Share-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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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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2021 |
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2020 |
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2019 |
| Restricted share expense |
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$ |
4,491 |
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$ |
1,687 |
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$ |
190 |
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| Stock option and SARs expense |
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1,913 |
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923 |
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|
807 |
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| Total stock-based compensation expense |
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$ |
6,404 |
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$ |
2,610 |
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$ |
997 |
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| Tax benefit related to stock-based compensation |
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$ |
2,234 |
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$ |
1,652 |
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$ |
— |
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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, 2020 |
145,000 |
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$ |
9.78 |
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| Granted |
213,027 |
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18.85 |
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| Vested |
(54,184) |
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12.29 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(1,901) |
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12.29 |
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| Forfeitures |
(11,000) |
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17.97 |
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| Unvested at December 31, 2021 |
290,942 |
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$ |
15.61 |
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
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| Weighted average grant date fair value of awards granted |
$ |
18.85 |
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$ |
10.12 |
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$ |
7.04 |
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| Total fair value of shares vested |
$ |
920,125 |
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$ |
367,273 |
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$ |
712,969 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
32,282 |
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$ |
62,479 |
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$ |
422,779 |
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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, 2020 |
232,500 |
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$ |
9.06 |
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| Granted |
127,476 |
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19.50 |
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| Vested |
(66,371) |
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|
8.79 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(53,629) |
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8.79 |
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| Unvested at December 31, 2021 |
239,976 |
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$ |
14.74 |
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
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| Weighted average grant date fair value of awards granted |
$ |
19.50 |
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$ |
9.06 |
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N/A |
| Total fair value of shares vested |
$ |
1,335,053 |
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N/A |
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N/A |
| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
1,078,747 |
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N/A |
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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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2021 |
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2020 |
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2019 |
| Compensation expense |
$ |
173,561 |
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$ |
108,589 |
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$ |
43,030 |
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| Shares of stock sold to employees |
31,624 |
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30,012 |
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33,742 |
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| Weighted average fair value per ESPP award |
$ |
16.95 |
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$ |
7.43 |
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$ |
3.94 |
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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, 2020 |
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1,959,348 |
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$ |
4.26 |
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4.42 |
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$ |
28,449,362 |
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| Granted |
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56,000 |
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18.44 |
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| Exercised |
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(279,904) |
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2.92 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(1,537) |
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2.15 |
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| Cashless exercise |
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(566) |
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2.15 |
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| Forfeited |
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(1,500) |
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18.44 |
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| 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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| Exercisable at December 31, 2021 |
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1,478,357 |
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$ |
3.99 |
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3.36 |
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$ |
19,274,817 |
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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, 2020 |
|
— |
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$ |
— |
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— |
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$ |
— |
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| Granted |
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288,269 |
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19.47 |
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| Forfeited |
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(15,000) |
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19.50 |
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| Outstanding at December 31, 2021 (a) |
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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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| Exercisable at December 31, 2021 (a) |
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78,770 |
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$ |
19.50 |
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6.66 |
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$ |
— |
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(a) Aggregate Intrinsic Value - no options were in-the-money as of December 31, 2021
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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2021 |
|
2020 |
|
2019 |
| Expected volatility |
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43% to 46% |
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42% to 51% |
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36% to 38% |
| Risk free interest rate |
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0.31% to 0.54% |
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0.20% to 1.56% |
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1.80% to 2.36% |
| Expected lives at date of grant (in years) |
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3.62 |
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3.25 |
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4.63 |
| Weighted average fair value of options granted |
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$6.56 |
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$3.87 |
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$1.61 |
| Total intrinsic value of options exercised |
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$ |
4,248,401 |
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$ |
3,377,730 |
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$ |
624,462 |
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