Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

OTE 9: STOCK-BASED COMPENSATION

The Company applies the fair value recognition provisions of ASC Topic 718: Stock Compensation. Stock-based compensation expense, net of forfeitures of $0.6 million for the three months ended March 31, 2022, was recorded in the following line items in the condensed consolidated statements of operations. Forfeitures were not material for the three months ended March 31, 2021.

	Three Months Ended March 31,
(in thousands)	2022		2021
Cost of sales - contracts	$	49	$	67
Selling, general and administrative	3,487		1,253
Total stock-based compensation expense	$	3,536	$	1,320

At March 31, 2022, the aggregate unrecognized compensation expense related to unvested equity awards was $29.6 million, which is expected to be recognized as compensation expense in fiscal years 2022 through 2025.

A summary of stock option activity for the three months ended March 31, 2022 is below:

(in thousands, except for weighted average exercise price)	Options outstanding	Weighted average exercise price
Outstanding at January 1, 2022	1,306	$	11.95
Exercised	(96)	7.43
Canceled/forfeited	(68)	8.97
Outstanding at March 31, 2022	1,142	$	12.52

A summary of unvested restricted stock awards activity for the three months ended March 31, 2022 is below:

(in thousands, except for weighted average award value)	Restricted Stock Awards	Weighted average award value
Outstanding at January 1, 2022	27	$	25.42
Vested	(27)	25.42
Outstanding at March 31, 2022	—

A summary of unvested restricted stock units activity for the three months ended March 31, 2022 is below:

(in thousands, except for weighted average award value)	Restricted Stock Unit Awards	Weighted average award value
Outstanding at January 1, 2022	418	$	34.08
Granted	309	38.34
Vested	(71)	26.36
Canceled/forfeited	(49)	46.39
Outstanding at March 31, 2022	607	$	36.02