Equity Plans and Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2022 |
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
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Option Activity under Stock-Based Compensation Plans |
Activity under our stock plans is set forth below:
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Shares Underlying Outstanding Options (in thousands) |
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Weighted- Average Exercise Price Per Share |
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Weighted- Average Remaining Contractual Term (years) |
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Aggregate Intrinsic Value (in thousands) |
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Balance as of December 31, 2021 |
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10,399 |
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$ |
11.55 |
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4.16 |
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42,756 |
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Options granted |
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2,053 |
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12.54 |
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Options exercised |
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(287 |
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7.49 |
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Options cancelled: |
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Options forfeited (unvested) |
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(73 |
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9.52 |
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Options expired (vested) |
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(566 |
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20.63 |
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Balance at June 30, 2022 |
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11,526 |
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11.40 |
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4.37 |
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31,382 |
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Vested and expected to vest at June 30, 2022 |
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11,146 |
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$ |
11.37 |
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4.31 |
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$ |
30,946 |
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Exercisable at June 30, 2022 |
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6,542 |
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$ |
11.52 |
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3.09 |
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$ |
21,654 |
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Summary of Restricted Stock Units Activity |
Restricted stock unit activity under our stock-based compensation plans during the six months ended June 30, 2022 was as follows (in thousands except per share amounts):
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Number of Shares (in thousands) |
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Weighted-Average Grant-Date Fair Value Per Share |
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Non-vested as of December 31, 2021 |
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2,651 |
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$ |
8.30 |
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Granted |
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2,021 |
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12.42 |
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Vested |
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(1,009 |
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8.21 |
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Forfeited |
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(168 |
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10.40 |
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Non-vested as of June 30, 2022 |
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3,495 |
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10.60 |
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Summary Of Performance Based Restricted Stock Unit |
We granted performance-based restricted stock unit (“PSU”) to certain executives. These PSUs vest upon a specified market condition. The summary of PSU activities for the six months ended June 30, 2022 is as follows:
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Number of Shares (in thousands) |
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Weighted-Average Grant-Date Fair Value Per Share |
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Non-vested as of December 31, 2021 |
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237 |
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$ |
8.40 |
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Granted |
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193 |
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11.62 |
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Vested |
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(237 |
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8.40 |
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Non-vested as of June 30, 2022 |
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193 |
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$ |
11.62 |
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Fair Value-Based Measurements and Weighted-Average Assumptions |
The fair value-based measurement of each option is estimated on the date of grant using the Black-Scholes option valuation model. The fair value of each RSU is determined at the date of grant using our closing stock price. The fair value of each PSU is estimated using the Monte Carlo simulation method on the date of grant. The weighted-average assumptions used in the calculations of these fair value measurements are as follows:
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Stock Options |
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Stock Options |
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Market-Based Performance Stock Unit (“PSUs”) |
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Three Months Ended |
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Six Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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June 30 |
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2022 |
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2021 |
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2022 |
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2021 |
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2022 |
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Weighted-average fair value per share |
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$ |
7.39 |
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$ |
6.20 |
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$ |
7.97 |
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$ |
6.57 |
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$ |
11.62 |
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Risk-free interest rate |
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2.9 |
% |
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0.9 |
% |
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2.01 |
% |
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0.6 |
% |
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1.7 |
% |
Expected life (in years) |
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4.5 |
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4.5 |
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4.5 |
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4.5 |
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2.9 |
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Volatility |
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0.8 |
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0.9 |
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0.8 |
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1.0 |
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0.9 |
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Stock-Based Compensation Expense |
The components of stock-based compensation expense were as follows (in thousands):
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Research and development |
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$ |
1,463 |
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$ |
937 |
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$ |
2,739 |
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$ |
1,809 |
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Selling, general and administrative |
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5,597 |
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3,445 |
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11,024 |
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6,589 |
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Cost of sales - product |
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143 |
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155 |
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303 |
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324 |
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Inventory |
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726 |
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487 |
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1,509 |
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1,025 |
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Total |
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$ |
7,929 |
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$ |
5,024 |
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$ |
15,575 |
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$ |
9,747 |
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