Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Summary of Activity Under RSU Plan |
The following table is a summary of the activity under the Company's RSU plan.
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Wgtd. Avg. |
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Restricted |
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Grant Date |
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Stock Units |
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Fair Value |
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Nine Months Ended September 30, 2023 |
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Nonvested at December 31, 2022 |
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— |
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Granted |
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9,075 |
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$ |
96.39 |
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Nonvested at September 30, 2023 |
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9,075 |
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Summary of Accumulated Stock Units |
A summary of the accumulated stock units is as follows:
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September 30, |
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December 31, |
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2023 |
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2022 |
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Accumulated stock units |
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117,499 |
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129,609 |
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Average price |
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$ |
39.20 |
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$ |
34.91 |
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Summary of Activity Under Stock Option Plan |
The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:
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Wgtd. Avg. |
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Wgtd. Avg. |
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Remaining |
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Aggregate |
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Exercise |
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Contractual |
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Intrinsic |
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Options |
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Price |
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Term |
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Value |
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(Dollars in thousands, except option data) |
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Nine Months Ended September 30, 2023 |
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Outstanding at December 31, 2022 |
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1,310,290 |
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$ |
52.51 |
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Exercised |
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(48,399 |
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33.34 |
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Canceled, forfeited, or expired |
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(8,500 |
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87.97 |
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Outstanding at September 30, 2023 |
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1,253,391 |
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53.01 |
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9.94 Yrs. |
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$ |
42,268 |
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Exercisable at September 30, 2023 |
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502,891 |
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33.32 |
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6.43 Yrs. |
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$ |
26,857 |
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Options Exercised Under Stock Option Plan |
The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(Dollars in thousands) |
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(Dollars in thousands) |
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Total intrinsic value of options exercised |
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$ |
176 |
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$ |
5,638 |
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$ |
2,507 |
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$ |
14,581 |
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Cash received from options exercised |
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75 |
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2,285 |
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1,614 |
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6,577 |
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Tax benefit realized from options exercised |
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43 |
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1,355 |
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603 |
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3,505 |
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Assumptions Used for Computing Stock-Based Compensation Expense |
The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:
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Nine Months Ended September 30, |
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2023 |
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2022 |
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Weighted average grant-date fair value per share of options granted |
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$ |
— |
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$ |
30.72 |
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Risk-free interest rate |
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— |
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1.75 to 3.25% |
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Dividend yield |
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— |
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2.00% |
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Stock price volatility |
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— |
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34.61 to 34.85% |
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Expected term |
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— |
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10 Yrs |
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Stock-based Employee Compensation Expense |
The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(Dollars in thousands) |
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(Dollars in thousands) |
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Stock-based compensation expense |
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$ |
864 |
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$ |
627 |
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$ |
2,077 |
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$ |
1,545 |
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Tax benefit |
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208 |
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151 |
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500 |
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372 |
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Stock-based compensation expense, net of tax |
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$ |
656 |
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$ |
476 |
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$ |
1,577 |
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$ |
1,173 |
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The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately 5 years for unvested stock options and 6 years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:
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Unearned Stock-based Compensation Expense |
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September 30, 2023 |
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(Dollars in thousands) |
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Unearned stock-based compensation expense for unvested stock options |
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$ |
10,957 |
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Unearned stock-based compensation expense for unvested RSUs |
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850 |
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