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Share-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Unvested Restricted Stock Units Details of unvested RSU activity during the nine months ended September 30, 2024 were as follows:

 

 

Number of units

 

 

Weighted average
grant-date fair value

 

Unvested as of December 31, 2023

 

 

1,017,718

 

 

$

20.10

 

Granted(1)

 

 

263,985

 

 

$

19.14

 

Vested and delivered

 

 

(57,285

)

 

$

24.93

 

Withheld as treasury stock(2)

 

 

(22,902

)

 

$

25.19

 

Forfeited

 

 

(175,394

)

 

$

17.68

 

Unvested as of September 30, 2024

 

 

1,026,122

 

 

$

19.88

 

 

(1)
In March 2024, the Company granted 130,000 RSUs, subject to performance-based requirements, to one non-executive employee at a grant date fair value of $18.30 per share. Such RSU grant shall not vest unless and until the Company has achieved certain revenue for a portion of its business prior to December 31, 2030, the last achievement date deadline. No amortization of share-based compensation expense has been recognized for 95,000 RSUs among the above-mentioned grant, because, as of September 30, 2024, the Company determined that it is not probable that related performance criteria will be met. In addition to the 130,000 RSUs discussed above, the Company granted, during the nine months ended September 30, 2024, an aggregate of 133,985 RSUs to certain employees and directors at grant date fair values ranging from $17.00 to $28.50 per share, with a vesting period ranging from one to four years.
(2)
Withheld as treasury stock represents shares withheld to pay statutory taxes upon the vesting of RSUs. Refer to Note 7, "Common stock and treasury stock," for details.
Summary of Allocated Share-based Compensation

Share-based compensation was allocated to the following accounts in the condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Sales and marketing expenses

 

$

148

 

 

$

116

 

 

$

444

 

 

$

348

 

General and administrative expenses

 

 

1,509

 

 

 

1,253

 

 

 

4,008

 

 

 

3,710

 

Share-based compensation expense

 

 

1,657

 

 

 

1,369

 

 

 

4,452

 

 

 

4,058

 

Capitalized in intangible assets

 

 

328

 

 

 

517

 

 

 

1,210

 

 

 

1,389

 

Total

 

$

1,985

 

 

$

1,886

 

 

$

5,662

 

 

$

5,447