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Stock-Based Compensation Expense (Tables)
6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Employee Awards and Non-employee Director Award Plan Activity

During the six months ended June 30, 2021, the Company granted the following awards:

 

 

 

Three Months

Ended

 

 

Three Months

Ended

 

 

Six Months

Ended

 

 

 

March 31,

2021

 

 

June 30,

2021

 

 

June 30,

2021

 

Employee awards:

 

 

 

 

 

 

 

 

 

 

 

 

RSUs

 

 

370,137

 

(1)

 

1,476,059

 

(2)

 

1,846,196

 

Market RSUs

 

 

 

 

 

918,775

 

(3)

 

918,775

 

Non-employee director RSUs

 

 

 

 

 

316,232

 

(4)

 

316,232

 

Total awards

 

 

370,137

 

 

 

2,711,066

 

 

 

3,081,203

 

____________________

(1)

RSUs had a weighted average grant date fair value of $5.53 per share, of which 202,237 RSUs had a vesting period of 1 year and 167,900 RSUs had a vesting period of four years.

(2)

RSUs had a weighted average grant date fair value of $4.26 per share and a vesting period of 4 years.

(3)

Market RSUs had a grant date fair value of $9.30 per share and will vest on May 17, 2024 provided the closing price of the Company’s common stock on such vesting date is not less than the closing price on May 17, 2021. The number of shares delivered on the vesting date is determined by the percentile ranking of MannKind total shareholder return (TSR) over the period from May 18, 2021 until May 17, 2024 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same three-year period, as follows: less than 25th percentile=0% of target, 25th percentile=50% of target, 50th percentile=100% of target, 75th percentile=200% of target, 90th percentile or higher=300% maximum.  Payout values will be interpolated between the percentile rankings above.

(4)

RSUs had a weighted average grant date fair value of $4.31 per share and vested immediately upon grant, but the underlying shares of common stock will not be delivered until there is a separation of service, such as resignation, retirement or death.

Stock Based Compensation Expense Recognized in Condensed Consolidated Statements of Operations

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended June 30, 2021 and 2020 was as follows (in thousands):

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

RSUs and options

 

$

3,819

 

 

$

2,122

 

 

$

5,625

 

 

$

3,188

 

Employee stock purchase plan

 

 

107

 

 

 

63

 

 

 

236

 

 

 

125

 

Total stock compensation expense

 

$

3,926

 

 

$

2,185

 

 

$

5,861

 

 

$

3,313