Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award |
The following table presents the total stock-based compensation expense, which is included in selling, general and administrative expenses (in thousands):
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
| Restricted share expense |
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$ |
2,683 |
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$ |
4,491 |
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$ |
1,687 |
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| Stock option and SARs expense |
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1,142 |
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1,913 |
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|
923 |
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| Total stock-based compensation expense |
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$ |
3,825 |
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$ |
6,404 |
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$ |
2,610 |
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| Tax benefit related to stock-based compensation |
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$ |
857 |
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$ |
2,234 |
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$ |
1,652 |
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| Nonvested Restricted Stock Shares Activity |
The following table summarizes the Company’s restricted share activity, excluding the Company’s employee stock purchase plan:
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Number of
shares |
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Weighted
average
grant
date fair
value |
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| Unvested at December 31, 2021 |
290,942 |
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$ |
15.61 |
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| Granted |
340,677 |
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9.44 |
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| Vested |
(25,583) |
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|
15.43 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(16,982) |
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15.43 |
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| Forfeitures |
(54,974) |
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14.11 |
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| Unvested at December 31, 2022 |
534,080 |
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$ |
11.85 |
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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| Weighted average grant date fair value of awards granted |
$ |
9.44 |
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$ |
18.85 |
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$ |
10.12 |
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| Total fair value of shares vested |
$ |
260,112 |
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$ |
920,125 |
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$ |
367,273 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
172,662 |
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$ |
32,282 |
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$ |
62,479 |
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| Share-based Payment Arrangement, Performance Shares, Activity |
The following table summarizes the Company’s PSU activity:
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Number of shares |
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Weighted
average
grant
date fair value |
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| Unvested at December 31, 2021 |
239,976 |
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$ |
14.74 |
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| Granted |
53,864 |
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8.58 |
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| Performance adjustment upon vesting |
24,675 |
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11.68 |
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| Vested |
(80,267) |
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15.19 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(59,730) |
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15.19 |
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| Forfeitures |
(53,401) |
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18.18 |
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| Unvested at December 31, 2022 |
125,117 |
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$ |
9.51 |
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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| Weighted average grant date fair value of awards granted |
$ |
8.58 |
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$ |
19.50 |
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$ |
9.06 |
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| Total fair value of shares vested |
$ |
680,026 |
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$ |
1,335,053 |
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N/A |
| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
506,036 |
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$ |
1,078,747 |
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N/A |
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| Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity |
The following table summarizes the activity relating to the Company’s ESPP program:
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
| Compensation expense |
$ |
229,064 |
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$ |
173,561 |
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$ |
108,589 |
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| Shares of stock sold to employees |
60,673 |
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31,624 |
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30,012 |
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| Weighted average fair value per ESPP award |
$ |
11.53 |
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$ |
16.95 |
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$ |
7.43 |
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| Share-based Payment Arrangement, Option, Activity |
The following tables detail the various stock option activity:
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| 2014 Plan (Options) |
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Number
of Authorized
Shares |
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Weighted-
Average Exercise
Price |
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Weighted-
Average
Remaining
Contractual Term (in Years) |
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Aggregate
Intrinsic Value |
| Outstanding at December 31, 2021 |
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1,731,841 |
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$ |
4.92 |
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3.93 |
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$ |
21,051,101 |
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| Granted |
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— |
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— |
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| Exercised |
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(413,786) |
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2.43 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(60,006) |
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2.00 |
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| Cashless exercise |
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(42,655) |
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2.00 |
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| Forfeitures and expirations |
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(40,667) |
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12.14 |
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| Outstanding at December 31, 2022 |
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1,174,727 |
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$ |
5.76 |
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3.95 |
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$ |
4,463,307 |
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| Exercisable at December 31, 2022 |
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1,085,060 |
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$ |
5.18 |
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3.73 |
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$ |
4,431,477 |
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Aggregate Intrinsic Value = Excess of market value over the option exercise price of all in-the-money stock options.
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| 2021 Plan (Options) |
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Number
of Authorized
Shares |
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Weighted-
Average Exercise
Price |
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Weighted-
Average
Remaining
Contractual Term (in Years) |
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Aggregate
Intrinsic Value |
| Outstanding at December 31, 2021 |
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273,269 |
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$ |
19.47 |
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9.38 |
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$ |
— |
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| Granted |
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332,008 |
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8.82 |
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| Forfeitures and expirations |
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(60,478) |
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15.59 |
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| Outstanding at December 31, 2022 |
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544,799 |
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$ |
13.41 |
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8.93 |
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$ |
27,396 |
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| Exercisable at December 31, 2022 (a) |
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156,096 |
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$ |
19.48 |
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8.38 |
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$ |
— |
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(a) Aggregate Intrinsic Value - no exercisable options were in-the-money as of December 31, 2022
Aggregate Intrinsic Value = Excess of market value over the option exercise price of all in-the-money stock options.
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted:
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Years Ended December 31, |
| Stock Options: |
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2022 |
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2021 |
|
2020 |
| Expected volatility |
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51% to 53% |
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43% to 46% |
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42% to 51% |
| Risk free interest rate |
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1.71% to 3.01% |
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0.31% to 0.54% |
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0.20% to 1.56% |
| Expected lives at date of grant (in years) |
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3.73 |
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3.62 |
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3.25 |
| Weighted average fair value of options granted |
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$3.67 |
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$6.56 |
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$3.87 |
| Total intrinsic value of options exercised |
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$ |
3,762,978 |
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$ |
4,248,401 |
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$ |
3,377,730 |
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