XML 38 R28.htm IDEA: XBRL DOCUMENT v3.23.3
Stock Based Compensation (Tables)
9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2022. No options were issued for the nine months ended September 30, 2023:
September 30, 2022
Expected term (years) (1)
6.25
Expected volatility (2)
37.21 %
Risk-free interest rate (3)
1.44 %
Dividend yield (4)
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, 20221,768 $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
Forfeited(90)18.31 
Cancelled (46)31.54 
Outstanding at September 30, 20231,516 $25.69 $964 4.9
Options exercisable at September 30, 20231,306 
Summary of RSU Activity
The following table summarizes the activity of the Company’s RSUs for the period ended September 30, 2023.
Number of
Shares
(in 000's)
Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2022459 $31.08 
Granted802 20.30 
Settled(231)27.81 
Forfeited(177)25.53 
Outstanding at December 31, 2022853 $23.06 
Granted1,312 12.01 
Settled(232)22.79 
Forfeited(194)16.84 
Nonvested RSUs at September 30, 20231,739 $15.20