Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
 
On March 14, 2024, the Board of Directors approved the 2024 Plan, effective upon the approval at the 2024 annual meeting. The 2024 Plan provides for the grant of options, stock appreciation rights, Full Value Awards (as defined in the 2024 Plan agreement) and cash incentive awards to employees, consultants and non-employee directors to purchase common stock, which vest over time and have a ten-year contractual term. The maximum number of shares of common stock that may be delivered under the 2024 Plan is equal to the sum of 5,100,000 plus any shares represented by awards granted under the prior plan that are forfeited, expire or are canceled after the effective date without delivery of shares of stock.

The Company has stock options, RSUs and PSUs outstanding under the 2010 Plan, 2019 Equity Plan, and the 2024 Plan. As of June 30, 2024, the maximum number of common shares available for future issuance under the Company's plans is 5,134,325.
Stock-based compensation expense under the Company’s plans was as follows:

  Three Months Ended Six Months Ended
  June 30, June 30,
  2024 2023 2024 2023
(in thousands)
Stock-based compensation expense $ 17,822  $ 21,390  $ 36,720  $ 40,843 
Tax effect on stock-based compensation expense (4,545) (5,454) (9,364) (10,415)
Net effect on income (loss)
 $ 13,277  $ 15,936  $ 27,356  $ 30,428 
 
The tax effect on stock-based compensation expense above was calculated using a blended statutory rate of 25.5% for each of the three and six months ended June 30, 2024 and 2023.

Stock Options
 
The following table summarizes option activity under the Company’s plans:

   
Weighted
Weighted Average
  
    Average Remaining Aggregate
  Options Exercise Price Contractual Life Intrinsic Value
(in years) (in thousands)
Outstanding as of December 31, 2023 202,166 $ 45.22 
Exercised (36,368) $ 40.39 
Forfeited (186) $ 72.52 
Outstanding and exercisable as of June 30, 2024 165,612 $ 46.25  1.1 $ 2,706 
 
As of June 30, 2024, there was no amount of unrecognized stock-based compensation expense related to stock options.

Restricted Stock Units and Performance Stock Units
 
The following table summarizes RSU and PSU activity under the Company’s plans:

RSUs PSUs
  Number of
Shares
Weighted
Average Grant
Date Fair Value
per Share
 Number of
Shares
Weighted
Average Grant
Date Fair Value
per Share
Non-vested as of December 31, 2023 1,449,253  $ 65.78  223,058  $ 72.92 
Granted 1,322,799  $ 51.56  37,270  $ 83.76 
Vested (616,133) $ 66.15  (28,323) $ 69.82 
Forfeited (155,652) $ 59.00  (91,712) $ 70.76 
Non-vested as of June 30, 2024 2,000,267  $ 56.79  140,293  $ 77.84 

As of June 30, 2024, there was $93.4 million of unrecognized stock-based compensation expense related to RSUs, which the Company expects to recognize over a weighted average period of 2.0 years. As of June 30, 2024, there was $2.9 million of unrecognized stock-based compensation expense related to PSUs, which the Company expects to recognize over a weighted average period of 2.0 years.