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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Dividends Declared

Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts):

2023			Per Share						Dollar Value
March 1st			$	0.1125					$	1,661
2022			Per Share						Dollar Value
March 1st			$	0.1125					$	1,725

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,
			2022									2023
			Shares			Fair Value						Shares			Fair Value
Granted(1)			—			$	—					142,020			$	4,634
Returned for payroll taxes			4,185			$	207					1,434			$	49
Cancelled			1,000			$	31					2,400			$	79

(1) Restricted stock granted during the three months ended March 31 2023 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 $32.63.

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:

			2023
Dividend yield			1.30%
Expected volatility			53.51%
Risk-free interest rate			4.53%, 4.77%, 4.75%, 4.72%
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,
			2022									2023
			Shares			Fair Value						Shares			Fair Value
Board of Directors			2,669			$	142					3,518			$	107
Advisor to the Board			93			$	5					163			$	5

(1) Common stock granted during the three months ended March 31, 2022 and 2023 had a weighted average price of $53.33 and $30.52, respectively.

Share-based Payment Arrangement, Option, Activity

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

			Three months ended March 31,
			2022									2023
			Shares			Fair Value						Shares			Fair Value
Granted(1)			58,500			$	959					214,191			$	2,506
Granted(2)			310,000			$	5,388					—			$	—
Cancelled			7,000			$	71					92,440			$	1,231

(1)			Stock options granted during the three months ended March 31, 2022 and 2023 had a weighted average price of $49.48 and $32.69, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2022 vest over a five-year period and have a ten-year term. The options granted in 2023 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.
(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, 2023 was estimated using the Black-Scholes option pricing model with the following assumptions:

Grant Date												February 22, 2023
Expected holding period (years)												4.00
Awards granted												214,191
Dividend yield												1.38%
Expected volatility												43.68%
Risk-free interest rate												4.27%
Black-Scholes value												$11.70

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

			Three months ended March 31,
			2022									2023
			Shares			Cash						Shares			Cash
Exercised(1)			18,736			N/A						12,000			N/A
Returned for option price(2)			8,125			$	60					10,145			$	—
Returned for payroll taxes(3)			1,601			$	82					729			$	21

(1)			Stock options exercised during the three months ended March 31, 2022 and 2023 had a weighted average exercise price of $25.88 and $25.43, respectively, with an aggregate intrinsic value of $0.5 million and $0.1 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

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

			Three months ended March 31,
			2022									2023
			Shares			Fair Value						Shares			Fair Value
Granted(1)			—			$	—					30,000			$	826
Returned for payroll taxes			—			$	—					1,001			$	28

(1) During the three months ended March 31, 2023, we issued 30,000 shares of common stock to C. Benjamin Brink (former executive) at a stock price of $27.54, in accordance with his Separation and Release agreement pertaining to his resignation from his position as the Company's Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial Officer) effective January 2, 2023.

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

			Three months ended March 31,
			2022									2023
			Shares			Fair Value						Shares			Fair Value
Granted			3,750			$	162					—			$	—
Cancelled			6,987			$	67					40,804			$	1,119

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

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

			Three months ended March 31,
			2022									2023
			Shares			Price						Shares			Price
ESPP			13,293			$	45.33					21,656			$	24.28

Schedule of Repurchase Agreements

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

			Three months ended March 31
			2022						2023
Number of Shares Repurchased(1)			490,000						—
Average Price Paid Per Share			$	53.08					$	—
Dollar Value of Shares Repurchased(1)			$	26,010					$	—

(1) During the three months ended March 31, 2022, 52,242 shares settled in April 2022, which had a cost of $2.8 million.

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