Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity Under Company's Plans

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2023 is presented below:

Three Month Activity	Options Outstanding			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value(1)
Options outstanding at December 31, 2022		120,000		$	37.29		—		—
Granted		—			—		—		—
Exercised		(2,500	)	$	7.03		—	$	81
Forfeited		—			—		—		—
Cancelled		—			—		—		—
Options outstanding at March 31, 2023		117,500		$	37.94		6.31	$	1,271
Options exercisable at March 31, 2023		97,500		$	30.74		5.72	$	1,271
Options vested or expected to vest at March 31, 2023		117,180		$	37.84		6.30	$	1,271

(1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2023 of $36.12 per share and the exercise price of the underlying options. The total intrinsic value of options exercised was $81 thousand and $0 thousand during the three months ended March 31, 2023 and March 31, 2022, respectively.

Summary of Restricted Stock Unit Activity Under Company's Plans

Restricted stock units 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 activity under the Company’s plans for the three months ended March 31, 2023 is presented below:

Year-to-Date Activity	Shares			Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Nonvested outstanding at December 31, 2022		1,642,799		$	62.40		—
Granted		194,856			43.08		—
Vested		(68,357	)		63.55		—
Forfeited		(11,400	)		66.12		—
Nonvested outstanding at March 31, 2023		1,757,898		$	60.19	$	63,495

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:

	March 31, 2023
ESPP:
Expected term in years		0.50
Risk-free interest rate		4.61	%
Expected volatility		47	%
Expected dividend yield		—	%
Weighted-average fair value per right granted	$	13.47