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CAPITAL STOCK

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

During the three months ended March 31, 2021, the Company granted the following stock options and restricted stock awards:


	Three Months Ended March 31, 2021
	Options/Awards Granted	Weighted-Average Grant Date Fair Value (per option/award)
Stock options	—	$	—
Restricted stock awards	235	$	154.48

The restricted stock awards granted during the three months ended March 31, 2021 contain only time-based vesting terms. The fair value was measured based on the number of shares granted and the closing market price of our common stock on the date of grant and will be expensed over the corresponding requisite service period.

2021 Equity Offering

On March 5, 2021, the Company completed a public offering of 940,860 shares of common stock, $0.01 par value per share, at a public offering price of $186.00 per share. The Company received net proceeds of approximately $164.2 million after deducting underwriting discounts and commissions and issuance costs. The Company granted the underwriters an option to purchase up to an additional 141,129 shares of common stock from the Company at the offering price of $186.00 per share (less the underwriting discounts and commissions), within 30 days of the Prospectus Supplement dated March 2, 2021. The Company evaluated the accounting treatment of the option under ASC 815-40, Derivatives and Hedging - Contracts on an Entity's Own Equity, and determined that it meets the criteria for equity treatment thereunder. The underwriters’ option was not exercised and expired on April 1, 2021. The Company anticipates using the net proceeds of the offering for general corporate purposes, including working capital, further development and potential commercialization of current and future product initiatives, collaborations, and capital expenditures. The Company may also use a portion of the net proceeds of this offering to fund possible investments in or acquisitions of complementary businesses, products or technologies, or to repay indebtedness.