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Stockholders' Equity (Tables)

9 Months Ended

Sep. 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 1st			$	0.1125					$	1,725
June 1st			$	0.1125					$	1,730
September 1st			$	0.1125					$	1,653
2021			Per Share						Dollar Value
March 1st			$	0.1000					$	1,799
June 1st			$	0.1000					$	1,808
September 1st			$	0.1000					$	1,783

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Restricted stock activity is as follows (in thousands, except shares):

			Three months ended September 30,																		Nine months ended September 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			711			$	28					—			$	—					10,399			$	375					4,136			$	205
Cancelled			—			$	—					500			$	16					966			$	27					1,950			$	63

(1) Restricted stock granted during the nine months ended September 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 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 September 30,																		Nine months ended September 30,
			2021									2022									2021									2022
			Shares			Fair Value						Shares			Fair Value						Shares			Fair Value						Shares			Fair Value
Board of Directors (1)			3,192			$	142					2,214			$	71					12,565			$	480					7,255			$	307
Advisor to the Board (1)			112			$	5					155			$	5					389			$	15					374			$	15

(1) Common stock granted during the three months ended September 30, 2021 and 2022 had a weighted average price of $44.59 and $32.16, respectively, and $38.20 and $42.20 for the nine months ended September 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 September 30,																		Nine months ended September 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					—			$	—
Granted(4)			—			$	—					12,600			$	143					—			$	—					12,600			$	143
Cancelled			6,000			$	61					3,652			$	37					19,684			$	181					28,790			$	322

(1)			Stock options granted during the nine months ended September 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 nine months ended September 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 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.
(4)			Stock options granted during the three and nine months ended September 30, 2022 had a weighted average price of $31.58. The fair value of these options was calculated using the Black-Scholes option pricing model and vest over a three-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.

Additional stock option activity is as follows (in thousands, except shares):

			Three months ended September 30,																		Nine months ended September 30,
			2021									2022									2021									2022
			Shares			Cash						Shares			Cash						Shares			Cash						Shares			Cash
Exercised(1)			32,665			(1)						—			—						314,294			(1)						18,736			(1)
Returned for option price(2)			17,790			$	—					—			$	—					166,359			$	880					8,125			$	60
Returned for payroll taxes(3)			2,192			$	82					—			$	—					20,163			$	1,058					1,601			$	82

(1)			Stock options exercised during the three months ended September 30, 2021 had a weighted average exercise price of $21.81, with an aggregate intrinsic value of $0.6 million. Stock options exercised during the nine months ended September 30, 2021 and 2022 had a weighted average exercise price of $21.78 and $25.88, respectively, with an aggregate intrinsic value of $5.0 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 September 30,																		Nine months ended September 30,
			2021									2022									2021									2022
			Shares			Fair Value						Shares			Fair Value						Shares			Fair Value						Shares			Fair Value
Granted			29,548			$	1,062					—			$	—					39,802			$	1,464					27,013			$	1,262
Cancelled			6,987			$	101					—			$	—					41,922			$	598					20,961			$	201

Common stock issued to certain employees under this incentive program is as follows (in thousands, except shares):

Three months ended September 30,																		Nine months ended September 30,
2021									2022									2021									2022
Shares			Fair Value						Shares			Fair Value						Shares			Fair Value						Shares			Fair Value (1)
—			$	—					—			$	—					—			$	—					27,448			$	1,358

(1) Common stock granted during the nine months ended September 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 September 30,																		Nine months ended September 30,
			2021									2022									2021									2022
			Shares			Price						Shares			Price						Shares			Price						Shares			Price
ESPP			14,734			$	26.32					13,795			$	27.34					46,622			$	26.32					38,884			$	35.42

Schedule of Share Repurchase Activity

Share repurchase activity is as follows (dollar value in thousands):

			Three months ended September 30,												Nine months ended September 30,
			2021						2022						2021						2022
Number of Shares Repurchased(1)			1,203,493						—						1,528,197						695,496
Average Price Paid Per Share			$	44.24					$	—					$	42.89					$	49.22
Dollar Value of Shares Repurchased(1)			$	53,239					$	—					$	65,540					$	34,234

(1) During the three and nine months ended September 30, 2021, 84,000 shares settled in October 2021, which had a cost of $3.8 million.

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