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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
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 10,357,273 shares of common stock authorized for issuance subject to stock splits, dividends, and other similar events, and at March 31, 2024, 982,319 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 510,025 shares of common stock were available for future issuance at March 31, 2024.

ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the three months ended March 31, 2024 and 2023.
Stock-Based Compensation Expense
Total stock-based compensation expense and the related tax benefit were as follows:
Three Months Ended March 31,
In thousands20242023
Stock options$— $60 
Restricted stock units11,093 6,583 
Unrestricted stock awards336 276 
Phantom stock units1,449 777 
Total stock-based compensation$12,878 $7,696 
Related tax benefit$2,799 $1,703 

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, 2023381 $60.63 4.8$1,892 
Granted— — $— 
Exercised— — — 
Forfeited— — 
Canceled— — 
Outstanding, March 31, 2023381 $60.63 4.6$2,549 
Outstanding, January 1, 2024363 $61.36 4.0$5,886 
Granted— — $— 
Exercised(19)44.61 769 
Forfeited— — 
Canceled— — 
Outstanding, March 31, 2024344 $62.27 3.8$10,419 
Exercisable, March 31, 2024344 $62.27 3.8$10,419 

At March 31, 2024, all stock-based compensation expense related to nonvested stock options has been recognized.
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, 2023528 
Granted411 $55.59 
Released (1)
(202)$14,897 
Forfeited(12)
Outstanding, March 31, 2023725 
Outstanding, January 1, 2024751 $58.89 
Granted397 74.85 
Released (1)
(306)63.99 $22,962 
Forfeited(6)59.21 
Outstanding, March 31, 2024836 65.18 
Vested but not released, March 31, 202416 $1,496 

(1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.

At March 31, 2024, total unrecognized compensation expense on restricted stock units was $71.0 million, which is expected to be recognized over a weighted average period of approximately 2.0 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:
Three Months Ended March 31,
20242023
Expected volatility45.7 %50.0 %
Risk-free interest rate4.4 %4.6 %
Expected term (years)2.92.2
Weighted average fair value$83.26 $59.22