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Shareholders' Deficit (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
 202220212020
Stock awards(1)
$9,471 $20,216 $19,435 
Stock options3,752 2,998 2,378 
Total stock-based compensation expense(1)
13,223 23,214 21,813 
Income tax benefit3,319 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.
Summary of Stock Option Activity
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, 2022699 $42.02 6.3$28,258 
Granted148 58.60 
Exercised(48)23.57 
Canceled/Forfeited(12)58.63 
Outstanding at December 31, 2022787 $46.02 6.1$829 
Exercisable at December 31, 2022558 $37.09 5.2$829 
Vested and expected to vest at December 31, 2022771 $45.66 6.1$829 
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(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
Other information pertaining to options was as follows (in thousands, except per share amounts):
 202220212020
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 
Assumptions Used to Calculate Fair Value of Options Granted Using Black-Scholes-Merton Option-Pricing Model
The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows:
Valuation Assumptions202220212020
Expected dividend yield0.0 %0.0 %0.0 %
Expected volatility57 %58 %46 %
Risk-free interest rate2.2 %0.9 %0.7 %
Expected term (years)5.35.25.4
Stock Award Activity
Stock award activity was as follows (in thousands, except per share amounts):
Time-
Based
Stock
Awards
Weighted-Average
Grant Date
Fair Value
Performance-
Based
Stock Awards
Weighted-Average
Grant Date
Fair Value
Outstanding at January 1, 2022206 $69.55 441 $63.37 
Granted189 54.60 329 56.16 
Vested(110)61.35 (251)46.94 
Canceled/Forfeited(24)72.95 (18)70.10 
Outstanding at December 31, 2022261 $61.88 501 $66.63 
Schedule of Repurchase of Common Stock
Repurchases of the Company’s common stock were as follows (in thousands):
 202220212020
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 grants9,320 17,897 7,040 
Total amount repurchased (based on trade dates)$64,188 $382,376 $235,151 
Net Income per Common Share
The components of basic and diluted net income per share were as follows (in thousands, except per share amounts):
 202220212020
Net income$36,610 $153,746 $139,189 
Reconciliation of weighted-average shares outstanding:
Basic weighted-average shares outstanding22,396 24,038 27,665 
Dilutive effect of stock-based awards456 909 763 
Diluted weighted-average shares outstanding22,852 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