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Stock Plans (Tables)
12 Months Ended
Dec. 31, 2021
Stock Plans  
Schedule of share-based compensation expense

For the year ended December 31,

    

    

2021

    

2020

    

2019

(in thousands)

Cost of sales

 

 

$

2,373

 

$

1,870

 

$

1,903

Research and development

3,850

2,900

3,340

Selling, general, and administrative

9,026

7,933

9,630

Restructuring

397

Total

$

15,249

$

12,703

$

15,270

Summary of unrecognized share-based compensation costs

    

Unrecognized

    

Weighted

Share-Based

Average Period

Compensation

Expected to be

Costs

Recognized

(in thousands)

(in years)

Restricted stock units

$

2,064

1.9

Restricted stock awards

 

16,791

1.9

Performance share units

 

5,363

2.1

Total unrecognized share-based compensation cost

 

$

24,218

1.9

Summary of stock option activity

Weighted 

Number of

Average

    

Shares

    

Exercise Price

(in thousands)

Balance - December 31, 2018

1,222

$

34.80

Expired

(103)

 

33.97

Balance - December 31, 2019

1,119

34.88

Expired

(389)

 

34.15

Balance - December 31, 2020

730

35.26

Exercised

(2)

 

23.36

Expired

(285)

40.16

Balance - December 31, 2021

443

32.15

Summary of information about stock option information

Options Outstanding and Exercisable

    

    

    

Weighted

    

Aggregate

Average

Weighted

Intrinsic

Remaining

Average

Range of Exercise Prices

Shares

Value

Contractual Life

Exercise Price

(in thousands)

(in thousands)

(in years)

$20.00 - $30.00

 

12

$

1.6

$

29.26

$30.01 - $40.00

431

0.9

32.22

 

443

$

1.0

32.15

Summary of stock options exercised

Year ended December 31,

    

2021

    

2020

    

2019

(in thousands)

Cash received from options exercised

$

37

$

$

Intrinsic value of options exercised

$

6

$

$

Summary of non-vested restricted and performance shares activity

    

    

Weighted

Average

Number of

Grant Date

Shares

Fair Value

(in thousands)

Balance - December 31, 2018

 

2,218

$

20.74

Granted

 

1,107

11.53

Performance award adjustments

(25)

28.91

Vested

 

(768)

21.77

Forfeited

(275)

18.48

Balance - December 31, 2019

2,257

16.20

Granted

1,054

9.53

Performance award adjustments

(51)

30.94

Vested

(798)

16.01

Forfeited

(422)

14.87

Balance - December 31, 2020

2,040

12.73

Granted

1,031

24.26

Performance award adjustments

159

18.38

Vested

(1,014)

15.50

Forfeited

(133)

15.08

Balance - December 31, 2021

2,083

17.33

Summary of valuation assumptions for performance awards

Year ended December 31,

2021

    

2020

    

2019

Weighted average fair value

$

27.81

$

10.59

$

16.45

Dividend yield

0

%  

0

%  

0

%  

Expected volatility factor(1)

63

%  

60

%  

53

%  

Risk-free interest rate(2)

0.34

%  

0.54

%  

2.37

%  

Expected life (in years)(3)

3.0

 

3.0

 

2.8

(1)Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.
(2)The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.
(3)The expected life is the number of years the Company estimates that the awards will be outstanding prior to exercise.
Summary of valuation assumptions for employee stock purchase plan

Year ended December 31,

 

2021

    

2020

    

2019

 

Weighted average fair value

$

5.90

$

4.81

$

2.96

Dividend yield

0

%  

0

%  

0

%

Expected volatility factor(1)

52

%  

70

%  

60

%

Risk-free interest rate(2)

0.07

%  

0.95

%  

2.41

%

Expected life (in years)(3)

0.5

 

0.5

 

0.5