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Shareholders’ Equity and Stock Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share Repurchase Activity | The following table includes the Company’s share repurchase activity:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
(In thousands, except per share data) |  |  |  |  |
Shares repurchased (1) | 252 |  |  | 1,113 |  |  | 227 |
Total cost, including brokerage fees | $ | 9,134 |  |  | $ | 51,202 |  |  | $ | 10,616 |
Average repurchase price per share (2) | $ | 36.17 |  |  | $ | 46.01 |  |  | $ | 46.87 |
(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.
Schedule 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, 2021 |  | 2,891,341 |  |  | 5.5 |  | $ | 11.07 |  |  |
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 |
Granted |  | — |  |  |  |  | $ | — |  |  |
Exercised |  | (160,640) |  |  |  |  | $ | 11.84 |  | (1) |
Cancelled |  | — |  |  |  |  | $ | — |  |  |
Expired |  | — |  |  |  |  | $ | — |  |  |
Outstanding at December 31, 2023 |  | 1,911,354 |  |  | 2.5 |  | $ | 9.19 |  | (1) | $ | 58,758 |
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 |
Exercisable at December 31, 2023 |  | 1,911,354 |  |  | 2.5 |  | $ | 9.19 |  |  | $ | 58,758 |
(1)In accordance with the provisions of the 2015 Plan, the declaration of a one-time cash dividend of $2.00 per share of the outstanding common stock triggered the requirement to make an equitable adjustment to the number and type of securities subject to each outstanding award and the exercise price or grant price. The 2015 Plan allows the Company to make such equitable adjustments at its discretion. As a result, on August 25, 2023, the Company elected to adjust the exercise price of vested but unexercised stock option awards to reflect an amount as if the cash dividend had been paid in stock. The conditions of each option grant remain the same.
Schedule 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, 2021 |  | 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 |  |  |
Granted |  | 159,043 |  |  | $ | 42.17 |  |  |
Vested |  | (299,131) |  |  | $ | 23.73 |  |  | $ | 12,568 |
Issuance of dividend equivalent (1) |  | 21,179 |  |  | $ | — |  |  |
Outstanding at December 31, 2023 |  | 428,762 |  |  | $ | 34.09 |  |  |
(1)In accordance with the provisions of the 2015 Plan, the declaration of a one-time cash dividend of $2.00 per share of the outstanding common stock triggered the requirement to make an equitable adjustment to the number and type of securities subject to each outstanding award and the exercise price or grant price. The 2015 Plan allows the Company to make such equitable adjustments at its discretion. As a result, on August 25, 2023, the Company elected to adjust the number of shares underlying unvested RSU awards to reflect an amount as if the one-time cash dividend of $2.00 per share of the outstanding common stock had been paid in stock. The vesting schedule and conditions of each grant remain the same (with these additional share amounts subject to forfeiture on the same terms as the underlying grants).
Schedule 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, 2021 |  | 743,719 |  |  | $ | 13.82 |  |  |
Granted |  | 129,503 |  |  | $ | 29.00 |  |  |
Vested |  | (89,920) |  | (2) | $ | 25.73 |  |  | $ | 2,608 |
Cancelled |  | (77,725) |  | (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 |
Outstanding at December 31, 2022 |  | 1,076,159 |  |  | $ | 17.17 |  |  |
Granted |  | 114,898 |  |  | $ | 41.92 |  |  |
Vested |  | (733,574) |  | (7) | $ | 8.86 |  |  | $ | 30,751 |
Issuance of dividend equivalent (8) |  | 23,151 |  |  | $ | — |  |  |
Cancelled |  | (8,699) |  | (9) | $ | 53.51 |  |  |
Outstanding at December 31, 2023 |  | 471,935 |  |  | $ | 36.40 |  |  |
(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)Includes 71,468 shares of PSUs granted in March 2018 and 18,452 shares of PSUs granted in March 2019 (the “2019 PSU Awards”) vested during the first quarter of 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 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. (4)Includes 171,194 2019 PSU Awards 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 (the “2020 PSU Awards”) and March 2021 (the “2021 PSU Awards”) were deemed “earned.” Includes 38,093 incremental shares issued in March 2022 in connection with vesting of shares of 2020 PSU Awards due to such award “earned” at 200% of the “target.” The remaining 2020 PSU Awards vested in March 2023. (6)Comprises 171,194 shares of 2019 PSU Awards and 76,186 shares of 2020 PSU Awards that vested in March 2022. (7)Represents 2020 PSU Awards that vested in March 2023 at 200% of the target PSUs. (8)In accordance with the provisions of the 2015 Plan, the declaration of a one-time cash dividend of $2.00 per share of the outstanding common stock triggered the requirement to make an equitable adjustment to the number and type of securities subject to each outstanding award and the exercise price or grant price. The 2015 Plan allows the Company to make such equitable adjustments at its discretion. As a result, on August 25, 2023, the Company elected to adjust the number of shares underlying unvested PSU awards to reflect an amount as if the one-time cash dividend of $2.00 per share of the outstanding common stock had been paid in stock. The vesting schedule and conditions of each grant remain the same (with these additional share amounts subject to forfeiture on the same terms as the underlying grants). (9)The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2023 and 89.6% of the target PSUs granted in March 2022 (the “2022 PSU Awards”) were deemed “earned.” This resulted in the reduction of the 2022 PSU Awards to the number of PSUs eligible to vest from 83,579 to 74,880.
Schedule 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) | 2023 |  | 2022 |  | 2021
Stock options | $ | — |  |  | $ | — |  |  | $ | 191 |
RSUs | 7,624 |  |  | 6,900 |  |  | 6,867 |
PSUs | 5,188 |  |  | 5,980 |  |  | 6,786 |
Total share-based compensation costs | $ | 12,812 |  |  | $ | 12,880 |  |  | $ | 13,844 |

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