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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 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 1 st | $ | 0.1125 |  |  | $ | 1,686 |
June 1 st | $ | 0.1125 |  |  | $ | 1,704 |
September 1 st | $ | 0.1125 |  |  | $ | 1,708 |
2023 | Per Share |  | Dollar Value
March 1 st | $ | 0.1125 |  |  | $ | 1,661 |
June 1 st | $ | 0.1125 |  |  | $ | 1,679 |
September 1 st | $ | 0.1125 |  |  | $ | 1,683 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | 156,630 |  | $ | 3,834 |  |  | 142,020 |  | $ | 4,634 |
Returned for payroll taxes | — |  | $ | — |  |  | — |  | $ | — |  |  | 16,354 |  | $ | 419 |  |  | 1,473 |  | $ | 50 |
Cancelled | 28,810 |  | $ | 781 |  |  | — |  | $ | — |  |  | 55,050 |  | $ | 1,623 |  |  | 1,826 |  | $ | 61 |
(1) | Restricted stock granted during the nine months ended September 30 2024 and 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 $24.48 and $32.63, 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 September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Board of Directors(1) | 3,919 |  | $ | 131 |  |  | 3,747 |  | $ | 106 |  |  | 13,345 |  | $ | 385 |  |  | 8,342 |  | $ | 248 |
Advisor to the Board(1) | 152 |  | $ | 5 |  |  | 176 |  | $ | 5 |  |  | 522 |  | $ | 15 |  |  | 492 |  | $ | 15 |
(1) | Common stock granted during the three months ended September 30, 2024 and 2023 had a weighted average price of $32.83 and $28.25, respectively, and $28.66 and $29.78 for the nine months ended September 30, 2024 and 2023, respectively.
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | 370,590 |  | $ | 3,830 |  |  | 214,191 |  | $ | 2,506 |
Cancelled | 44,490 |  | $ | 460 |  |  | 1,700 |  | $ | 20 |  |  | 532,266 |  | $ | 6,311 |  |  | 103,550 |  | $ | 1,354 |
(1) | Stock options granted during the nine months ended September 30, 2024 and 2023 had a weighted average price of $24.48 and $32.69, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2024 and 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.
The fair value of the options granted during the nine months ended September 30, 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 September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Cash |  | Shares | Cash |  | Shares | Cash |  | Shares | Cash
Exercised(1) | 2,360 |  | N/A |  | 44,900 |  | N/A |  | 52,360 |  | $ | 1,271 |  |  | 74,200 |  | N/A
Returned for option price(2) | 2,086 |  | $ | — |  |  | 34,160 |  | $ | — |  |  | 2,086 |  | $ | — |  |  | 56,957 |  | $ | — |
Returned for payroll taxes(3) | 176 |  | $ | 5 |  |  | 4,021 |  | $ | 133 |  |  | 176 |  | $ | 5 |  |  | 5,486 |  | $ | 174 |
(1) | Stock options exercised during the three months ended September 30, 2024 and 2023 had a weighted average exercise price of $26.54 and $25.10 with an aggregate intrinsic value of $14,844 and $0.4 million, respectively. Stock options exercised during the nine months ended September 30, 2024 and 2023 had a weighted average exercise price of $25.48 and $23.98 with an aggregate intrinsic value of $0.4 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 September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Cancelled | — |  | $ | — |  |  | — |  | $ | — |  |  | 80,276 |  | $ | 871 |  |  | 40,181 |  | $ | 1,012 |
Common stock activity is as follows (in thousands, except shares):
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 30,000 |  | $ | 826 |
Returned for payroll taxes | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | 1,001 |  | $ | 28 |
(1) | During the nine months ended September 30, 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 September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| Shares | Price |  | Shares | Price |  | Shares | Price |  | Shares | Price
ESPP | 11,376 |  | $ | 21.26 |  |  | 11,782 |  | $ | 24.01 |  |  | 42,942 |  | $ | 21.26 |  |  | 49,824 |  | $ | 24.21 |

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