STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
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Summary of allocated expense |
The following table summarizes ESPP expense incurred under the 2016 Employee Stock Purchase Plan and included in the consolidated statements of operations: | | | | | | | | | | | | | | | | | | (in thousands) | Years Ended December 31, | | 2023 | | 2022 | | 2021 | Selling, general, and administrative | $ | 360 | | $ | 222 | | $ | 87 | Cost of sales | 60 | | 50 | | 15 | Research and development | 47 | | 41 | | 21 | | $ | 467 | | $ | 313 | | $ | 123 |
The following table summarizes stock-based compensation expense incurred for stock options, restricted stock awards, performance-based restricted stock units, and Inducement Grants and included in the consolidated statements of operations: | | | | | | | | | | | | | | | | | | (in thousands) | Years Ended December 31, | | 2023 | | 2022 | | 2021 | Selling, general, and administrative | $ | 18,676 | | $ | 13,094 | | $ | 9,818 | Research and development | 863 | | 710 | | 543 | Cost of sales | 646 | | 482 | | 5 | | $ | 20,185 | | $ | 14,286 | | $ | 10,366 |
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Valuation assumptions |
For 2023, 2022, and 2021, the fair value of each option grant was estimated using the Black-Scholes option-pricing model, using the following assumptions: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2023 | | 2022 | | 2021 | Expected option life (years) | 6.25 | | 5.50 - 6.25 | | 5.50 - 6.25 | Risk-free interest rate | 4.1% | | 1.71% - 2.83% | | 0.68% - 1.39% | Expected stock price volatility | 49.0% | | 48.4% - 50.0% | | 48.2% - 49.5% | Dividend yield | — | | — | | — |
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Summary of stock option and restricted stock activity |
A summary of stock option activity under the 2022 Plan and Inducement Grants during the years ended December 31, 2023, 2022, and 2021 is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share and remaining term data) | | Option Shares | | Weighted Average Exercise Price | | Fair Value | | Weighted Average Remaining Term (years) | | Aggregate Intrinsic Value | Outstanding December 31, 2020 | | 936 | | | $ | 48.44 | | | | | 7.1 | | $ | 372 | | Granted | | 168 | | | 33.09 | | | $ | 15.71 | | | | | | Exercised | | (42) | | | 40.25 | | | | | | | 552 | | Forfeited | | (19) | | | 59.84 | | | | | | | | Expired | | (55) | | | 55.59 | | | | | | | | Outstanding December 31, 2021 | | 988 | | | $ | 45.56 | | | | | 6.6 | | $ | 6,786 | | Granted | | 36 | | | 34.52 | | | $ | 16.82 | | | | | | Exercised | | (23) | | | 30.03 | | | | | | | 153 | | Forfeited | | (47) | | | 36.91 | | | | | | | | Expired | | (47) | | | 55.07 | | | | | | | | Outstanding at December 31, 2022 | | 907 | | | $ | 45.47 | | | | | 5.6 | | $ | 3,868 | | Granted | | 3 | | | 41.84 | | | $ | 22.12 | | | | | | Exercised | | (189) | | | 44.09 | | | | | | | 2,894 | | Forfeited | | (21) | | | 33.45 | | | | | | | | Expired | | (11) | | | 55.15 | | | | | | | | Outstanding at December 31, 2023 | | 689 | | | $ | 46.05 | | | | | 4.9 | | $ | 8,370 | | Exercisable at December 31, 2023 | | 580 | | | $ | 48.75 | | | | | 4.5 | | $ | 5,815 | |
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Restricted stock activity |
A summary of RSA activity under the Plan during the years ended December 31, 2023, 2022, and 2021 is presented below: | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share and remaining term data) | | Shares | | Weighted Average Grant Date Fair Value | | Weighted Average Remaining Term (years) | Unvested at December 31, 2020 | | 352 | | | $ | 48.14 | | | 2.7 | Granted | | 541 | | | 33.02 | | | | Vested | | (125) | | | 48.32 | | | | Forfeited | | (61) | | | 48.16 | | | | Unvested at December 31, 2021 | | 707 | | | $ | 36.52 | | | 2.8 | Granted | | 748 | | | 32.76 | | | | Vested | | (245) | | | 36.99 | | | | Forfeited | | (69) | | | 38.08 | | | | Unvested at December 31, 2022 | | 1,141 | | | $ | 33.86 | | | 2.6 | Granted | | 674 | | | 43.30 | | | | Vested | | (383) | | | 34.59 | | | | Forfeited | | (81) | | | 38.10 | | | | Unvested at December 31, 2023 | | 1,351 | | | $ | 38.11 | | | 2.4 |
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Performance shares activity |
A summary of PSU activity under the Plan during the years ended December 31, 2023 and 2022 is presented below: | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share and remaining term data) | | Shares | | Weighted Average Grant Date Fair Value | | Weighted Average Remaining Term (years) | Unvested at December 31, 2022 | | — | | | $ | — | | | — | | Granted | | 85 | | | 41.84 | | | | Vested | | — | | | — | | | | Forfeited | | (1) | | | 41.84 | | | | Unvested at December 31, 2023 | | 84 | | | $ | 41.84 | | | 2.0 |
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