Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company applies the fair value recognition provisions of ASC Topic 718: Stock Compensation. Stock-based compensation expense, net of forfeitures of $0.2 million and $0.2 million, was $3.6 million and $3.2 million for the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense, net of forfeitures of $0.3 million and $0.8 million, was $6.7 million and $6.8 million for the six months ended June 30, 2023 and 2022, respectively.

At June 30, 2023, the aggregate unrecognized compensation expense related to unvested equity awards was $29.0 million, which is expected to be recognized as compensation expense in fiscal years 2023 through 2026.

A summary of stock option activity for the six months ended June 30, 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	(14)	11.73
Canceled/forfeited	(12)	13.11
Outstanding at June 30, 2023	1,003	$	12.84

A summary of unvested restricted stock units activity for the six months ended June 30, 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	620	34.30
Vested	(203)	32.06
Canceled/forfeited	(49)	39.20
Outstanding at June 30, 2023	880	$	34.94