Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Fair value of the stock option awards was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions

The fair value of the stock option awards was determined on the grant dates using the Black-Scholes valuation model based on the following weighted-average assumptions for the periods ended June 30, 2022 and 2021:

	June 30, 2022		June 30, 2021
Expected term (years) (1)	6.25		6.25
Expected volatility (2)	37.21	%	33.91	%
Risk-free interest rate (3)	1.44	%	0.90	%
Dividend yield (4)	0.00	%	0.00	%

(1)The Company utilized the simplified method to determine the expected term of the stock options since we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

(2)The expected volatility assumption was calculated based on a peer group analysis of stock price volatility with a look back period consistent with the expected option term.

(3)The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant, which corresponds to the expected term of the stock options.

(4)The Company has not paid and does not anticipate paying a cash dividend on our common stock.

Summary of the activity of the Company's unvested stock options

	Stock Options (in 000's)	Weighted Average Exercise Price		Aggregate Intrinsic Value (in 000's)		Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2020	2,086	$	23.93	$	30,302	7.2
Granted	354	35.66
Exercised	(583)	23.05		$	8,499
Forfeited	(64)	24.84
Cancelled	(25)	25.70
Outstanding at December 31, 2021	1,768	$	26.51	$	2,897	7.3
Granted	37	21.91
Exercised	(2)	19.49		$	10
Forfeited	(21)	28.93
Cancelled	(1)	35.66
Outstanding at June 30, 2022	1,780	$	26.39	$	198	6.8
Options exercisable at June 30, 2022	1,183

Summary of RSU activity

The following table summarizes the activity of the Company’s RSUs for the period ended June 30, 2022.

	Number of Shares (in 000's)	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2020	317	$	22.91
Granted	268	37.91
Settled	(103)	24.81
Forfeited	(23)	26.02
Outstanding at December 31, 2021	459	$	31.08
Granted	795	20.42
Settled	(187)	28.31
Forfeited	(62)	31.72
Nonvested RSUs at June 30, 2022	1,004	$	23.19