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SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2023
SHAREHOLDERS' EQUITY |
SHAREHOLDERS' EQUITY | NOTE 11:-SHAREHOLDERS’ EQUITY
| a. | Treasury stock:
During the year ended December 31, 2014, the Company’s Board of Directors approved a share repurchase program to repurchase up to $3,000 of its ordinary shares (the “Share Repurchase Program”), which is the amount that the Company could repurchase under Israeli law without further approval from an Israeli court. During the nine years ended December 31, 2022, the Company received Israeli court approvals to repurchase up to an additional $311,000 of its ordinary shares. In addition, in each of January 2023, June 2023 and December 2023, the Company received court approval to repurchase up to an additional $25,000 , $25,000 and $20,000, respectively of its ordinary shares (the “Permitted Amount”). The most recent court approvals also permit the Company to declare a dividend of any part of the Permitted Amount during the approved validity period. The current approval is valid through June 18, 2024. NOTE 11:-SHAREHOLDERS’ EQUITY (Cont.) As of December 31, 2023, pursuant to the Company’s Share Repurchase Program, the Company had repurchased a total of 34,104,830 of its ordinary shares at a total cost of $236,003 (of which 1,794,931 of its ordinary shares were repurchased during the year ended December 31, 2023 for aggregate consideration of $18,259).
| b. | Cash Dividends:
On February 7, 2023, the Company declared a cash dividend of $0.18 per share. The dividend, which was in the aggregate amount of approximately $5.7 million, was paid on March 7, 2023 to all of the Company’s shareholders of record as of February 21, 2023. On August 1, 2023, the Company declared a cash dividend of $0.18 cents per share. The dividend, which was in the aggregate amount of approximately $5.7 million was paid on August 31, 2023 to all of the Company's shareholders of record on August 17, 2023. See Note 17 for cash dividends declared and paid subsequent to December 31, 2023.
| c. | Employee and Non-Employee Share Option Plan:
In 2008, the Company’s Board of Directors approved the 2008 Equity Incentive Plan (as amended, the “Plan”) that became effective in January 2009. Under the Plan, options and RSUs may be granted to employees, officers, non-employee consultants and directors of the Company. As of December 31, 2023, the total number of shares authorized for future grant under the Plan is 1,729,170. Options granted under the Plan expire seven years from the date of grant, and options that are forfeited or cancelled before expiration, become available for future grants. The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | average |  | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | remaining | ​ | ​ | ​
​ | ​ | ​ | ​ | average | ​ | contractual | ​ | Aggregate
​ | ​ | Number | ​ | exercise | ​ | term (in | ​ | intrinsic
​ | ​ | of options | ​ | price | ​ | years) | ​ | value
Options outstanding at beginning of year |  | 361,343 | ​ | $ | 10.74 |  | 2.54 | ​ | $ | 2,786
Changes during the year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Granted |  | 20,000 | ​ | $ | 10.90 | ​ | ​ | ​ | ​ | ​
Exercised |  | (115,543) | ​ | $ | 6.95 |  |  | ​ |  |
Forfeited |  | (500) | ​ | $ | 11.61 |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options outstanding at end of year |  | 265,300 | ​ | $ | 12.40 |  | 2.48 | ​ | $ | 450
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options exercisable at end of year |  | 234,925 | ​ | $ | 11.99 |  | 2.05 | ​ | $ | 427
​ The weighted average grant-date fair value of options granted during the years ended December 31, 2023, 2022 and 2021 was $3.98, $8.99 and $10.64, per option, respectively. The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s closing share price on the last trading day of the fiscal year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the fiscal year. This amount changes based on the fair market value of the Company’s ordinary shares. NOTE 11:-SHAREHOLDERS’ EQUITY (Cont.) The total intrinsic value of options exercised in the years ended December 31, 2023, 2022 and 2021 was $378, $2,878 and $9,281, respectively. The options for employees outstanding as of December 31, 2023 have been separated into ranges of exercise prices, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Number of | ​ | Weighted | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​
​ | ​ |  | options |  | average |  | ​ | ​ |  | options |  | Weighted
​ | ​ | ​ | outstanding | ​ | remaining | ​ | Weighted | ​ | exercisable | ​ | average
Range of | ​ | as of | ​ | contractual | ​ | average | ​ | as of | ​ | exercise price
exercise | ​ | December 31, | ​ | life (in | ​ | exercise | ​ | December 31, | ​ | of exercisable
price | ​ | 2023 | ​ | years) | ​ | price | ​ | 2023 | ​ | options
$ | 5.00-6.62 |  | 4,125 |  | 0.26 | ​ | $ | 6.18 | ​ | 4,125 | ​ | $ | 6.18
$ | 7.08-10.9 |  | 132,800 |  | 2.34 | ​ | $ | 9.05 | ​ | 112,800 | ​ | $ | 8.72
$ | 11.52-30.76 |  | 128,375 |  | 2.70 | ​ | $ | 16.06 | ​ | 118,000 | ​ | $ | 15.32
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 265,300 |  | 2.48 | ​ | $ | 12.40 |  | 234,925 | ​ | $ | 11.99
​ The following is a summary of the Company’s RSU activity and related information for the year ended December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | Number of | ​ | average grant
​ | ​ | shares | ​ | date fair value
RSUs outstanding at beginning of year |  | 1,186,809 | ​ | $ | 27.76
Changes during the year: |  | ​ | ​ |  | ​
Granted |  | 589,042 | ​ | $ | 11.19
Vested |  | (497,597) | ​ | $ | 26.85
Forfeited |  | (46,375) | ​ | $ | 23.87
​ | ​ | ​ | ​ | ​ | ​
RSUs outstanding at end of year |  | 1,231,879 | ​ | $ | 20.35
​ As of December 31, 2023, there was a total of $10,657 unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.68 years. The total fair value of the Company’s RSU vested during the years 2023, 2022 and 2021 was $13,363, $12,079 and $8,165, respectively.

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