Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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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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2024 |
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2023 |
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| Restricted share expense |
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$ |
2,384 |
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$ |
2,584 |
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| Stock option expense |
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2,076 |
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1,490 |
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| Total stock-based compensation expense |
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$ |
4,460 |
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$ |
4,074 |
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| Tax benefit related to stock-based compensation |
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$ |
475 |
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$ |
1,045 |
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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, 2023 |
529,862 |
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$ |
11.42 |
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| Granted |
216,263 |
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|
7.51 |
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| Vested |
(143,953) |
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|
14.04 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(83,528) |
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|
14.04 |
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| Forfeitures |
(14,750) |
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11.61 |
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| Unvested at December 31, 2024 |
503,894 |
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$ |
8.55 |
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Year Ended December 31, |
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2024 |
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2023 |
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| Weighted average grant date fair value of awards granted |
$ |
7.51 |
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$ |
9.37 |
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| Total fair value of shares vested |
$ |
1,122,749 |
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$ |
649,700 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
651,469 |
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$ |
364,670 |
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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, 2023 |
112,776 |
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$ |
10.49 |
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| Granted |
117,582 |
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|
5.69 |
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| Performance adjustment upon vesting |
(17,690) |
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|
8.58 |
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| Vested |
(13,022) |
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|
8.58 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(10,425) |
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8.58 |
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| Unvested at December 31, 2024 |
189,221 |
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$ |
7.92 |
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Year Ended December 31, |
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2024 |
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2023 |
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| Weighted average grant date fair value of awards granted |
$ |
5.69 |
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$ |
11.59 |
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| Total fair value of shares vested |
$ |
83,862 |
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$ |
— |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
67,137 |
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$ |
— |
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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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2024 |
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2023 |
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| Compensation expense |
$ |
93,523 |
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$ |
179,595 |
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| Shares of stock sold to employees |
52,965 |
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|
71,623 |
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| Weighted average fair value per ESPP award |
$ |
9.21 |
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$ |
7.32 |
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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, 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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| Exercised |
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(37,332) |
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3.62 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(14,654) |
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2.69 |
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| Shares tendered for cashless exercise |
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(43,193) |
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3.78 |
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| Forfeitures and expirations |
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(26,500) |
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11.49 |
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| Outstanding at December 31, 2024 |
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535,667 |
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$ |
7.00 |
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3.57 |
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$ |
1,588,137 |
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| Exercisable at December 31, 2024 |
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535,667 |
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$ |
7.00 |
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3.57 |
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$ |
1,588,137 |
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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, 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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| Granted |
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879,411 |
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6.85 |
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| Forfeitures and expirations |
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(90,298) |
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13.13 |
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| Outstanding at December 31, 2024 |
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1,840,786 |
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$ |
8.93 |
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8.54 |
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$ |
1,504,894 |
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| Exercisable at December 31, 2024 |
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575,876 |
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$ |
11.95 |
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7.49 |
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$ |
— |
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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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2024 |
|
2023 |
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| Expected volatility |
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46% to 51% |
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52% to 53% |
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| Risk free interest rate |
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4.22% to 4.60% |
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3.71% to 4.83% |
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| Expected lives at date of grant (in years) |
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4.08 |
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3.99 |
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| Weighted average fair value of options granted |
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$2.97 |
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$4.10 |
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| Total intrinsic value of options exercised |
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$ |
322,797 |
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$ |
3,155,770 |
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