Shareholder's Equity and Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Shareholder's Equity and Stock-Based Compensation

(9) Shareholder’s Equity and Stock-Based Compensation

The Company granted 364,286 awards to employees under the 2016 Incentive Award Plan during the three months ended March 31, 2022, consisting of 124,043 RSU and 113,009 stock option awards vesting after four years and 127,234 stock option awards vesting after two years.

Award Activity

The following table sets forth the Company’s stock option activity:

	Three Months Ended March 31, 2022
				Weighted Average
	Stock Options			Exercise Price
Outstanding - beginning of period		1,992,915		$	68.39
Granted		240,243		$	139.63
Exercised		(308,447	)	$	45.05
Cancelled/Forfeited		(15,550	)	$	79.70
Expired		(6,397	)	$	16.20
Outstanding - end of period		1,902,764		$	81.25
Exercisable - end of period		1,266,283		$	53.82

The following table sets forth the Company’s RSA/RSU activity:

	Three Months Ended
	March 31, 2022
	Shares/Units
Outstanding and unvested - beginning of period		602,187
Granted		124,043
Vested		(82,000	)
Forfeited		(17,165	)
Outstanding and unvested - end of period		627,065
Cumulative vested shares - end of period		2,114,916

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock based compensation awards is summarized below (in thousands):

	Three Months Ended March 31,
	2022		2021
Total direct costs	$	2,440	$	2,047
Selling, general and administrative		1,932		824
Total stock-based compensation expense	$	4,372	$	2,871