XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.22.4

Shareholders' Deficit | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Shareholders’ Deficit | Shareholders’ Deficit Stock-Based Compensation Expense Total stock-based compensation expense was as follows (in thousands):
| 2022 |  | 2021 |  | 2020
Stock awards(1) | $ | 9,471 |  |  | $ | 20,216 |  |  | $ | 19,435 |
Stock options | 3,752 |  |  | 2,998 |  |  | 2,378 |
Total stock-based compensation expense(1) | 13,223 |  |  | 23,214 |  |  | 21,813 |
Income tax benefit | 3,319 |  |  | 5,722 |  |  | 5,126 |
Total stock-based compensation expense, net of tax | $ | 9,904 |  |  | $ | 17,492 |  |  | $ | 16,687 |
____________________ (1) Changes in annual stock-based compensation expense includes the cumulative impact of the change in the expected achievements of certain performance targets. Stock Options A summary of the Company’s stock option activity was as follows (in thousands, except per share amounts and years):
| Stock Options |  | Weighted- Average Exercise Price per Share |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (1)
Outstanding at January 1, 2022 | 699 |  |  | $ | 42.02 |  |  | 6.3 |  | $ | 28,258 |
Granted | 148 |  |  | 58.60 |  |  |  |  |
Exercised | (48) |  |  | 23.57 |  |  |  |  |
Canceled/Forfeited | (12) |  |  | 58.63 |  |  |  |  |
Outstanding at December 31, 2022 | 787 |  |  | $ | 46.02 |  |  | 6.1 |  | $ | 829 |
Exercisable at December 31, 2022 | 558 |  |  | $ | 37.09 |  |  | 5.2 |  | $ | 829 |
Vested and expected to vest at December 31, 2022 | 771 |  |  | $ | 45.66 |  |  | 6.1 |  | $ | 829 |
____________________ (1) Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant. Other information pertaining to options was as follows (in thousands, except per share amounts):
| 2022 |  | 2021 |  | 2020
Weighted-average grant date fair value of stock options granted | $ | 30.22 |  |  | $ | 71.93 |  |  | $ | 15.10 |
Total intrinsic value (at exercise) of stock options exercised | $ | 1,298 |  |  | $ | 16,003 |  |  | $ | 14,357 |
Cash received from the exercise of stock options for the fiscal year ended December 31, 2022 was $1.1 million. The Company’s tax benefit related to the exercise of stock options for the fiscal year ended December 31, 2022 was $1.3 million. At December 31, 2022, there was $4.8 million of total stock option compensation expense related to non-vested stock options not yet recognized, which is expected to be recognized over a weighted-average period of 1.8 years. The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows:
Valuation Assumptions | 2022 |  | 2021 |  | 2020
Expected dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Expected volatility | 57 | % |  | 58 | % |  | 46 | %
Risk-free interest rate | 2.2 | % |  | 0.9 | % |  | 0.7 | %
Expected term (years) | 5.3 |  | 5.2 |  | 5.4
Stock Awards Stock award activity was as follows (in thousands, except per share amounts):
| Time- Based Stock Awards |  | Weighted-Average Grant Date Fair Value |  | Performance- Based Stock Awards |  | Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2022 | 206 |  |  | $ | 69.55 |  |  | 441 |  |  | $ | 63.37 |
Granted | 189 |  |  | 54.60 |  |  | 329 |  |  | 56.16 |
Vested | (110) |  |  | 61.35 |  |  | (251) |  |  | 46.94 |
Canceled/Forfeited | (24) |  |  | 72.95 |  |  | (18) |  |  | 70.10 |
Outstanding at December 31, 2022 | 261 |  |  | $ | 61.88 |  |  | 501 |  |  | $ | 66.63 |
At December 31, 2022, there was $9.7 million of unrecognized compensation expense related to non-vested time-based stock awards, which is expected to be recognized over a weighted-average period of 1.8 years, and $7.4 million of unrecognized compensation expense related to non-vested performance-based stock awards, which is expected to be recognized over a weighted-average period of 1.8 years. Repurchases of Common Stock Repurchases of the Company’s common stock were as follows (in thousands):
| 2022 |  | 2021 |  | 2020
Amount repurchased under Board-approved share repurchase program | $ | 54,868 |  |  | $ | 364,479 |  |  | $ | 228,111 |
Amount repurchased in connection with the vesting of employee restricted stock grants | 9,320 |  |  | 17,897 |  |  | 7,040 |
Total amount repurchased (based on trade dates) | $ | 64,188 |  |  | $ | 382,376 |  |  | $ | 235,151 |
As of December 31, 2022, the remaining authorization under the Board-approved $600 million share repurchase program was $348 million. Net Income per Common Share The components of basic and diluted net income per share were as follows (in thousands, except per share amounts):
| 2022 |  | 2021 |  | 2020
Net income | $ | 36,610 |  |  | $ | 153,746 |  |  | $ | 139,189 |
Reconciliation of weighted-average shares outstanding: |  |  |  |  |
Basic weighted-average shares outstanding | 22,396 |  |  | 24,038 |  |  | 27,665 |
Dilutive effect of stock-based awards | 456 |  |  | 909 |  |  | 763 |
Diluted weighted-average shares outstanding | 22,852 |  |  | 24,947 |  |  | 28,428 |
Net income per share – basic | $ | 1.63 |  |  | $ | 6.40 |  |  | $ | 5.03 |
Net income per share – diluted | $ | 1.60 |  |  | $ | 6.16 |  |  | $ | 4.90 |
Additional potential dilutive stock options totaling 0.4 million, 0.1 million and 0.2 million for 2022, 2021 and 2020, respectively, have been excluded from the diluted net income per share calculations because these securities’ exercise prices were anti-dilutive (e.g., greater than the average market price of the Company’s common stock).

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration