Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Fair Values of Options Granted Estimated Using Weighted-Average Assumptions

The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award. The Company calculated the fair values of the options granted using the following estimated weighted-average assumptions:

	Years Ended December 31,
	2022			2021			2020
Expected volatility		44	%		44	%		40	%
Expected term	6 years			6 years			6 years
Risk-free interest rate		2.69	%		0.82	%		0.34	%
Expected dividend yield		—	%		—	%		—	%
Weighted-average grant date fair value per share	$	33.99		$	27.98		$	11.29

Summary of Stock Option Activity Under Company's Stock Option Plans

A summary of the stock option activity under the Company’s stock option plans for the year ended December 31, 2022 is presented below:

	Options Outstanding			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Options outstanding at December 31, 2021		125,000		$	25.49
Granted		22,500			74.70
Exercised		(27,500	)		14.25			$	1,117
Forfeited		—			—
Canceled		—			—
Options outstanding at December 31, 2022		120,000		$	37.29		6.44	$	1,959
Options exercisable at December 31, 2022		97,500		$	28.66		5.75	$	1,959
Options vested or expected to vest at December 31, 2022		119,276		$	37.07		6.42	$	1,959

Summary of Restricted Stock Unit Award Activity Under Company's Plans

Restricted stock unit awards are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock unit award activity under the Company’s plans for the year ended December 31, 2022 is presented below:

	Shares			Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Nonvested outstanding at December 31, 2021		1,609,350		$	54.45
Granted		994,380			64.53
Vested		(905,081	)		49.89
Forfeited		(55,850	)		74.04
Nonvested outstanding at December 31, 2022		1,642,799		$	62.40	$	72,382

Schedule of Employee Stock Purchase Plan (ESPP)

The following table summarizes activity related to the purchase rights issued under the ESPP (in thousands, except share and per share data):

	December 31, 2022
Shares issued under the ESPP		9,143
Proceeds from issuance of shares	$	355

Schedule of valuation of ESPP purchase rights and the underlying weighted-average assumptions

The valuation of ESPP purchase rights and the underlying weighted-average assumptions are summarized as follows:

	December 31, 2022
ESPP:
Expected term in years		0.44
Risk-free interest rate		4.14	%
Expected volatility		45	%
Expected dividend yield		—	%
Weighted-average fair value per right granted	$	13.71