XML 25 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We grant stock-based compensation awards, including restricted stock units, phantom stock, and unrestricted stock units, under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. In the Stock Incentive Plan, we have 12,123,538 shares of common stock authorized for issuance subject to stock splits, dividends, and other similar events, and at June 30, 2023, 3,418,336 shares were available for grant. We issue new shares of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. These shares are subject to a fungible share provision such that the authorized share available for grant is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted under the Plan and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right.

We also award phantom stock units, which are settled in cash upon vesting and accounted for as liability-based awards, with no impact to the shares available for grant.

In addition, we maintain the Employee Stock Purchase Plan (ESPP), for which 544,060 shares of common stock were available for future issuance at June 30, 2023. In May 2023, the shareholders authorized, via a proxy approval, the reallocation of 500,000 reserved shares from the shares available for grant in the Stock Incentive Plan to the ESPP.

ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the three and six months ended June 30, 2023 and 2022.

Stock-Based Compensation Expense
Total stock-based compensation expense and the related tax benefit were as follows:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2023202220232022
Stock options$20 $278 $80 $562 
Restricted stock units6,516 5,869 13,099 11,453 
Unrestricted stock awards239 258 515 517 
Phantom stock units1,147 582 1,924 772 
Total stock-based compensation$7,922 $6,987 $15,618 $13,304 
Related tax benefit$1,670 $1,434 $3,373 $2,803 
Stock Options
A summary of our stock option activity is as follows:
SharesWeighted
Average Exercise
Price per Share		Weighted Average
Remaining
Contractual Life		Aggregate
Intrinsic Value		Weighted
Average Grant
Date Fair Value
In thousandsYearsIn thousands
Outstanding, January 1, 2022393 $61.18 5.9$4,737 
Granted— — $— 
Exercised— — — 
Forfeited(2)87.27 
Canceled(8)78.84 
Outstanding, June 30, 2022383 $60.69 5.4$1,729 
Outstanding, January 1, 2023381 $60.63 4.8$1,892 
Granted— — $— 
Exercised(5)55.49 73 
Forfeited— — 
Canceled— — 
Outstanding, June 30, 2023376 $60.70 4.4$5,494 
Exercisable, June 30, 2023373 $60.66 4.4$5,456 

At June 30, 2023, total unrecognized stock-based compensation expense related to nonvested stock options was $22,000, which is expected to be recognized over a weighted average period of approximately 0.4 years.

Restricted Stock Units
The following table summarizes restricted stock unit activity:
In thousands, except fair valueNumber of
Restricted Stock Units		Weighted
Average Grant
Date Fair Value		Aggregate
Intrinsic Value
Outstanding, January 1, 2022430 
Granted356 $53.47 
Released (1)
(157)$8,430 
Forfeited(45)
Outstanding, June 30, 2022584 
Outstanding, January 1, 2023528 $66.39 
Granted442 56.37 
Released (1)
(222)72.56 $1,236 
Forfeited(19)63.89 
Outstanding, June 30, 2023729 58.70 
Vested but not released, June 30, 202314 $1,001 
(1)    Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.

At June 30, 2023, total unrecognized compensation expense on restricted stock units was $43.3 million, which is expected to be recognized over a weighted average period of approximately 1.9 years.
The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows:
Six Months Ended June 30,
20232022
Expected volatility50.0 %55.7 %
Risk-free interest rate4.6 %1.7 %
Expected term (years)2.22.9
Weighted average fair value$59.52 $57.88