Employee Benefits (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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| Retirement Benefits [Abstract] |
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| Schedule of Share-Based Compensation Expense |
Stock-based payments are recognized as expense for restricted stock units (“RSUs”), Restricted Stock Awards (“RSAs”), Performance Stock Units (“PSUs”) and options, net of estimated forfeitures, as follows:
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For the Three Months Ended March 31, |
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2023 |
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2022 |
| (in thousands) |
$ |
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$ |
Total stock-based compensation expense |
2,167 |
|
9,174 |
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| Schedule of RSA and RSU Activity |
The following table displays RSA activity and weighted average grant date fair values for the three months ended March 31, 2023:
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RSAs |
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Weighted average grant date fair value per RSA |
Balance at January 1, 2023 |
570,314 |
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$ |
19.50 |
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| Granted |
— |
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$ |
— |
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| Vested and issued |
(68,048) |
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$ |
33.76 |
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| Forfeited |
(39,952) |
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$ |
7.95 |
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Balance at March 31, 2023 |
462,314 |
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$ |
21.03 |
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Vested and unissued at March 31, 2023 |
116,874 |
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$ |
12.47 |
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Unvested at March 31, 2023 |
345,440 |
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$ |
23.93 |
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The following table displays RSU activity and weighted average grant date fair values for the three months ended March 31, 2023:
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RSUs |
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Weighted average grant date fair value per RSU1
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Balance at January 1, 2023 |
702,823 |
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$ |
82.85 |
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| Granted |
19,400 |
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$ |
8.46 |
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| Vested and issued |
(11,812) |
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$ |
132.61 |
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| Forfeited |
(148,867) |
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$ |
87.26 |
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Balance at March 31, 2023 |
561,544 |
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$ |
77.83 |
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Vested and unissued at March 31, 2023 |
23,933 |
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$ |
76.19 |
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Unvested at March 31, 2023 |
537,611 |
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$ |
113.73 |
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(1) The calculation of weighted average grant date fair value excludes RSUs issued to Higi employees upon the acquisition of Higi during the period ended March 31, 2023. |
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| Schedule of Performance Shares Activity |
The following table displays PSU activity and weighted average fair values for the periods presented:
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PSUs |
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Weighted average fair value |
Balance at January 1, 2023 |
624,000 |
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$ |
11.23 |
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| Granted |
— |
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$ |
— |
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| Vested and issued |
— |
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$ |
— |
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| Forfeited / cancelled during the period |
(32,000) |
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$ |
8.58 |
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Balance at March 31, 2023 |
592,000 |
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$ |
11.73 |
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Vested and unissued at March 31, 2023 |
— |
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Unvested at March 31, 2023 |
592,000 |
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$ |
11.73 |
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| Schedule of Stock Options Outstanding |
The following table displays option activity, aggregate intrinsic values, and weighted average exercise prices and remaining contractual lives for the three months ended March 31, 2023:
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Weighted
average
exercise
price
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Number of
options
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Weighted average remaining contractual life in years |
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Aggregate intrinsic value |
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$ |
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$’000 |
Outstanding at the beginning of the period |
19.76 |
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368,069 |
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8.32 |
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$ |
(4,723) |
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Granted during the period |
— |
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— |
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N/A |
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Exercised during the period |
0.01 |
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(5,792) |
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N/A |
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$ |
(40) |
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Forfeited / cancelled during the period |
21.04 |
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(43,388) |
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N/A |
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Outstanding at the end of the period |
19.96 |
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318,889 |
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9.18 |
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$ |
(4,846) |
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Exercisable at the end of the period |
19.43 |
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302,031 |
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8.67 |
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$ |
(4,427) |
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