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Shareholders’ Equity and Stock Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Share Repurchase Activity | The following table includes the Company’s share repurchase activity:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
(In thousands, except per share data) |  |  |  |  |
Shares repurchased (1) | 1,113 |  |  | 227 |  |  | 50 |
Total cost, including brokerage fees | $ | 51,202 |  |  | $ | 10,616 |  |  | $ | 950 |
Average repurchase price per share (2) | $ | 46.01 |  |  | $ | 46.87 |  |  | $ | 19.00 |
(1)All repurchased shares were retired and constitute authorized but unissued shares. (2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity:
| Stock Options Outstanding |  | Weighted-Average Remaining Term (in years) |  | Weighted-Average Exercise Price |  | Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2020 | 3,126,521 |  |  | 6.1 |  | $ | 11.61 |  |  |
Granted | — |  |  |  |  | $ | — |  |  |
Exercised | (84,875) |  |  |  |  | $ | 3.88 |  |  |
Cancelled | (2,292) |  |  |  |  | $ | 13.50 |  |  |
Expired | (148,013) |  |  |  |  | $ | 26.61 |  |  |
Outstanding at December 31, 2020 | 2,891,341 |  |  | 5.5 |  | $ | 11.07 |  |  | $ | 25,520 |
Granted | — |  |  |  |  | $ | — |  |  |
Exercised | (749,847) |  |  |  |  | $ | 10.39 |  |  |
Cancelled | — |  |  |  |  | $ | — |  |  |
Expired | — |  |  |  |  | $ | — |  |  |
Outstanding at December 31, 2021 | 2,141,494 |  |  | 4.5 |  | $ | 11.31 |  |  | $ | 83,992 |
Granted | — |  |  |  |  | $ | — |  |  |
Exercised | (69,500) |  |  |  |  | $ | 9.94 |  |  |
Cancelled | — |  |  |  |  | $ | — |  |  |
Expired | — |  |  |  |  | $ | — |  |  |
Outstanding at December 31, 2022 | 2,071,994 |  |  | 3.5 |  | $ | 11.35 |  |  | $ | 53,966 |
Exercisable at December 31, 2020 | 2,854,813 |  |  | 5.5 |  | $ | 11.04 |  |  | $ | 25,286 |
Exercisable at December 31, 2021 | 2,141,494 |  |  | 4.5 |  | $ | 11.31 |  |  | $ | 83,992 |
Exercisable at December 31, 2022 | 2,071,994 |  |  | 3.5 |  | $ | 11.35 |  |  | $ | 53,966 |
Summary of RSU Activity | The following table summarizes the Company’s RSU activity:
|  | RSUs
|  | Shares |  | Weighted- Average Grant Date Fair Value |  | Total Fair Value of Shares Vested (in thousands)
Outstanding at January 1, 2020 |  | 661,258 |  |  | $ | 16.44 |  |  |
Granted |  | 624,415 |  |  | $ | 9.65 |  |  |
Vested |  | (308,222) |  |  | $ | 16.06 |  |  | $ | 3,336 |
Cancelled |  | (33,494) |  |  | $ | 16.58 |  |  |
Outstanding at December 31, 2020 |  | 943,957 |  |  | $ | 12.06 |  |  |
Granted |  | 318,356 |  |  | $ | 31.46 |  |  |
Vested |  | (426,770) |  |  | $ | 14.20 |  |  | $ | 14,203 |
Cancelled |  | (20,123) |  |  | $ | 26.08 |  |  |
Outstanding at December 31, 2021 |  | 815,420 |  |  | $ | 18.17 |  |  |
Granted |  | 123,970 |  |  | $ | 51.86 |  |  |
Vested |  | (363,450) |  |  | $ | 17.78 |  |  | $ | 18,963 |
Cancelled |  | (28,269) |  |  | $ | 17.63 |  |  |
Outstanding at December 31, 2022 |  | 547,671 |  |  | $ | 26.09 |  |  |
Summary of PSU Activity | The following table summarizes the Company’s PSU activity:
|  | PSUs
|  | Shares (1) |  | Weighted- Average Grant Date Fair Value |  | Total Fair Value of Shares Vested (in thousands)
Outstanding at January 1, 2020 |  | 376,328 |  |  | $ | 20.65 |  |  |
Granted |  | 404,880 |  |  | $ | 8.86 |  |  |
Vested |  | (5,254) |  | (2) | $ | 28.72 |  |  | $ | 47 |
Cancelled |  | (32,235) |  | (2) | $ | 28.72 |  |  |
Outstanding at December 31, 2020 |  | 743,719 |  |  | $ | 13.82 |  |  |
Granted |  | 129,503 |  |  | $ | 29.00 |  |  |
Vested |  | (89,920) |  | (2) (3) | $ | 25.73 |  |  | $ | 2,608 |
Cancelled |  | (77,725) |  | (2) (3) | $ | 25.23 |  |  |
Outstanding at December 31, 2021 |  | 705,577 |  | (4) | $ | 13.84 |  |  |
Granted |  | 83,579 |  |  | $ | 53.51 |  |  |
Performance certification |  | 534,383 |  | (5) | $ | — |  |  |
Vested |  | (247,380) |  | (6) | $ | 12.51 |  |  | $ | 13,030 |
Cancelled |  | — |  |  | $ | — |  |  |
Outstanding at December 31, 2022 |  | 1,076,159 |  |  | $ | 17.17 |  |  |
(1)The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. (2)During the first quarter of 2020, the Company’s financial results for the performance goals applicable to the PSUs granted in March 2018 were certified, which resulted in the reduction of the PSUs granted in 2018 to the number of PSUs eligible to vest from 108,957 to 76,722 shares (with the 32,235 share adjustment shown in the table above as “Cancelled”), 5,254 of which shares vested in March 2020 and 71,468 of which shares vested in March 2021. (3)62,791 of the 77,725 PSUs cancelled during the year ended December 31, 2021 related to PSUs granted in November 2017, for which applicable performance goals were not met. 14,934 of the 77,725 PSUs cancelled during the period related to PSUs granted in March 2019 (the “2019 PSU Awards”). The Company’s financial results for the applicable performance goals were certified in March 2021, which resulted in the reduction of the shares subject to the 2019 PSU Awards from 204,580 to 189,646. In addition, 18,452 of the shares under the 2019 PSU Awards vested during the first quarter of 2021. (4)Includes 171,194 shares of PSUs granted in March 2019 that were certified below target during the three months ended March 31, 2021 and vested in March 2022. Also includes PSUs granted in March 2020 and March 2021 at “target.” (5)The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2022 and 200% of the target PSUs granted in March 2020 and March 2021 were deemed “earned.” Includes 38,093 incremental shares issued in March 2022 in connection with vesting of PSUs granted in March 2020 due to such award “earned” at 200% of the “target.” The remaining PSUs granted in March 2020 and March 2021 will be eligible to vest on March 14, 2023 and 2024, respectively. (6)Comprises 171,194 shares of PSUs granted in March 2019 and 76,186 shares of PSUs granted in March 2020 that vested in March 2022.
Summary of Share-based Compensation Costs by Award Type | The following table summarizes share-based compensation costs by award type:
| Year Ended December 31,
(In thousands) | 2022 |  | 2021 |  | 2020
Stock options | $ | — |  |  | $ | 191 |  |  | $ | 1,919 |
RSUs | 6,900 |  |  | 6,867 |  |  | 5,264 |
PSUs | 5,980 |  |  | 6,786 |  |  | 2,342 |
Total share-based compensation costs | $ | 12,880 |  |  | $ | 13,844 |  |  | $ | 9,525 |

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