| Share-based Compensation Options Activity |
The following table summarizes the activity of common stock options for the period from December 31, 2019 through the year ended December 31, 2022:
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Number of Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (in years) |
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Aggregate Intrinsic Value
(in thousands) |
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| Outstanding at December 31, 2019 |
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2,374,357 |
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$ |
11.44 |
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| Exercised |
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(43,250) |
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$ |
8.64 |
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| Forfeited |
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(157,776) |
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$ |
9.23 |
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| Outstanding at December 31, 2020 |
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2,173,331 |
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$ |
9.84 |
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(1) |
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| Exercised |
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(208,500) |
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$ |
3.56 |
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| Forfeited |
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(39,996) |
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$ |
3.53 |
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| Expired |
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(40,484) |
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$ |
14.52 |
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| Outstanding at December 31, 2021 |
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1,884,351 |
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$ |
6.99 |
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(2) |
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| Exercised |
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(199,970) |
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$ |
3.06 |
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| Forfeited |
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(51,860) |
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$ |
3.98 |
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| Expired |
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(111,524) |
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$ |
11.97 |
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| Outstanding at December 31, 2022 |
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1,520,997 |
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$ |
7.24 |
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3.36 |
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$ |
4,720 |
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| Exercisable at December 31, 2022 |
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1,236,041 |
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$ |
8.13 |
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3.30 |
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$ |
3,171 |
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(1)Reflects the impact of the reduction in the strike price on all outstanding vested and unvested stock options by $1.80 per share as described above.
(2)Reflects the impact of the reduction in the strike price on all outstanding vested and unvested stock options by $3.20 per share as described above.
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The Company used a Monte Carlo simulation to estimate the $8.82 weighted average fair value of the awards, with the following weighted average assumptions:
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| Expected dividend yield |
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— |
% |
| Risk-free interest rate |
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1.51 |
% |
| Expected volatility |
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44.51 |
% |
| Expected term (in years) |
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2.91 |
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The Company used a Monte Carlo simulation to estimate the $13.21 weighted average fair value of the awards, with the following weighted average assumptions:
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| Expected dividend yield |
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— |
% |
| Risk-free interest rate |
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0.20 |
% |
| Expected volatility |
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41.70 |
% |
| Expected term (in years) |
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2.95 |
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The Company used a Monte Carlo simulation to estimate the $24.11 weighted average fair value of the portion of the awards subject to the TSR goal, with the following weighted average assumptions:
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| Expected dividend yield |
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— |
% |
| Risk-free interest rate |
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1.56 |
% |
| Expected volatility |
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28.57 |
% |
| Expected term (in years) |
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2.95 |
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| Schedule of Nonvested Restricted Stock Awards, Restricted Stock Units and Performance Stock Unit Activity |
The following table summarizes the activity of restricted stock awards, restricted stock units and performance stock units for the period from December 31, 2019 through the year ended December 31, 2022:
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Restricted Stock Awards |
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Restricted Stock Units |
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Performance Stock Units |
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Number of
Shares |
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Weighted Average Grant Date Fair Value (per share) |
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Number of
Units |
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Weighted Average Grant Date Fair Value (per share) |
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Number of
Units |
|
Weighted Average Grant Date Fair Value (per share) |
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| Nonvested as of December 31, 2019 |
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1,546,130 |
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$ |
8.17 |
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1,628,436 |
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$ |
15.83 |
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550,676 |
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(2) |
$ |
15.41 |
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| Granted |
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— |
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$ |
— |
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1,158,605 |
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$ |
16.60 |
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456,311 |
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$ |
20.29 |
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| Vested |
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(29,760) |
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$ |
12.32 |
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(816,866) |
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$ |
16.17 |
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— |
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$ |
— |
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| Forfeited |
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(619,355) |
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$ |
8.04 |
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(129,036) |
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$ |
16.28 |
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(41,251) |
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$ |
15.95 |
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| Nonvested as of December 31, 2020 |
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897,015 |
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$ |
13.80 |
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(1) |
1,841,139 |
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$ |
16.14 |
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965,736 |
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(2) |
$ |
17.69 |
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| Granted |
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— |
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$ |
— |
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1,697,623 |
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$ |
15.39 |
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211,985 |
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$ |
13.21 |
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| Vested |
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— |
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$ |
— |
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(773,619) |
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$ |
16.00 |
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— |
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$ |
— |
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| Forfeited |
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(263,291) |
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$ |
15.31 |
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(1) |
(257,722) |
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$ |
16.03 |
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(60,166) |
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$ |
17.11 |
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| Nonvested as of December 31, 2021 |
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633,724 |
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$ |
15.84 |
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(1) |
2,507,421 |
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$ |
15.68 |
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1,117,555 |
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(2) |
$ |
16.91 |
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| Granted |
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— |
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$ |
— |
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2,779,690 |
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$ |
10.28 |
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295,132 |
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$ |
8.82 |
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| Vested |
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(84,903) |
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$ |
8.83 |
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(1,550,969) |
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$ |
15.08 |
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(496,442) |
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$ |
15.41 |
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| Forfeited |
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(271,765) |
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$ |
15.84 |
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(1,271,424) |
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$ |
12.27 |
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(276,713) |
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$ |
12.33 |
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| Nonvested as of December 31, 2022 |
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277,056 |
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$ |
15.66 |
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2,464,718 |
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$ |
11.73 |
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639,532 |
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(2) |
$ |
16.32 |
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(1) Reflects the impact of the modification on all unvested restricted stock awards as described above.
(2) Based on target.
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