Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
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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2023 |
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2022 |
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2021 |
| Restricted share expense |
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$ |
2,584 |
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$ |
2,683 |
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$ |
4,491 |
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| Stock option expense |
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1,490 |
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|
1,142 |
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1,913 |
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| Total stock-based compensation expense |
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$ |
4,074 |
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$ |
3,825 |
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$ |
6,404 |
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| Tax benefit related to stock-based compensation |
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$ |
1,045 |
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$ |
857 |
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$ |
2,234 |
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| Schedule of Restricted Share Activity, Excluding Company's Employee Stock Purchase Plan |
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, 2022 |
534,080 |
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$ |
11.85 |
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| Granted |
149,859 |
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|
9.37 |
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| Vested |
(74,040) |
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|
10.81 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(41,558) |
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|
10.81 |
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| Forfeitures |
(38,479) |
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|
11.17 |
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| Unvested at December 31, 2023 |
529,862 |
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$ |
11.42 |
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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| Weighted average grant date fair value of awards granted |
$ |
9.37 |
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$ |
9.44 |
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$ |
18.85 |
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| Total fair value of shares vested |
$ |
649,700 |
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$ |
260,112 |
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$ |
920,125 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
364,670 |
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$ |
172,662 |
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$ |
32,282 |
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| Schedule of PSU 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, 2022 |
125,117 |
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$ |
9.51 |
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| Granted |
71,639 |
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11.59 |
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| Forfeitures |
(83,980) |
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|
9.97 |
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| Unvested at December 31, 2023 |
112,776 |
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$ |
10.49 |
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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| Weighted average grant date fair value of awards granted |
$ |
11.59 |
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$ |
8.58 |
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$ |
19.50 |
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| Total fair value of shares vested |
$ |
— |
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$ |
680,026 |
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$ |
1,335,053 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
— |
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$ |
506,036 |
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$ |
1,078,747 |
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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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2023 |
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2022 |
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2021 |
| Compensation expense |
$ |
179,595 |
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$ |
229,064 |
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$ |
173,561 |
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| Shares of stock sold to employees |
71,623 |
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60,673 |
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31,624 |
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| Weighted average fair value per ESPP award |
$ |
7.32 |
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$ |
11.53 |
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$ |
16.95 |
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| Schedule of 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, 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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| Exercised |
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(262,724) |
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3.58 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(74,421) |
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3.40 |
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| Shares tendered for cashless exercise |
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(116,236) |
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3.62 |
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| Forfeitures and expirations |
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(64,000) |
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11.72 |
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| Outstanding at December 31, 2023 |
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657,346 |
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$ |
6.69 |
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4.16 |
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$ |
2,983,514 |
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| Exercisable at December 31, 2023 |
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643,509 |
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$ |
6.44 |
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4.10 |
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$ |
2,983,514 |
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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, 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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| Granted |
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624,628 |
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9.25 |
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| Exercised |
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(28,289) |
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8.58 |
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| Cashless exercise |
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(21,711) |
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8.58 |
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| Forfeitures and expirations |
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(67,754) |
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15.24 |
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| Outstanding at December 31, 2023 |
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1,051,673 |
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$ |
11.05 |
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8.79 |
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$ |
1,207,118 |
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| Exercisable at December 31, 2023 |
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296,982 |
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$ |
14.46 |
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7.84 |
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$ |
247,280 |
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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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| 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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2023 |
|
2022 |
|
2021 |
| Expected volatility |
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52% to 53% |
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51% to 53% |
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43% to 46% |
| Risk free interest rate |
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3.71% to 4.83% |
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1.71% to 3.01% |
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0.31% to 0.54% |
| Expected lives at date of grant (in years) |
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3.99 |
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3.73 |
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3.62 |
| Weighted average fair value of options granted |
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$4.10 |
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$3.67 |
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$6.56 |
| Total intrinsic value of options exercised |
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$ |
3,155,770 |
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$ |
3,762,978 |
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$ |
4,248,401 |
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