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Other Employee Benefits
12 Months Ended
Dec. 31, 2022
Postemployment Benefits [Abstract]  
Other Employee Benefits Other Employee Benefits
The Company has established a tax deferred 401(k) retirement plan that provides retirement benefits to its eligible employees. Participants may elect to contribute up to 60% of their gross annual earnings not to exceed ERISA and Internal Revenue Service limits. The plan provides for Company discretionary profit-sharing contributions at matching percentages. Employees immediately vest 100% in all salary reduction contributions and employer contributions.
The Company made discretionary contributions to the plan of $4.2 million, $5.1 million, and $6.2 million for the years ended December 31, 2020, 2021, and 2022, respectively.
The Company has established the ESPP with quarterly enrollment periods. Eligible participants may only enter the plan and establish their withholdings at the start of an enrollment period. Participating employees may withdraw from the plan and end payroll deductions at any time up to five days before the share purchase date and funds will be returned to them. Under the ESPP, participating employees may purchase shares of the Company’s common stock, subject to certain limitations, at 85% of its fair market value on the last day of the quarterly period. The total value of contributions per participant may not exceed $21,000 annually or the value of the common stock purchased per participant cannot exceed $25,000. In 2014 and again in 2020 the Company’s stockholders approved amendments to the plan increasing the number of shares available for purchase by participating employees and extended the term of the ESPP. The current term of the ESPP is now May 15, 2030, and at December 31, 2022 there remain 20,080 shares available for purchase under the ESPP.
Shares purchased in the open market for issuance to employees pursuant to the plan for the years ended December 31, 2020, 2021, and 2022 were as follows:

Purchase DateSharesCommon Stock
Fair Value
Purchase PriceCompensation Expense
March 31, 20203,922 $23.93 $20.34 $14,078 
June 30, 20202,737 $29.60 $25.16 $12,152 
September 30, 20204,015 $28.19 $23.96 $16,977 
December 31, 20203,550 $30.48 $25.91 $16,231 
Total/Weighted Average14,224 $27.86 $23.68 $59,438 
March 31, 20213,284 $35.63 $30.29 $17,550 
June 30, 20213,527 $28.34 $24.09 $14,993 
September 30, 20215,203 $25.61 $21.77 $19,987 
December 31, 20215,583 $22.25 $18.91 $18,633 
Total/Weighted Average17,597 $26.96 $22.92 $71,163 
March 31, 20229,112 $21.24 $18.05 $29,031 
June 30, 202212,380 $16.16 $13.74 $30,009 
September 30, 202223,407 $9.14 $7.77 $32,091 
December 31, 202215,947 $12.86 $10.93 $30,762 
Total/Weighted Average60,846 $13.36 $11.35 $121,893