
	2022		2021		2020
Stock awards(1)	$	9,471	$	20,216	$	19,435
Stock options	3,752		2,998		2,378
Total stock-based compensation expense(1)	13,223		23,214		21,813
Income tax benefit	3,319		5,722		5,126
Total stock-based compensation expense, net of tax	$	9,904	$	17,492	$	16,687

(1) Changes in annual stock-based compensation expense includes the cumulative impact of the change in the expected achievements of certain performance targets.

A summary of the Company’s stock option activity was as follows (in thousands, except per share amounts and years):


	Stock Options	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (1)
Outstanding at January 1, 2022	699	$	42.02	6.3	$	28,258
Granted	148	58.60
Exercised	(48)	23.57
Canceled/Forfeited	(12)	58.63
Outstanding at December 31, 2022	787	$	46.02	6.1	$	829
Exercisable at December 31, 2022	558	$	37.09	5.2	$	829
Vested and expected to vest at December 31, 2022	771	$	45.66	6.1	$	829

(1) Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant.

Other information pertaining to options was as follows (in thousands, except per share amounts):


	2022		2021		2020
Weighted-average grant date fair value of stock options granted	$	30.22	$	71.93	$	15.10
Total intrinsic value (at exercise) of stock options exercised	$	1,298	$	16,003	$	14,357

Cash received from the exercise of stock options for the fiscal year ended December 31, 2022 was $1.1 million. The Company’s tax benefit related to the exercise of stock options for the fiscal year ended December 31, 2022 was $1.3 million.

At December 31, 2022, there was $4.8 million of total stock option compensation expense related to non-vested stock options not yet recognized, which is expected to be recognized over a weighted-average period of 1.8 years.

The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows:


Valuation Assumptions	2022		2021		2020
Expected dividend yield	0.0	%	0.0	%	0.0	%
Expected volatility	57	%	58	%	46	%
Risk-free interest rate	2.2	%	0.9	%	0.7	%
Expected term (years)	5.3		5.2		5.4


	Time- Based Stock Awards	Weighted-Average Grant Date Fair Value		Performance- Based Stock Awards	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2022	206	$	69.55	441	$	63.37
Granted	189	54.60		329	56.16
Vested	(110)	61.35		(251)	46.94
Canceled/Forfeited	(24)	72.95		(18)	70.10
Outstanding at December 31, 2022	261	$	61.88	501	$	66.63

At December 31, 2022, there was $9.7 million of unrecognized compensation expense related to non-vested time-based stock awards, which is expected to be recognized over a weighted-average period of 1.8 years, and $7.4 million of unrecognized compensation expense related to non-vested performance-based stock awards, which is expected to be recognized over a weighted-average period of 1.8 years.


	2022		2021		2020
Amount repurchased under Board-approved share repurchase program	$	54,868	$	364,479	$	228,111
Amount repurchased in connection with the vesting of employee restricted stock grants	9,320		17,897		7,040
Total amount repurchased (based on trade dates)	$	64,188	$	382,376	$	235,151

As of December 31, 2022, the remaining authorization under the Board-approved $600 million share repurchase program was $348 million.

The components of basic and diluted net income per share were as follows (in thousands, except per share amounts):


	2022		2021		2020
Net income	$	36,610	$	153,746	$	139,189
Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding	22,396		24,038		27,665
Dilutive effect of stock-based awards	456		909		763
Diluted weighted-average shares outstanding	22,852		24,947		28,428
Net income per share – basic	$	1.63	$	6.40	$	5.03
Net income per share – diluted	$	1.60	$	6.16	$	4.90

Additional potential dilutive stock options totaling 0.4 million, 0.1 million and 0.2 million for 2022, 2021 and 2020, respectively, have been excluded from the diluted net income per share calculations because these securities’ exercise prices were anti-dilutive (e.g., greater than the average market price of the Company’s common stock).