Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.23.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
 
The Company has stock options, RSUs and PSUs outstanding under the 2010 Plan and the 2019 Equity Plan. As of September 30, 2023, the maximum number of common shares available for future issuance under the Company's plans is 1,701,899.

Stock-based compensation expense under the Company’s plans was as follows:

  Three Months Ended Nine Months Ended
  September 30, September 30,
  2023 2022 2023 2022
(in thousands)
Stock-based compensation expense $ 17,298  $ 17,265  $ 58,141  $ 61,831 
Tax effect on stock-based compensation expense (4,411) (4,403) (14,826) (15,767)
Net effect on income (loss)
 $ 12,887  $ 12,862  $ 43,315  $ 46,064 
 
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 nine months ended September 30, 2023 and 2022.
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, 2022 277,535 $ 40.07  2.2 $ 6,005 
Exercised (52,376) $ 19.97 
Forfeited (2,938) $ 55.00 
Outstanding as of September 30, 2023 222,221 $ 44.61  1.7 $ 1,067 
Options exercisable as of September 30, 2023 222,221 $ 44.61  1.7 $ 1,067 
 
As of September 30, 2023, there was an immaterial 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, 2022 1,681,976  $ 72.69  259,049  $ 74.83 
Granted 1,101,448  $ 61.13  40,010  $ 69.47 
Vested (849,920) $ 72.99  (21,994) $ 104.96 
Forfeited (210,336) $ 62.64  (51,062) $ 65.13 
Non-vested as of September 30, 2023 1,723,168  $ 66.38  226,003  $ 73.14 

As of September 30, 2023, there was $89.8 million of unrecognized stock-based compensation expense related to RSUs, which the Company expects to recognize over a weighted-average period of 1.8 years. As of September 30, 2023, there was $3.8 million of unrecognized stock-based compensation expense related to PSUs, which the Company expects to recognize over a weighted-average period of 1.0 year.