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v3.25.1

Stockholders' Equity (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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 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:
| 2025
Dividend yield | 1.16%
Expected volatility | 28.78%
Risk-free interest rate | 4.36%, 4.25%, 4.21%, 4.17%
Expected life (years) | 0.25, 0.50, 0.75, 1.00
Schedule of Share-based Compensation, Stock Options, Activity | Stock option grants and cancellations are as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | — |  | $ | — |  |  | 370,590 |  | $ | 3,830 |  |  |  |  |  |  |
Cancelled | 1,180 |  | $ | 15 |  |  | 294,728 |  | $ | 3,757 |  |  |  |  |  |  |
(1) | Stock options granted during the three months ended March 31, 2024 had a weighted average price of $24.48. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 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.
Additional stock option activity is as follows (in thousands, except shares):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Cash |  | Shares | Cash
Exercised(1) |  |  |  |  |  |  | 190,415 |  | $ | 321 |  |  | — |  | $ | — |
Returned for option price(2) |  |  |  |  |  |  | 112,858 |  | $ | 4,493 |  |  | — |  | $ | — |
Returned for payroll taxes(3) |  |  |  |  |  |  | 20,016 |  | $ | 799 |  |  | — |  | $ | — |
(1) | Stock options exercised during the three months ended March 31, 2025 had a weighted average exercise price of $25.28 with an aggregate intrinsic value of $2.7 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.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Restricted stock activity is as follows (in thousands, except shares):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Fair Value |  | Shares | Fair Value
Granted(1) |  |  |  |  |  |  | 114,684 |  | $ | 4,764 |  |  | 156,630 |  | $ | 3,834 |
Returned for payroll taxes |  |  |  |  |  |  | 28,656 |  | $ | 1,168 |  |  | 16,315 |  | $ | 418 |
Cancelled |  |  |  |  |  |  | — |  | $ | — |  |  | 26,240 |  | $ | 841 |
(1) | Restricted stock granted during the three months ended March 31, 2025 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 $41.54 and $24.48, respectively.
Share-based Payment Arrangement, Activity | Common stock issued to certain employees under this incentive program is as follows (in thousands, except shares):
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| Shares | Fair Value |  | Shares | Fair Value |  |  |  |  |  |
Granted(1) | 11,958 |  | $ | 496 |  |  | 31,470 |  | $ | 790 |  |  |  |  |  |  |
(1) | Common stock granted during the three months ended March 31, 2025 and 2024 had a grant date stock price of $41.54 and $25.08, respectively.
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,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Fair Value |  | Shares | Fair Value
Board of Directors(1) |  |  |  |  |  |  | 1,866 |  | $ | 72 |  |  | 3,999 |  | $ | 108 |
Advisor to the Board(1) |  |  |  |  |  |  | 129 |  | $ | 5 |  |  | 184 |  | $ | 5 |
(1) | Common stock granted during the three months ended March 31, 2025 and 2024 had a grant date stock price of $38.75 and $27.04, respectively.
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | Employee Stock Purchase Plan ESPP activity is as follows:
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  | Shares | Price |  | Shares | Price
ESPP |  |  |  |  |  |  | 11,135 |  | $ | 32.94 |  |  | 16,296 |  | $ | 21.26 |
Dividends Declared | Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts):
2025 | Per Share | Dollar Value
March 1st | $ | 0.1125 |  | $ | 1,722 |
2024 | Per Share | Dollar Value
March 1st | $ | 0.1125 |  | $ | 1,686 |

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