v3.24.1.u1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity Under Company's Plans

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2024 is presented below:

Three Month Activity

 

Options
Outstanding

 

 

Weighted-
Average
Exercise Price
Per Share

 

 

Weighted-
Average
Remaining
Contractual
Term in
Years

 

 

Aggregate
Intrinsic
Value(1)

 

Options outstanding at December 31, 2023

 

 

140,000

 

 

$

38.22

 

 

 

—

 

 

 

—

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Options outstanding at March 31, 2024

 

 

140,000

 

 

$

38.22

 

 

 

6.10

 

 

$

977,750

 

Options exercisable at March 31, 2024

 

 

115,000

 

 

$

38.61

 

 

 

5.43

 

 

$

977,750

 

Options vested or expected to vest at March 31, 2024

 

 

136,628

 

 

$

38.23

 

 

 

6.09

 

 

$

977,750

 

(1) The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on March 31, 2024 of $33.08 per share and the exercise price of the underlying options. The total intrinsic value of options exercised was $0 and $81 thousand during the three months ended March 31, 2024 and March 31, 2023, respectively.
Summary of Restricted Stock Unit Activity Under Company's Plans

Restricted stock units are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock unit activity under the Company’s plans for the three months ended March 31, 2024 is presented below:

 

Year-to-Date Activity

 

Shares

 

 

Weighted-
Average
Grant Date
Fair Value
Per Share

 

 

Aggregate
Intrinsic
Value

 

Nonvested outstanding at December 31, 2023

 

 

1,573,548

 

 

$

50.22

 

 

 

—

 

Granted

 

 

10,000

 

 

 

34.09

 

 

 

—

 

Vested

 

 

(86,098

)

 

 

47.60

 

 

 

—

 

Forfeited

 

 

(8,100

)

 

 

53.95

 

 

 

—

 

Nonvested outstanding at March 31, 2024

 

 

1,489,350

 

 

$

50.24

 

 

$

49,267,698

 
Schedule of valuation of ESPP purchase rights and the underlying weighted-average assumptions

The valuation of ESPP purchase rights and the underlying weighted-average assumptions are summarized as follows:

 

 

 

March 31, 2024

 

ESPP:

 

 

 

Expected term in years

 

 

0.50

 

Risk-free interest rate

 

 

5.44

%

Expected volatility

 

 

43

%

Expected dividend yield

 

 

—

%

Weighted-average fair value per right granted

 

$

8.54