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Shareholders’ Equity and Stock Incentive Plans
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Shareholders’ Equity and Stock Incentive Plans Shareholders’ Equity and Stock Incentive Plans
Share Repurchase Program
From time to time, the Company repurchases shares of its common stock pursuant to the $100 million share repurchase program authorized by the Company’s Board of Directors on July 27, 2023, which was subsequently increased by $100 million on November 5, 2024. Share repurchases may be made from time to time in open market transactions, through block trades, pursuant
to a Rule 10b5-1 trading plan or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. Share repurchases may be made at management’s discretion based on market conditions and financial resources and there is no minimum number of shares that the Company is required to repurchase. The repurchase program may be suspended or discontinued at any time without prior notice. As of March 31, 2025, the Company had $91.8 million of remaining share repurchase availability under its share repurchase program.
The following table includes the Company’s share repurchase activity for the three months ended March 31, 2025. The Company did not repurchase any shares during the three months ended March 31, 2024.
Three Months Ended March 31,
2025
(In thousands, except per share data)
Shares repurchased (1)
274 
Total cost, including brokerage fees$7,617 
Average repurchase price per share (2)
$27.79 
(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)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.
Dividends
Commencing on February 27, 2024, the Company’s Board of Directors has declared a recurring quarterly cash dividend of $0.25 per share of the Company’s common stock. The dividends declared by the Board of Directors under this program as of March 31, 2025 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, 20240.25 7,107 
August 6, 2024September 17, 2024October 2, 20240.25 6,962 
November 5, 2024December 20, 2024January 7, 20250.25 6,641 
February 25, 2025March 21, 2025April 2, 20250.25 6,631 
In addition, subsequent to the end of the first quarter of 2025, on May 6, 2025, the Company’s Board of Directors authorized its next recurring quarterly cash dividend of $0.25 per share of the Company’s common stock payable on July 9, 2025 to shareholders of record as of June 25, 2025.
Stock Options
The following table summarizes the Company’s stock option activity:
Stock Options
SharesWeighted-Average Exercise Price
Outstanding at January 1, 20251,490,354 $9.19 
Granted— — 
Exercised(60,000)6.20 
Cancelled— — 
Expired— — 
Outstanding at March 31, 20251,430,354 $9.32 
Exercisable at March 31, 20251,430,354 $9.32 
There was no share-based compensation expense related to stock options for the three months ended March 31, 2025 and 2024. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of
March 31, 2025 and 2024.
Restricted Stock Units
The following table summarizes the Company’s activity related to RSUs and PSUs:
RSUsPSUs
SharesWeighted-Average Grant Date Fair ValueShares Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025367,166 $37.67 159,481 
(1)
$47.54 
Granted206,841 26.17 163,732 
(2)
26.17 
Vested(185,589)39.67 (91,896)
(3)
51.67 
Cancelled(1,089)34.86 — — 
Outstanding at March 31, 2025387,329 $30.55 231,317 $30.61 
(1)    Includes PSUs granted in March 2022 (“2022 PSU Awards”) at 89.6% of the target (based on awards deemed “earned”) and PSUs granted in March 2023 (“2023 PSU Awards”) at 69.3% of the target (based on awards deemed “earned”). The PSUs granted in March 2024 were cancelled as of December 31, 2024 due to the Company not meeting its performance target for 2024.
(2)    The number of shares for the PSUs listed as granted represents the “target” number of PSUs issued to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.
(3)    Represents 77,287 shares of the 2022 PSU Awards that vested in March 2025 at 89.6% of the target and 14,609 shares of the 2023 PSU Awards that were accelerated and vested in March 2025 at 69.3% of the target in connection with the retirement of the Company’s Chief Development Officer.
The following table summarizes share-based compensation expense by award type:
Three Months Ended March 31,
(In thousands)20252024
Stock options$— $— 
RSUs2,108 1,839 
PSUs782 1,202 
Total share-based compensation expense$2,890 $3,041 
As of March 31, 2025, the Company’s unrecognized share-based compensation expense related to RSUs and PSUs was $10.8 million and $5.1 million, respectively, which is expected to be recognized over a weighted-average period of 2.5 years and 2.4 years for RSUs and PSUs, respectively. As of March 31, 2024, the Company’s unrecognized share-based compensation expense related to RSUs and PSUs was $12.4 million and $7.9 million, respectively, which was expected to be recognized over a weighted-average period of 1.7 years and 2.2 years for RSUs and PSUs, respectively.
As of March 31, 2025, a total of 5,153,291 shares of the Company’s common stock remained available for grants of awards under the Company’s 2015 Incentive Award Plan, which includes the annual increase in the number of shares available for grant on January 1, 2025 of 1,060,440 shares.