In May 2022, our stockholders approved our 2022 Equity Incentive Plan (“2022 Plan”). Since the approval of the 2022 Plan, all share-based compensation awards have been granted under and will continue to be granted under the 2022 Plan, no additional share-based awards will be granted under any previous plan. The number of shares authorized to be awarded under the 2022 Plan is 7.0 million shares.

The table below sets forth the line items where share-based compensation expense was recorded for the twelve months ended December 31:


	2023		2022		2021
Cost of goods sold	$	1,860	$	1,630	$	1,321
Selling, general and administrative expense		24,470		30,295		28,188
Research and development expense		4,581		4,362		3,696
Total share-based compensation expense	$	30,911	$	36,287	$	33,205

The table below sets forth share-based compensation expense by type for the twelve months ended December 31:


	2023		2022		2021
Share grants		30,894		36,251		33,132
Stock options		17		36		73
Total share-based compensation expense	$	30,911	$	36,287	$	33,205

Share Grants – Restricted stock awards and restricted stock units generally vest in equal annual installments over a four-year period. Restricted stock grants are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized on a straight-line basis over the requisite four-year service period.

Performance stock units (“PSUs”) are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized over the three-year performance period, with adjustments made to the expense to recognize the probable payout percentage. PSUs will vest upon the Company achieving a cumulative 3-year non-GAAP operating income target for the applicable periods.

The table below sets forth a summary of our non-vested share grants in 2023, 2022 and 2021:


Restricted Stock Grants	Shares			Weighted Average Grant Date Fair Value ($)		Aggregate Intrinsic Value
Nonvested at December 31, 2021		1,402			54.94
Granted		535			69.87
Vested		(614	)		45.96	$	46,633
Forfeited and other		(55	)		61.87
Nonvested at December 31, 2022		1,269			65.29	$	96,634
Granted		645			84.87
Vested		(643	)		54.20	$	59,701
Forfeited and other		(48	)		73.33
Nonvested at December 31, 2023		1,223			81.02	$	98,493

The total unrecognized share-based compensation expense as of December 31, 2023, was approximately $62.8 million, relating to share grants, which was expected to be recognized over a weighted average period of approximately 2.3 years.

Stock Options – All stock option expense is related to stock options granted by Savitech Corporation (“Savitech”) in Savitech stock to their employees. We acquired a controlling interest in Savitech in 2020. Total cash received from option exercises was approximately $0.0 million, $0.1 million and $4.3 million during 2023, 2022 and 2021, respectively.

At December 31, 2023, there was no unrecognized compensation expense related to unvested options.

The table below sets forth a summary of activity in our stock option plan:


Stock Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding and exercisable at December 31, 2021		5			27.92		0.4	$	409
Exercised during 2022		(5	)		27.92		0.4	$	409
Outstanding and exercisable at December 31, 2022 and 2023, respectively		-