Share-based Compensation

9 Months Ended

Sep. 30, 2023

Share-based Compensation

Share-based compensation

Note 8 — Share-based Compensation

Restricted share awards are issued to employees and to members of our board of directors that are subject to specified restrictions and a risk of forfeiture. The restrictions typically lapse over one to four years and may entitle holders to dividends and voting rights. Other types of share-based compensation include performance share awards, performance share units, and restricted share units (collectively with restricted share awards, “restricted shares”), as well as options to purchase common stock.

Share-based compensation expense was recognized in the following line items in the Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)
Cost of sales	$	1,556	$	1,195	$	4,579	$	3,384
Research and development		2,158		1,819		6,815		4,939
Selling, general, and administrative		3,706		3,196		10,985		8,646
Total	$	7,420	$	6,210	$	22,379	$	16,969

For the nine months ended September 30, 2023, equity activity related to stock options was as follows:

		Weighted
	Number of	Average
	Shares	Exercise Price
	(in thousands)
Balance - December 31, 2022	177	$	30.94
Exercised	(2)		30.47
Expired	(64)		30.60
Balance - September 30, 2023	111		31.13

For the nine months ended September 30, 2023, equity activity related to non-vested restricted shares and performance shares was as follows:

		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2022	2,496	$	23.83
Granted	1,081		22.81
Performance award adjustments	183		10.59
Vested	(1,155)		16.51
Forfeited	(54)		27.56
Balance - September 30, 2023	2,551		25.80