XML 55 R35.htm IDEA: XBRL DOCUMENT v3.22.4
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of 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:
December 31, 2022December 31, 2021
Expected term (years) (1)
6.256.17
Expected volatility (2)
37.21 %33.45 %
Risk-free interest rate (3)
1.44 %0.89 %
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 Unvested Stock Options The following table summarizes the activity of the Company’s unvested stock options for the period ended December 31, 2022:
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, 20212,086 $23.93 $30,302 7.2
Granted354 35.66 
Exercised(583)23.05 $8,499 
Forfeited(64)24.84 
Cancelled
(25)$25.70 
Outstanding at December 31, 20211,768 $26.51 $2,897 7.3
Granted83 14.16 
Exercised(2)19.49 $10 
Forfeited(110)29.24 
Cancelled (86)31.12 
Outstanding at December 31, 20221,652 $25.48 $53 6.2
Options exercisable at December 31, 20221,149 
Summary of RSU activity
The following table summarizes the activity of the Company’s RSUs for the period ended December 31, 2022:
Number of
Shares
(in 000's)		Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2021317 $22.91 
Granted268 37.91 
Settled(103)24.81 
Forfeited(23)26.02 
Outstanding at December 31, 2021459 $31.08 
Granted802 20.30 
Settled(231)27.81 
Forfeited(177)25.53 
Nonvested RSUs at December 31, 2022853 $23.06