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Stockholders’ Equity and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Stock Options Outstanding and Exercisable

The following table shows stock options that were outstanding and exercisable as of December 31, 2022 and the related weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value:

 

Stock Options
(In thousands)

 

 

Weighted
Average Exercise Price

 

Weighted
Average Remaining Contractual Term (years)

Aggregate Intrinsic Value (1) (In thousands)

 

Outstanding as of December 31, 2021

 

60

 

 

$

14.13

 

 

 

 

Granted

 

40

 

 

$

135.86

 

 

 

 

Exercised

 

(16

)

 

$

14.13

 

 

 

 

Forfeited or expired

 

—

 

 

$

—

 

 

 

 

Outstanding as of December 31, 2022

 

84

 

 

$

72.18

 

4.63 years

$

5,346.13

 

Exercisable as of December 31, 2022

 

44

 

 

$

14.13

 

3.25 years

$

5,345.73

 

Expected to vest as of December 31, 2022

 

40

 

 

$

135.86

 

6.16 years

$

—

 
(1)
The aggregate intrinsic value is calculated as the difference between the closing market price of $135.87 per share of the Company’s common stock as of December 31, 2022 and the exercise price of the stock options.
Schedule of Share Based Payment Award Stock Options Valuation Assumptions

The aggregate Black-Scholes fair value of $1.9 million for the stock options granted during 2022 was estimated using the following assumptions as of the grant date:

 

Year Ended December 31, 2022

 

Expected option term in years

 

4.5

 

Expected volatility

 

39.3

%

Risk-free interest rate

 

1.83

%

Expected annual dividend yield

 

—

 
Amended and Restated 2010 Incentive Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share-Based Compensation Expense Recorded In Operating Income

The table below summarizes share-based compensation expense recorded in operating income (in thousands):

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Selling, general and administrative

$

18,182

 

 

$

17,255

 

 

$

14,550

 

Research and development and engineering

 

2,414

 

 

 

2,294

 

 

 

3,301

 

Cost of revenue

 

2,512

 

 

 

3,008

 

 

 

4,684

 

Restructuring and acquisition related costs

 

—

 

 

 

3,049

 

 

 

584

 

Total share-based compensation expense

$

23,108

 

 

$

25,606

 

 

$

23,119

 
Restricted Stock Units and Deferred Stock Units Issued and Outstanding

The table below summarizes activities during 2022 relating to restricted and deferred stock units issued and outstanding under the Amended and Restated 2010 Incentive Plan:

 

Restricted and Deferred
Stock Units
(In thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

 

Weighted Average
Remaining Vesting
Period (In years)

 

Aggregate Intrinsic
Value (1)
(In thousands)

 

Unvested at December 31, 2021

 

292

 

 

$

115.42

 

 

 

 

 

 

Granted

 

120

 

 

$

136.53

 

 

 

 

 

 

Vested

 

(156

)

 

$

110.32

 

 

 

 

 

 

Forfeited

 

(18

)

 

$

127.46

 

 

 

 

 

 

Unvested at December 31, 2022

 

238

 

 

$

128.26

 

 

1.05 years

 

$

32,175

 

Expected to vest as of December 31, 2022

 

220

 

 

$

127.92

 

 

1.05 years

 

$

29,939

 
The aggregate intrinsic value is calculated based on the fair value of $135.87 per share of the Company’s common stock as of December 31, 2022 due to the fact that the restricted and deferred stock units carry a $0 purchase price.
Performance-Based Restricted Stock Units Issued and Outstanding

The table below summarizes activities during 2022 relating to performance-based restricted stock units issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan:

 

Performance
Stock Units (1)
(In thousands)

 

 

Weighted
Average Grant
Date Fair Value

 

 

Weighted Average
Remaining Vesting
Period (In years)

 

Aggregate
Intrinsic
Value (2)
(In thousands)

 

Unvested at December 31, 2021

 

162

 

 

$

122.26

 

 

 

 

 

 

Granted

 

107

 

 

$

159.00

 

 

 

 

 

 

Vested

 

(41

)

 

$

108.58

 

 

 

 

 

 

Forfeited

 

(12

)

 

$

159.44

 

 

 

 

 

 

Unvested at December 31, 2022

 

216

 

 

$

144.16

 

 

1.78 years

 

$

29,356

 

Expected to vest as of December 31, 2022

 

244

 

 

$

143.32

 

 

1.78 years

 

$

33,090

 
(1)
The unvested PSUs are shown in this table at target. The number of shares vested reflects the number of shares earned and issued during the year. As of December 31, 2022, the maximum number of PSUs available to be earned was approximately 341 thousand.
(2)
The aggregate intrinsic value is calculated based on the fair value of $135.87 per share of the Company’s common stock as of December 31, 2022 due to the fact that the performance stock units carry a $0 purchase price.
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The fair value of the TSR-PSUs at the date of grant was estimated using the Monte-Carlo valuation model with the following assumptions:

 

Year Ended

 

 

December 31, 2022

 

Grant-date stock price

$

137.29

 

Expected volatility

 

40.33

%

Risk-free interest rate

 

1.81

%

Expected annual dividend yield

 

—

 

Weighted average fair value

$

144.38