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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of the performance awards granted during the year ended December 31, 2022 was calculated on the date of grant using the Monte-Carlo simulation pricing model with the following assumptions:

Grant date						February 23, 2022						April 1, 2022
Simulation period (years)						2.85						2.75
Share price at grant date						$49.48						$52.49
Expected volatility						43.99		%				44.44		%
Risk-free interest rate						1.75		%				2.55		%

The fair value of the performance awards granted during the year ended December 31, 2021 was calculated on the date of grant using the Monte-Carlo simulation pricing model with the following assumptions:

Grant date						April 16, 2021						June 1, 2021						August 12, 2021						September 15, 2021						November 29, 2021
Simulation period (years)						3.71						3.58						3.39						3.29						3.09
Share price at grant date						$35.83						$38.78						$39.48						$45.27						$51.15
Expected volatility						41.17		%				41.79		%				42.85		%				43.44		%				45.50		%
Risk-free interest rate						0.52		%				0.46		%				0.53		%				0.49		%				0.85		%

Schedule of Share-based Compensation, Stock Options, Activity

tock option grants and cancellations are as follows (in thousands, except shares):

			Years Ended December 31,
			2020									2021									2022
			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)			20,000			$	92					—			$	—					12,600			$	143
Cancelled			146,034			$	846					74,688			$	722					45,590			$	512

(1)			Stock options granted during the year ended December 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 year ended December 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.
(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 year ended December 31, 2020 and 2022 had a weighted average price of $18.02 and $31.58, respectively. 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):

			Years Ended December 31,
			2020									2021									2022
			Shares			Cash						Shares			Cash						Shares			Cash
Exercised(1)			40,365			(1)						423,294			(1)						32,196			(1)
Returned for option price(2)			18,640			$	19					211,088			$	1,013					18,797			$	60
Returned for payroll taxes(3)			2,954			$	89					43,534			$	2,272					2,895			$	123

(1)			Stock options exercised during the years ended December 31, 2020, 2021 and 2022 had a weighted average exercise price of $13.72, $21.99 and $25.49, 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.

A summary of the number of stock options and their weighted average exercise prices during the year ended December 31, 2022 is presented in the table below (shares in thousands): 

			Shares						Wtd. Avg. Ex. Price
Outstanding at January 1			1,265						$	30.94
Granted			381						$	48.89
Exercised			(32)						$	25.49
Forfeited or expired			(46)						$	37.34
Outstanding at December 31			1,568						$	35.23
Exercisable at December 31			592						$	27.60

A summary of the number of stock options and their weighted average grant date fair values during the year ended December 31, 2022 is presented in the table below (shares in thousands): 

			Shares						Wtd. Avg. Fair Value
Non-vested at January 1			839						$	9.90
Granted			381						$	17.03
Vested or exercised			(201)						$	8.86
Forfeited			(43)						$	11.43
Non-vested at December 31			976						$	12.83

A summary of the intrinsic value of stock options exercised and the fair value of stock options vested for the three years ended December 31, 2022 is presented in the table below (in thousands):

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table further describes our outstanding stock options at December 31, 2022:

			Options Outstanding																		Options Exercisable
Actual Ranges of Exercise Prices			Number Outstanding at 12/31/22						Weighted-Average Remaining Contractual Life						Weighted-Average Exercise Price						Number Exercisable at 12/31/22						Weighted-Average Remaining Contractual Life						Weighted-Average Exercise Price
$18.02 - $18.02			13,333						2.48						$	18.02					6,667						2.48						$	18.02
$20.06 - $26.54			435,535						4.19						$	24.85					415,569						4.15						$	24.82
$31.58 - $31.58			12,600						9.75						$	31.58					—						0.00						$	—
$34.79 - $49.88			1,107,000						8.47						$	39.56					169,980						8.14						$	34.79
$18.02 - $49.48			1,568,468						7.24						$	35.23					592,216						5.27						$	27.60

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

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

			Years Ended December 31,
			2020									2021									2022
			Shares			Fair Value						Shares			Fair Value						Shares			Fair Value
Granted(1)			10,200			$	255					9,300			$	324					—			$	—
Returned for payroll taxes			10,588			$	250					10,399			$	375					4,136			$	205
Cancelled			—			$	—					966			$	27					1,950			$	63

(1) Restricted stock granted during the year ended December 31, 2020 and 2021 will vest 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 $25.00 and $34.79, respectively.

