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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Dividends Declared

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

2024			Per Share						Dollar Value
March 1st			$	0.1125					$	1,686
2023			Per Share						Dollar Value
March 1st			$	0.1125					$	1,661

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,
			2023									2024
			Shares			Fair Value						Shares			Fair Value
Granted(1)			142,020			$	4,634					156,630			$	3,834
Returned for payroll taxes			1,434			$	49					16,315			$	418
Cancelled			2,400			$	79					26,240			$	841

(1) Restricted stock granted during the three months ended March 31 2023 and 2024 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 and $24.48, respectively.

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:

			2024
Dividend yield			1.84%
Expected volatility			41.15%
Risk-free interest rate			5.46%, 5.24%, 5.02%, 4.80%
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,
			2023									2024
			Shares			Fair Value						Shares			Fair Value
Board of Directors(1)			3,518			$	107					3,999			$	108
Advisor to the Board(1)			163			$	5					184			$	5

(1) Common stock granted during the three months ended March 31, 2023 and 2024 had a weighted average price of $30.52 and $27.04, respectively.

Share-based Payment Arrangement, Option, Activity

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

			Three months ended March 31,
			2023									2024
			Shares			Fair Value						Shares			Fair Value
Granted(1)			214,191			$	2,506					370,590			$	3,830
Cancelled			92,440			$	1,231					294,728			$	3,757

(1) Stock options granted during the three months ended March 31, 2023 and 2024 had a weighted average price of $32.69 and $24.48, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2023 and 2024 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.

The fair value of the options granted during the three months ended March 31, 2024 was estimated using the Black-Scholes option pricing model with the following assumptions:

Grant Date												February 21, 2024
Expected holding period (years)												6.00
Awards granted												370,590
Dividend yield												1.79%
Expected volatility												43.59%
Risk-free interest rate												4.31%
Black-Scholes value												$10.34

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

			Three months ended March 31,
			2023									2024
			Shares			Cash						Shares			Cash
Exercised(1)			12,000			N/A						—			N/A
Returned for option price(2)			10,145			$	—					—			$	—
Returned for payroll taxes(3)			729			$	21					—			$	—

(1)			Stock options exercised during the three months ended March 31, 2023 had a weighted average exercise price of $25.43 with an aggregate intrinsic value of $0.1 million.
(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,
			2023									2024
			Shares			Fair Value						Shares			Fair Value
Cancelled			40,804			$	1,119					80,276			$	871

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

			Three months ended March 31,
			2023									2024
			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 a 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 effective January 2, 2023.

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

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

			Three months ended March 31,
			2023									2024
			Shares			Price						Shares			Price
ESPP			21,656			$	24.28					16,296			$	21.26

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