v3.24.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Cost of revenues$2,730 $2,586 $6,812 $5,089 
Operating expenses
Sales and marketing2,512 2,528 6,956 4,951 
Research and development1,820 1,812 5,062 3,589 
General and administrative4,432 5,955 12,682 11,032 
$11,494 $12,881 $31,512 $24,661 
Stock-based compensation expense by grant type or plan was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Stock options$506 $494 $1,003 $985 
PSUs2,445 3,499 4,890 7,424 
RSUs & DSUs6,952 7,381 22,443 13,443 
RSAs89 115 215 223 
ESPP802 748 1,523 1,337 
401(k) stock match700 644 1,438 1,249 
$11,494 $12,881 $31,512 $24,661 
Summary of Stock Option Activity
Our stock option activity was as follows:
Six Months Ended
June 30, 2024
Options (#) Weighted Average
Exercise Price
($/share)
Outstanding, beginning of period346,822 $80.02 
Granted33,930 196.37 
Exercised(48,400)47.83 
Forfeited(760)167.08 
Outstanding, end of period331,592 $96.43 
Summary of Weighted Average Fair Value Per Share of Options Granted, Assumptions This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:
Life (in years)4.1
Volatility36.7 %
Dividend yield— 
Risk-free interest rate4.3 %
Summary of PSU, RSU, RSA, and DSU
Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:
Six Months Ended
June 30, 2024
#Weighted Average Grant
Date Fair Value
($/share)
Outstanding, beginning of period773,414 $147.50 
Granted324,896 179.31 
Vested and common stock issued(366,823)124.01 
Forfeited(3,423)154.70 
Outstanding, end of period728,064 $173.50 
Summary of ESPP Activity
Our ESPP activity was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except shares)2024202320242023
Amounts for shares purchased$4,828 $3,895 $5,219 $4,136 
Shares purchased30,185 35,676 32,583 38,225 
Summary of Fair Value Estimation of Common Stock, Assumptions
The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:
Life (in years)0.5
Volatility30.9 %
Dividend yield— 
Risk-free interest rate5.3 %