Restricted stock awards			Shares						Weighted Average Grant Date Fair Value
Unvested at January 1			22,643						$	27.21
Vested			(13,111)						$	24.23
Cancelled			(1,950)						$	32.28
Unvested at December 31			7,582						$	31.05

Schedule of Dividends Payable

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
December 1st			$	0.1125					$	1,655
2021			Per Share						Dollar Value
March 1st			$	0.1000					$	1,799
June 1st			$	0.1000					$	1,808
September 1st			$	0.1000					$	1,783
December 1st			$	0.1125					$	1,873

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable

			Years Ended December 31,
			2020						2021						2022
Intrinsic value of options exercised			$	517					$	8,229					$	580
Fair value of stock options vested			$	735					$	1,413					$	1,784

Share-based Payment Arrangement, Activity

Performance award activity is as follows (in thousands, except shares):

			Years Ended December 31,
			2020									2021									2022
			Shares			Fair Value						Shares			Fair Value						Shares			Fair Value
Granted			30,743			$	733					55,302			$	2,116					27,013			$	1,262
Cancelled			33,538			$	631					55,896			$	799					30,743			$	295

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

Years Ended December 31,
2020									2021									2022
Shares			Fair Value						Shares			Fair Value						Shares			Fair Value
17,991			$	449					—			$	—					27,448			$	1,358

(1) Common stock granted during the year ended December 31, 2020 and 2022 had a grant date stock price of $25.00 and $49.48, respectively.

Share-based Payment Arrangement, Performance Shares, Outstanding Activity

Performance Awards			Shares						Weighted Average Grant Date Fair Value
At January 1			435,766						$	21.76
Granted			27,013						$	46.71
Cancelled			(30,743)						$	9.59
At December 31			432,036						$	20.95

Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):

			Years Ended December 31,
			2020									2021									2022
			Shares			Fair Value						Shares			Fair Value						Shares			Fair Value
Board of Directors(1)			30,883			$	654					14,744			$	622					11,155			$	415
Advisor to the Board(1)			967			$	20					466			$	20					555			$	20

(1) Common stock granted during the years ended December 31, 2020, 2021 and 2022 had a weighted average price of $21.16, $42.14 and $37.14, respectively.

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity

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

			Years Ended December 31,
			2020									2021									2022
			Shares			Price						Shares			Price						Shares			Price
ESPP			71,908			$	16.71					61,904			$	26.32					52,053			$	32.38

Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of the options granted using the Monte-Carlo simulation pricing model was estimated on the date of grant with the following assumptions:

			Year ended December 31, 2022
Awards granted			150,000
Dividend yield			1.15		%
Expected volatility			34.08		%
Risk-free interest rate			1.29		%

Employee Stock Purchase Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair values of the right to purchase shares under the ESPP are estimated at the date of purchase with the four quarterly purchase dates using the following assumptions:

			Years Ended December 31,
			2020						2021						2022
Dividend yield			1.5		%				0.01		%				0.01		%
Expected volatility			48.6		%				48.1		%				30.2		%
Risk-free interest rate			1.54%, 1.57%, 1.57%, 1.56%						0.09%, 0.09%, 0.10%,0.10%						0.08%, 0.22%, 0.31%, 0.40%
Expected life (years)			0.25, 0.50, 0.75, 1.00						0.25, 0.50, 0.75, 1.00						0.25, 0.50, 0.75, 1.00

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