Employee Equity-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Share-based Payment Arrangement [Abstract] |
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| Stock Option Activity |
The following table summarizes option activity under all plans during the years ended December 31, 2020 and 2019 and shows the exercisable shares as of December 31, 2020:
| | | | | | | | | | Number of Shares | Weighted Average Exercise Price per Share | | Options Outstanding January 1, 2019 | 8,090,636 | | $ | 12.22 | | | Granted | 3,067,888 | | 14.52 | | | Forfeited | (533,503) | | 20.65 | | | Exercised | (383,319) | | 13.99 | | | Expired | (109,140) | | 23.86 | | | Options Outstanding December 31, 2019 | 10,132,562 | | 12.28 | | | Granted | 1,738,083 | | 8.53 | | | Forfeited | (713,070) | | 14.23 | | | Exercised | (2,631,935) | | 2.30 | | | Expired | (480,179) | | 18.62 | | | Options Outstanding December 31, 2020 | 8,045,461 | | 14.18 | | | Exercisable December 31, 2020 | 4,174,813 | | 13.89 | |
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| Black-Scholes Assumptions for Option Granted |
The table below summarizes the inputs used to calculate the estimated fair value of options awarded for the years ended December 31: | | | | | | | | | | | | | 2020 | 2019 | 2018 | | Expected term (in years) | 5.94 | 6.28 | 6.01 | | Volatility | 58 | % | 60 | % | 66 | % | | Expected dividends | — | | — | | — | | | Risk free interest rates | 0.6 | % | 2.1 | % | 2.7 | % | | Estimated forfeitures | — | % | — | % | — | % | | Weighted average fair value | $ | 4.49 | | $ | 8.33 | | $ | 14.87 | |
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| Stock Option Supplemental Information |
The following table shows summary information for outstanding options and options that are exercisable (vested) as of December 31, 2020:
| | | | | | | | | | Options
Outstanding | Options
Exercisable | | Number of options | 8,045,461 | | 4,174,813 | | | Weighted average remaining contractual term (in years) | 6.55 | 4.92 | | Weighted average exercise price | $ | 14.18 | | $ | 13.89 | | | Weighted average fair value | $ | 8.88 | | $ | 8.92 | | | Aggregate intrinsic value (in millions) | $ | 6.1 | | $ | 5.2 | |
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| Restricted Stock Activity |
The following table summarizes RSU and stock grant activity during the years ended December 31, 2020 and 2019:
| | | | | | | | | | Number of Shares | Weighted Average Grant Date Fair Value per Share | | RSUs & Stock Grants Outstanding January 1, 2019 | 76,000 | | $ | 18.70 | | | Granted | 11,000 | | 20.32 | | | Forfeited | (60,500) | | 19.74 | | | Vested/released | (12,168) | | 17.43 | | | RSUs & Stock Grants outstanding December 31, 2019 | 14,332 | | 16.66 | | | Granted | 813,256 | | 11.44 | | | Forfeited | (98,398) | | 11.66 | | | Vested/released | (202,776) | | 12.41 | | | RSUs & Stock Grants outstanding December 31, 2020 | 526,414 | | 11.17 | |
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| Weighted Average Fair Value of Grants Awarded |
The table below summarizes the weighted average fair value of RSUs and stock grants awarded for the years ending December 31: | | | | | | | | | | | | | 2020 | 2019 | 2018 | | Weighted average fair value | $ | 11.44 | | $ | 20.32 | | $ | 17.33 | |
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| Equity-Based Compensation Expense and Tax Benefit |
The expense and tax benefits recognized on the Company’s consolidated statements of operations and comprehensive loss related to share-based compensation for the years ended December 31 (in thousands) is as follows:
| | | | | | | | | | | | | 2020 | 2019 | 2018 | | Cost of Sales | $ | 351 | | $ | 277 | | $ | 189 | | | Research and development | 4,035 | | 4,115 | | 4,760 | | | Sales, general and administrative | 12,078 | | 8,226 | | 9,473 | | | Total equity-based compensation expense | $ | 16,464 | | $ | 12,618 | | $ | 14,422 | | | Recognized tax benefit | $ | — | | $ | — | | $ | — | |
The share-based compensation cost capitalized to inventory or inventory transferred to property and equipment (also referred to as instruments) for the years ended December 31 (in thousands) is as follows:
| | | | | | | | | | | | | 2020 | 2019 | 2018 | | Cost capitalized to inventory | $ | 253 | | $ | 409 | | $ | 463 | |
The table below summarizes share-based compensation cost in connection with performance-based stock options for the years ending December 31 (in thousands):
| | | | | | | | | | | | | 2020 | 2019 | 2018 | Performance-based stock option expense | $ | 215 | | $ | 107 | | $ | 717 | |
The table below summarizes share-based compensation cost in connection with performance-based stock options for the years ending December 31 (in thousands):
| | | | | | | | | | | | | 2020 | 2019 | 2018 | Performance-based RSU expense | $ | 810 | | $ | — | | $ | — | |
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