (2) |  |  | 9,688 |  | $ | 347 |  |  | 4,136 |  | $ | 205 |  |  |  |  |  |  |
Cancelled | 966 |  | $ | 27 |  |  | 450 |  | $ | 16 |  |  | 966 |  | $ | 27 |  |  | 1,450 |  | $ | 47 |  |  |  |  |  |  |
(1) | Restricted stock granted during the six months ended June 30, 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 performance awards granted during the three months ended June 30, 2022 was determined by using the Monte-Carlo simulation pricing model with the following assumptions:
Grant date |  | April 1, 2022 |  |  |  |  |  |
Performance Period |  | April 1, 2022 - December 31, 2024 |  |  |  |  |  |
Simulation period (years) |  | 2.75 |  |  |  |  |  |
Share price at grant date |  | $52.49 |  |  |  |  |  |
Expected volatility |  | 44.44 | % |  |  |  |  |  |
Risk-free interest rate |  | 2.55 | % |  |  |  |  |  |
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 June 30, |  | Six months ended June 30, |  |
| 2021 |  | 2022 |  | 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Board of Directors | 4,333 |  | $ | 160 |  |  | 2,372 |  | $ | 94 |  |  | 9,373 |  | $ | 338 |  |  | 5,041 |  | $ | 236 |  |  |  |  |  |  |
Advisor to the Board | 135 |  | $ | 5 |  |  | 126 |  | $ | 5 |  |  | 277 |  | $ | 10 |  |  | 219 |  | $ | 10 |  |  |  |  |  |  |
(1) | Common stock granted during the three months ended June 30, 2021 and 2022 had a weighted average price of $36.97 and $39.65, respectively and $36.01 and $46.83 for the six months ended June 30, 2021 and 2022.
Share-based Payment Arrangement, Option, Activity | Stock option grants and cancellations are as follows (in thousands, except shares):
| Three months ended June 30, |  | Six months ended June 30, |  |
| 2021 |  | 2022 |  | 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | 701,400 |  | $ | 7,115 |  |  | 58,500 |  | $ | 959 |  |  |  |  |  |  |
Granted(2) | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 310,000 |  | $ | 5,388 |  |  |  |  |  |  |
Granted(3) | — |  | — |  |  | — |  | — |  |  | 150,000 |  | $ | 1,684 |  |  | — |  | — |  |  |  |  |  |  |
Cancelled | — |  | $ | — |  |  | 18,138 |  | $ | 214 |  |  | 3,840 |  | $ | 24 |  |  | 25,138 |  | $ | 285 |  |  |  |  |  |  |
(1) | Stock options granted during the six months ended June 30, 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 six months ended June 30, 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.
(3) | We granted 150,000 options to a certain key employee at a weighted average price of $34.79. These options will vest when the price of our common stock closes at or above $53.39 (50,000 options) and $77.34 (100,000 options) for three consecutive days within the ten-year term and the employee has remained continuously employed by us through such date. The fair value of these options was $1.7 million.
Additional stock option activity is as follows (in thousands, except shares):
| Three months ended June 30, |  | Six months ended June 30, |  |
| 2021 |  | 2022 |  | 2021 |  | 2022 |  |  |  |
| Shares | Cash |  | Shares | Cash |  | Shares | Cash |  | Shares | Cash |  |  |  |  |  |
Exercised(1) | 180,629 |  | (1) |  | — |  | — |  |  | 281,629 |  | (1) |  | 18,736 |  | (1) |  |  |  |  |  |
Returned for option price(2) | 77,792 |  | $ | 733 |  |  | — |  | $ | — |  |  | 142,524 |  | $ | 879 |  |  | 8,125 |  | $ | 60 |  |  |  |  |  |  |
Returned for payroll taxes(3) | 17,971 |  | $ | 681 |  |  | — |  | $ | — |  |  | 25,982 |  | $ | 976 |  |  | 1,601 |  | $ | 82 |  |  |  |  |  |  |
(1) | Stock options exercised during the three months ended June 30, 2021 had a weighted average exercise price of $20.44, with an aggregate intrinsic value of $3.1 million. Stock options exercised during the six months ended June 30, 2021 and 2022 had a weighted average exercise price of $21.78 and $25.88, respectively, with an aggregate intrinsic value of $4.4 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 June 30, |  | Six months ended June 30, |  |
| 2021 |  | 2022 |  | 2021 |  | 2022 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted | — |  | $ | — |  |  | 23,263 |  | $ | 1,100 |  |  | 10,254 |  | $ | 402 |  |  | 27,013 |  | $ | 1,262 |  |  |  |  |  |  |
Cancelled | 6,987 |  | $ | 67 |  |  | 13,974 |  | $ | 134 |  |  | 34,935 |  | $ | 335 |  |  | 20,961 |  | $ | 201 |  |  |  |  |  |  |
Common stock issued to certain employees under this incentive program is as follows (in millions, except shares):
Three months ended June 30, |  | Six months ended June 30, |  |
2021 |  | 2022 |  | 2021 |  | 2022 |  |  |  |
Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
— |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 27,448 |  | $ | 1.4 |  |  |  |  |  |  |
(1) | Common stock granted during the six months ended June 30, 2022 had a grant date stock price of $49.48.
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | ESPP activity is as follows (in thousands, except shares):
| Three months ended June 30, |  | Six months ended June 30, |  |
| 2021 |  | 2022 |  | 2021 |  | 2022 |  |  |  |
| Shares | Price |  | Shares | Price |  | Shares | Price |  | Shares | Price |  |  |  |  |  |
ESPP | 13,706 |  | $ | 26.32 |  |  | 11,796 |  | $ | 33.70 |  |  | 31,888 |  | $ | 26.32 |  |  | 25,089 |  | $ | 39.86 |  |  |  |  |  |  |
Schedule of Share Repurchase Activity | Share repurchase activity is as follows (dollar value in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2021 |  | 2022 |  | 2021 |  | 2022 |  |
Number of Shares Repurchased(1) | 324,700 |  |  | 205,496 |  |  | 324,700 |  |  | 695,496 |  |  |
Average Price Paid Per Share | $ | 37.88 |  |  | $ | 40.02 |  |  | $ | 37.88 |  |  | $ | 49.22 |  |  |
Dollar Value of Shares Repurchased(1) | $ | 12,301 |  |  | $ | 8,224 |  |  | $ | 12,301 |  |  | $ | 34,234 |  |  |
(1) | During the six months ended June 30, 2021, 24,700 shares settled in July 2021, which had a cost of $0.7 million.

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