Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based CompensationThe Company applies the fair value recognition provisions of ASC Topic 718: Stock Compensation. Stock-based compensation expense, net of forfeitures of $0.1 million and $0.6 million, was $3.1 million and $3.5 million for the three months ended March 31, 2023 and 2022, respectively,

At March 31, 2023, the aggregate unrecognized compensation expense related to unvested equity awards was $24.2 million, which is expected to be recognized as compensation expense in fiscal years 2023 through 2026.

A summary of stock option activity for the three months ended March 31, 2023 is below:

(in thousands, except for weighted average exercise price)	Options outstanding	Weighted average exercise price
Outstanding at January 1, 2023	1,029	$	12.82
Exercised	(5)	10.34
Canceled/forfeited	(3)	12.86
Outstanding at March 31, 2023	1,021	$	12.84

A summary of unvested restricted stock units activity for the three months ended March 31, 2023 is below:

(in thousands, except for weighted average award value)	Restricted Stock Unit Awards	Weighted average award value
Outstanding at January 1, 2023	512	$	35.96
Granted	301	35.82
Vested	(169)	29.72
Canceled/forfeited	(10)	41.70
Outstanding at March 31, 2023	634	$	36.68