Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024, the maximum number of common shares available for future issuance under the Company's plans is 654,040.

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

  Three Months Ended
  March 31,
  2024 2023
(in thousands)
Stock-based compensation expense $ 18,898  $ 19,453 
Tax effect on stock-based compensation expense (4,819) (4,961)
Net effect on income (loss)
 $ 14,079  $ 14,492 
 
The tax effect on stock-based compensation expense above was calculated using a blended statutory rate of 25.5% for each of the three months ended March 31, 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 (20,033) $ 40.71 
Forfeited (186) $ 71.21 
Outstanding and exercisable as of March 31, 2024 181,947 $ 45.69  1.3 $ 2,224 
 
As of March 31, 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 1,313,955  $ 51.49  37,270  $ 83.76 
Vested (460,680) $ 65.45  (22,557) $ 69.24 
Forfeited (104,822) $ 58.98  (81,221) $ 70.28 
Non-vested as of March 31, 2024 2,197,706  $ 57.63  156,550  $ 77.40 

As of March 31, 2024, there was $112.4 million of unrecognized stock-based compensation expense related to RSUs, which the Company expects to recognize over a weighted-average period of 2.1 years. As of March 31, 2024, there was $4.0 million of unrecognized stock-based compensation expense related to PSUs, which the Company expects to recognize over a weighted-average period of 2.1 years.