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Shareholders' Deficit (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of 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.
Summary of Stock Option Activity | 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 | 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 |
Assumptions Used to Calculate Fair Value of Options Granted Using Black-Scholes-Merton Option-Pricing Model | 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 Award Activity | 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 |
Schedule of Repurchase 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 |
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 |

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