Shareholder's Equity and Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Shareholder's Equity and Stock-Based Compensation

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

The Company granted 377,394 awards to employees under the 2016 Incentive Award Plan during the six months ended June 30, 2022, consisting of 137,151 RSU and 113,009 stock option awards having four year vesting schedules and 127,234 stock option awards having two year vesting schedules. The Company granted an additional 11,418 stock option awards to non-employee directors under the 2016 Incentive Award Plan, during the six months ended June 30, 2022. These awards are scheduled to vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date.

Award Activity

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


	Six Months Ended June 30, 2022
				Weighted Average
	Stock Options			Exercise Price
Outstanding - beginning of period		1,992,915		$	68.39
Granted		251,661		$	139.37
Exercised		(362,102	)	$	42.59
Cancelled/Forfeited/Expired		(22,947	)	$	64.76
Outstanding - end of period		1,859,527		$	83.06

Exercisable - end of period		1,243,560		$	55.65

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


	Six Months Ended
	June 30, 2022
	Shares/Units
Outstanding and unvested - beginning of period		602,187
Granted		137,151
Vested		(82,000	)
Forfeited		(32,594	)
Outstanding and unvested - end of period		624,744

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total direct costs	$	3,125	$	2,187	$	5,565	$	4,234
Selling, general and administrative		2,528		1,383		4,460		2,207
Total stock-based compensation expense	$	5,653	$	3,570	$	10,025	$	6,441