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Shareholders’ Equity and Stock Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share Repurchase Activity
The following table includes the Company’s share repurchase activity:
Year Ended December 31,
202420232022
(In thousands, except per share data)
Shares repurchased (1)(2)
2,892 252 1,113 
Total cost, including brokerage fees and excise tax on repurchases$92,142 $9,134 $51,202 
Average repurchase price per share (3)(4)
$31.63 $36.17 $46.01 
(1)All repurchased shares were retired and constitute authorized but unissued shares. Shares repurchased to settle employee tax withholding related to the vesting of RSUs or exercise of options are not included in the table above.
(2)Of the shares repurchased in 2024, 949,729 were repurchased pursuant to a Rule 10b5-1 trading plan.
(3)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.
(4)Average repurchase price per share includes broker commissions but excludes our liability under the 1% excise tax on the net amount of our share repurchases required by the Inflation Reduction Act of 2022.
Schedule of Dividends Declared The dividends declared in 2024 were as follows:
Declaration DateRecord DatePayment DateAmount per ShareAggregate Amount (in thousands)
February 27, 2024March 18, 2024April 4, 2024$0.25 $7,237 
May 2, 2024June 14, 2024July 2, 2024$0.25 $7,107 
August 6, 2024September 17, 2024October 2, 2024$0.25 $6,962 
November 5, 2024December 20, 2024January 7, 2025$0.25 $6,641 
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, 20222,141,494 4.5$11.31 
Granted— — 
Exercised(69,500)9.94 
Cancelled— — 
Expired— — 
Outstanding at December 31, 20222,071,994 3.511.35 $53,966 
Granted— — 
Exercised(160,640)11.84 
(1)
Cancelled— — 
Expired— — 
Outstanding at December 31, 20231,911,354 2.59.19 
(1)
$58,758 
Granted— — 
Exercised(421,000)9.17 
Cancelled— — 
Expired— — 
Outstanding at December 31, 20241,490,354 1.5$9.19 $33,395 
Exercisable at December 31, 20222,071,994 3.5$11.35 $53,966 
Exercisable at December 31, 20231,911,354 2.5$9.19 $58,758 
Exercisable at December 31, 20241,490,354 1.5$9.19 $33,395 
(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
SharesWeighted-
Average Grant Date Fair Value
Total Fair Value of Shares Vested
(in thousands)
Outstanding at January 1, 2022815,420 $18.17 
Granted123,970 51.86 
Vested(363,450)17.78 $18,963 
Cancelled(28,269)17.63 
Outstanding at December 31, 2022547,671 26.09 
Granted159,043 42.17 
Vested(299,131)23.73 $12,568 
Issuance of dividend equivalent (1)
21,179 — 
Outstanding at December 31, 2023428,762 34.09 
Granted232,766 33.57 
Vested(285,012)28.73 $9,150 
Cancelled(9,350)38.82 
Outstanding at December 31, 2024367,166 $37.67 
(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, 2022705,577 
(2)
$13.84 
Granted83,579 53.51 
Performance certification534,383 
(3)
— 
Vested(247,380)
(4)
12.51 $13,030 
Outstanding at December 31, 20221,076,159 17.17 
Granted114,898 41.92 
Vested(733,574)
(5)
8.86 $30,751 
Issuance of dividend equivalent (6)
23,151 — 
Cancelled(8,699)
(7)
53.51 
Outstanding at December 31, 2023471,935 
(8)
36.40 
Granted131,906 34.06 
Vested(272,362)
(9)
29.00 $9,277 
Cancelled(171,998)
(10)
35.92 
Outstanding at December 31, 2024159,481 $47.54 
(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 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.”
(3)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.
(4)Comprises 171,194 shares of 2019 PSU Awards and 76,186 shares of 2020 PSU Awards that vested in March 2022.
(5)Represents 2020 PSU Awards that vested in March 2023 at 200% of the target PSUs.
(6)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 $2.00 per share of the outstanding common stock had been paid in stock. The vesting schedule and conditions of each grant remain the same (with these additional share amounts subject to forfeiture on the same terms as the underlying grants).
(7)The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2023 and 89.6% of the target PSUs granted in March 2022 (the “2022 PSU Awards”) were deemed “earned.” This resulted in the reduction of the 2022 PSU Awards to the number of PSUs eligible to vest from 83,579 to 74,880.
(8)Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target (based on awards deemed “earned”), PSUs granted in March 2022 at 89.6% of the target (based on awards deemed “earned”) and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target.
(9)Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs.
(10)The Company’s financial results for performance goals applicable to the 2023 PSU Awards were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs listed as granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724. In addition, 5,467 shares of unvested PSU Awards were forfeited during the year ended December 31, 2024. In addition, 131,906 PSUs granted in March 2024 were cancelled due to the Company not meeting its performance target for 2024.
Schedule of Share-based Compensation Costs by Award Type
The following table summarizes share-based compensation costs by award type:
Year Ended December 31,
(In thousands)202420232022
Stock options$— $— $— 
RSUs7,178 7,624 6,900 
PSUs2,866 5,188 5,980 
Total share-based compensation costs$10,044 $12,812 $12,880