Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of series B preferred stock

The below table illustrates changes in the Company’s balance of Convertible preferred stock Series B for the year ended December 31, 2020 (in thousands, except per share amounts):

	Convertible preferred stock Series B
	Shares	Amount
Balance at December 31, 2019	—	$	—
Issuance of Series B Preferred Stock	100,000	59,540
Deemed dividends	—	32,028
Balance at December 31, 2020	100,000	$	91,568

Stock options activity

A summary of stock option activity for the year ended December 31, 2020, and changes during the year then ended are presented below:

	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2020	2,885,334	$	4.42
Granted	—	—
Exercised	(508,300)	2.62
Unvested options forfeited	—	—
Vested options expired	(351,351)	5.90
Outstanding at December 31, 2020	2,025,683	4.62		2.10	9,054,128
Exercisable at December 31, 2020	2,025,683	$	4.62	2.10	$	9,054,128

Option Modification Assumptions

2019 Option Modification
Expected volatility	65% - 95%
Expected life (in years)	0.28 - 5.12
Expected dividend yield	0
Risk-free interest rate	1.56% - 2.02%

Restricted stock awards roll forward

The following is summary information for restricted stock awards for the year ended December 31, 2020. Restricted stock and RSUs vest over a one- to three-year period in equal annual increments and require continuous service. Performance stock unit awards vest based on specific agreements with employees and require continuous service through the specified event.

As of December 31, 2020, there was approximately $11.5 million of total unrecognized stock-based compensation related to unvested restricted stock awards. That expense is expected to be recognized over a weighted-average period of 1.99 years, which approximates the remaining vesting period of these grants. All RSAs noted below as unvested are considered issued and outstanding at December 31, 2020, while unvested RSAs and PSUs are not considered issued and outstanding as of December 31, 2020.

	RSA			RSU			PSU
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2020	3,383,196	$	5.13	—	$	—	140,845	$	7.10
Modification of prior year grants	—	—		271,184	5.90		—	—
Granted	599,728	6.33		2,432,654	5.90		25,422	5.90
Vested	(1,416,888)	6.18		(271,184)	5.90		(87,370)	6.87
Forfeited	(390,177)	5.11		(107,381)	5.90		(43,685)	6.87
Unvested at December 31, 2020	2,175,859	$	4.78	2,325,273	$	5.90	35,212	$	7.10

Allocation of share-based compensation

For the years ended December 31, 2020, 2019, and 2018 the Company recognized share-based compensation as follows (in thousands):

 

	Years Ended December 31,
	2020		2019		2018
Cost of sales	$	520	$	477	$	705
Research and development	288		265		584
Selling, general and administrative	14,549		11,322		13,479
Total share-based compensation	15,357		12,064		14,768
Income tax benefit	(3,792)		$	(3,081)	$	(3,803)
Total share-based compensation, net of tax benefit	$	11,565	$	8,983	$	10,965