Stockholders’ Equity and Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock Options Outstanding and Exercisable

The following table shows stock options that were outstanding and exercisable as of December 31, 2024 and the related weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value:

	Stock Options (In thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (1) (In thousands)
Outstanding as of December 31, 2023		132		$	102.86
Granted		53		$	157.48
Exercised		(31	)	$	14.13
Forfeited or expired		(5	)	$	156.61
Outstanding as of December 31, 2024		149		$	139.17	4.63 years	$	2,449
Exercisable as of December 31, 2024		59		$	116.07	3.22 years	$	2,247
Expected to vest as of December 31, 2024		90		$	154.36	5.56 years	$	202

(1)The aggregate intrinsic value is calculated as the difference between the closing market price of $152.77 per common share as of December 31, 2024 and the exercise price of the stock options. It excludes the effect of stock options that have a zero or negative intrinsic value.

Schedule of Share Based Payment Award Stock Options Valuation Assumptions

The aggregate Black-Scholes fair value of $3.3 million for the stock options granted during the year ended December 31, 2024 was estimated using the following assumptions as of the grant date:

	Year Ended December 31, 2024
Expected option term in years		4.5
Expected volatility		40.3	%
Risk-free interest rate		4.2	%
Expected annual dividend yield		—

Amended and Restated 2010 Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-Based Compensation Expense Recorded In Operating Income

The table below summarizes share-based compensation expense recorded in operating income for the periods indicated (in thousands):

	Year Ended December 31,
	2024		2023		2022
Selling, general and administrative	$	19,885	$	21,963	$	18,182
Research and development and engineering		2,346		2,031		2,414
Cost of revenue		1,076		1,594		2,512
Total share-based compensation expense	$	23,307	$	25,588	$	23,108

Restricted Stock Units and Deferred Stock Units Issued and Outstanding

The table below summarizes activities during the year ended December 31, 2024 relating to restricted and deferred stock units issued and outstanding under the Amended and Restated 2010 Incentive Plan:

	Restricted and Deferred Stock Units (In thousands)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Period (In years)	Aggregate Intrinsic Value (1) (In thousands)
Unvested at December 31, 2023		206		$	143.97
Granted		118		$	161.46
Vested		(107	)	$	141.88
Forfeited		(19	)	$	155.68
Unvested at December 31, 2024		198		$	154.43	1.11 years	$	30,298
Expected to vest as of December 31, 2024		181		$	153.94	1.11 years	$	27,697

The aggregate intrinsic value is calculated based on the fair value of $152.77 per common share as of December 31, 2024 due to the fact that the restricted and deferred stock units carry a $0 purchase price.

Performance-Based Restricted Stock Units Issued and Outstanding

The table below summarizes activities during the year ended December 31, 2024 relating to performance-based restricted stock units issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan:

	Performance Stock Units (2) (In thousands)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Period (In years)	Aggregate Intrinsic Value (3) (In thousands)
Unvested at December 31, 2023		205		$	160.24
Granted		80		$	177.06
Performance adjustments(1)		16		$	166.64
Vested		(49	)	$	166.58
Forfeited		(25	)	$	168.78
Unvested at December 31, 2024		227		$	165.13	1.15 years	$	34,667
Expected to vest as of December 31, 2024		190		$	163.87	1.15 years	$	29,051

(1)The amount shown represents performance adjustments related to the performance-based awards vested during the year ended December 31, 2024.

(2)The unvested PSUs are shown in this table at target payout. The number of shares vested reflects the number of shares earned and issued during the year. As of December 31, 2024, the maximum number of PSUs available to be earned was approximately 443 thousand.

(3)The aggregate intrinsic value is calculated based on the fair value of $152.77 per common share as of December 31, 2024 due to the fact that the performance stock units carry a $0 purchase price.

Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The grant-date fair value of the hybrid PSUs granted during the year ended December 31, 2024 was estimated using the Monte-Carlo valuation model with the following assumptions:

	Year Ended
	December 31, 2024
Grant-date stock price	$	157.48
Expected volatility		36.90	%
Risk-free interest rate		4.35	%
Expected annual dividend yield		—
Weighted average fair value	$	180.98