Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of restricted stock and restricted stock units activity

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2019:

	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2018	490,342	$	24.23
Shares granted	333,635	29.48
Vested shares	(255,918)	22.98
Shares forfeited	(21,119)	26.86
Non vested, December 31, 2019	546,940	$	27.81

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2020:

	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2019	546,940	$	27.81
Shares granted	396,976	24.94
Vested shares	(307,937)	26.95
Shares forfeited	(109,179)	26.56
Non vested, December 31, 2020	526,800	$	26.43

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2021:

	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2020	526,800	$	26.43
Shares granted	343,851	29.50
Vested shares	(268,329)	26.66
Shares forfeited	(95,535)	28.78
Non vested, December 31, 2021	506,787	$	27.68

Summary of status of stock incentive plans and changes during periods

The table below sets forth stock option activity for the year ended December 31, 2019:

	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2018	—	$	—
Options granted	43,134	23.77		10
Awards exercised	—	—
Options forfeited	—	—
Outstanding, December 31, 2019	43,134	$	23.77	9.73	$	156
Exercisable, December 31, 2019	—	$	—		$	—

The table below sets forth stock option activity for the year ended December 31, 2020:

	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2019	43,134	$	23.77	9.73	$	156
Options granted	17,370	33.11		10	$	—
Awards exercised	—	—
Options forfeited	—	—
Outstanding, December 31, 2020	60,504	$	26.45	8.96	$	264
Exercisable, December 31, 2020	14,378	$	23.77	8.73	$	88

The table below sets forth stock option activity for the year ended December 31, 2021:

	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2020	60,504	$	26.45	8.96	$	264
Options granted	51,230	27.72		10	$	—
Awards exercised	—	—
Options forfeited	(10,214)	30.83
Outstanding, December 31, 2021	101,520	$	26.65	8.39	$	—
Exercisable, December 31, 2021	34,547	$	25.34	7.10	$	—

Summary of fair value at the date of grant

The following table sets forth the assumptions used in calculating the fair value at the date of grant of each option award granted:

	Year Ended December 31,
	2019			2020			2021
Expected volatility	47.37		%	48.74		%	44.18		%
Expected dividends	—		%	—		%	—		%
Expected term, in years	10			10			10
Risk-free interest rate	1.74		%	0.68		%	1.35		%
Weighted-average fair value of options granted during the year	$	13.91		$	18.99		$	15.13

Summary of stock-based compensation

For the years ended December 31, 2019, 2020, and 2021, the Company recognized stock-based compensation expense as follows:

	Year Ended December 31,
	2019		2020		2021
	(In thousands)
Instructional costs and services	$	1,570	$	1,535	$	1,480
Selling and promotional	766		1,007		771
General and administrative	3,624		4,533		5,403
Total stock-based compensation expense	$	5,960	$	7,075	$	7,654