Stockholders' Equity (Tables)
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9 Months Ended |
Sep. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
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Dividends Declared |
Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts): | | | | | | | | | | | | 2024 | Per Share | | Dollar Value | March 1st | $ | 0.1125 | | | $ | 1,686 | | June 1st | $ | 0.1125 | | | $ | 1,704 | | September 1st | $ | 0.1125 | | | $ | 1,708 | | | | | | 2023 | Per Share | | Dollar Value | March 1st | $ | 0.1125 | | | $ | 1,661 | | June 1st | $ | 0.1125 | | | $ | 1,679 | | September 1st | $ | 0.1125 | | | $ | 1,683 | | | | | | | | | | | | | |
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Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
Restricted stock activity is as follows (in thousands, except shares): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | Granted(1) | — | | $ | — | | | — | | $ | — | | | 156,630 | | $ | 3,834 | | | 142,020 | | $ | 4,634 | | Returned for payroll taxes | — | | $ | — | | | — | | $ | — | | | 16,354 | | $ | 419 | | | 1,473 | | $ | 50 | | Cancelled | 28,810 | | $ | 781 | | | — | | $ | — | | | 55,050 | | $ | 1,623 | | | 1,826 | | $ | 61 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | (1) | Restricted stock granted during the nine months ended September 30 2024 and 2023 vests over a three-year period, if the employee has remained continuously employed by us during the vesting period, at a weighted average stock price of $24.48 and $32.63, respectively. |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of the right (option) to purchase shares under the ESPP is estimated at the date of purchase with the four quarterly purchase dates using the following assumptions: | | | | | | | 2024 | Dividend yield | 1.84% | Expected volatility | 41.15% | Risk-free interest rate | 5.46%, 5.24%, 5.02%, 4.80% | Expected life (years) | 0.25, 0.50, 0.75, 1.00 |
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Share-based Payment Arrangement, Performance Shares, Outstanding Activity |
Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | Board of Directors(1) | 3,919 | | $ | 131 | | | 3,747 | | $ | 106 | | | 13,345 | | $ | 385 | | | 8,342 | | $ | 248 | | Advisor to the Board(1) | 152 | | $ | 5 | | | 176 | | $ | 5 | | | 522 | | $ | 15 | | | 492 | | $ | 15 | |
| | | | | | | | | | | | | | | | | | | | (1) | Common stock granted during the three months ended September 30, 2024 and 2023 had a weighted average price of $32.83 and $28.25, respectively, and $28.66 and $29.78 for the nine months ended September 30, 2024 and 2023, respectively. |
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Share-based Payment Arrangement, Option, Activity |
Stock option grants and cancellations are as follows (in thousands, except shares): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | Granted(1) | — | | $ | — | | | — | | $ | — | | | 370,590 | | $ | 3,830 | | | 214,191 | | $ | 2,506 | | | | | | | | | | | | | | | | | | | | | | | | | | Cancelled | 44,490 | | $ | 460 | | | 1,700 | | $ | 20 | | | 532,266 | | $ | 6,311 | | | 103,550 | | $ | 1,354 | |
| | | | | | | | | | | | | | | | | | | | (1) | Stock options granted during the nine months ended September 30, 2024 and 2023 had a weighted average price of $24.48 and $32.69, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2024 and 2023 vest over a three-year period and have a ten-year term. These options will vest if the employee has remained continuously employed by us through the vesting period. | | | | |
The fair value of the options granted during the nine months ended September 30, 2024 was estimated using the Black-Scholes option pricing model with the following assumptions: | | | | | | | | | | | Grant Date | | | | February 21, 2024 | Expected holding period (years) | | | | 6.00 | Awards granted | | | | 370,590 | Dividend yield | | | | 1.79% | Expected volatility | | | | 43.59% | Risk-free interest rate | | | | 4.31% | Black-Scholes value | | | | $10.34 |
Additional stock option activity is as follows (in thousands, except shares): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Shares | Cash | | Shares | Cash | | Shares | Cash | | Shares | Cash | Exercised(1) | 2,360 | | N/A | | 44,900 | | N/A | | 52,360 | | $ | 1,271 | | | 74,200 | | N/A | Returned for option price(2) | 2,086 | | $ | — | | | 34,160 | | $ | — | | | 2,086 | | $ | — | | | 56,957 | | $ | — | | Returned for payroll taxes(3) | 176 | | $ | 5 | | | 4,021 | | $ | 133 | | | 176 | | $ | 5 | | | 5,486 | | $ | 174 | |
| | | | | | | | | | | | | | | | | | | | (1) | Stock options exercised during the three months ended September 30, 2024 and 2023 had a weighted average exercise price of $26.54 and $25.10 with an aggregate intrinsic value of $14,844 and $0.4 million, respectively. Stock options exercised during the nine months ended September 30, 2024 and 2023 had a weighted average exercise price of $25.48 and $23.98 with an aggregate intrinsic value of $0.4 million and $0.5 million, respectively. | (2) | Represents shares withheld/cash received for the payment of the option price. | (3) | Represents shares withheld/cash paid for the payment of payroll taxes. |
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Share-based Payment Arrangement, Activity |
Performance award activity is as follows (in thousands, except shares): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | | | | | | | | | | | | | Cancelled | — | | $ | — | | | — | | $ | — | | | 80,276 | | $ | 871 | | | 40,181 | | $ | 1,012 | |
Common stock activity is as follows (in thousands, except shares): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | | Shares | Fair Value | Granted(1) | — | | $ | — | | | — | | $ | — | | | — | | $ | — | | | 30,000 | | $ | 826 | | Returned for payroll taxes | — | | $ | — | | | — | | $ | — | | | — | | $ | — | | | 1,001 | | $ | 28 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | (1) | During the nine months ended September 30, 2023, we issued 30,000 shares of common stock to a former executive at a stock price of $27.54, in accordance with his Separation and Release agreement pertaining to his resignation from his position as the Company’s Executive Vice President, Chief Financial Officer & Treasurer effective January 2, 2023. |
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Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity |
ESPP activity is as follows (in thousands, except shares): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Shares | Price | | Shares | Price | | Shares | Price | | Shares | Price | ESPP | 11,376 | | $ | 21.26 | | | 11,782 | | $ | 24.01 | | | 42,942 | | $ | 21.26 | | | 49,824 | | $ | 24.21 | |
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