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Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans Stock-Based Compensation Plans
Employee Stock Purchase Plan
Shares issued under the 2017 Employee Stock Purchase Plan during the three months ended March 31, 2024 and 2023, totaled 27,550 and 31,639, respectively.

Stock Options
A summary of stock option activity is as follows:
Number of
Shares		Weighted Average
Exercise Price ($)		Weighted Average
Remaining Contractual
Term (Years)		Aggregate Intrinsic Value
of In-the-Money
Options ($)
Outstanding as of December 31, 2023873,512 $18.76 
Exercised(25,513)18.62 
Outstanding as of March 31, 2024847,999 $18.76 1.76$10,040,262 
Exercisable as of March 31, 2024847,999 $18.76 1.76$10,040,262 

The total intrinsic value of stock options exercised during the three months ended March 31, 2024 and 2023, was $0.3 million and less than $0.1 million, respectively. There were no stock options granted during the three months ended March 31, 2024 or 2023.

Performance Share Awards
During the three months ended March 31, 2024, pursuant to the Company's 2020 Equity and Incentive Compensation Plan, the Company granted performance share awards with a total shareholder return component ("TSRs"). These performance share awards are earned, if at all, based upon achievement, over a specified period that must not be less than one year and is typically a three-year performance period. The awards have operating performance goals that include (i) adjusted EBITDA metrics and (ii) revenue growth rates as determined by the Company with a TSR multiplier up to plus or minus 20%. Up to 200% of the performance shares could be earned upon achievement of the performance goals, including the multiplier. On a quarterly basis, management evaluates the probability that the threshold performance goals will be achieved, if at all, and the anticipated level of attainment to determine the amount of compensation expense to record in the consolidated financial statements.
A summary of nonvested TSRs is as follows:
Number of
Shares		Weighted Average
Grant Date Fair Value
Nonvested as of December 31, 2023673,126 $40.73 
Granted561,471 34.00 
Forfeited(8,304)37.01 
Change in payout rate(203,945)50.60 
Nonvested as of March 31, 20241,022,348 $35.10 

As of March 31, 2024, the TSRs granted in 2021 were earned by the employees. However, the performance goals were not met and no shares were issued.
The fair value of TSRs granted during the three months ended March 31, 2024, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, Compensation - Stock Compensation, using the following weighted average assumptions:
Three Months Ended March 31, 2024
Expected life (years)2.7
Risk-free interest rate4.4 %
Expected volatility36.8 %
Expected dividend yield— 

There were no TSRs granted during the three months ended March 31, 2023.

Restricted Share Units
A summary of nonvested restricted share unit awards ("RSUs") is as follows:
Number of
Shares		Weighted Average
Grant Date Fair Value
Nonvested as of December 31, 20231,574,883 $26.81 
Granted1,242,902 31.94 
Vested(292,250)31.32 
Forfeited(31,893)26.90 
Nonvested as of March 31, 20242,493,642 $28.84 

During the three months ended March 31, 2024, a total of 292,250 RSUs vested. The Company withheld 104,573 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

As of March 31, 2024, there was unrecognized compensation expense of $65.3 million related to RSUs and $25.1 million related to TSRs, which the Company expects to recognize over a weighted average period of 2.5 years and 2.4 years, respectively.
The Company recorded stock-based compensation expense recognized under ASC 718 for the three months ended March 31, 2024 and 2023, of $8.1 million and $5.3 million, respectively, with corresponding tax benefits of $1.4 million and $0.9 million, respectively.