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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Share-based Payment Arrangement, Option, Activity | A summary of stock option activity under the Plans was as follows:
(In thousands, except prices and years) | Number of options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value
Options outstanding at January 1, 2023 | 4,410 |  |  | $ | 14.04 |  |  | 6.25 |  | $ | 251,832 |
Granted (1) | — |  |  |  |  |  |  |
Exercised | (1,396) |  |  | 9.76 |  |  |  |  |
Forfeited and expired | (29) |  |  | 14.09 |  |  |  |  |
Options outstanding at December 31, 2023 | 2,985 |  |  | $ | 16.04 |  |  | 5.60 |  | $ | 629,865 |
Options exercisable at December 31, 2023 | 2,817 |  |  | $ | 15.54 |  |  | 5.54 |  | $ | 594,157 |
________________ (1) There were no stock options granted during the years ended December 31, 2023 and 2022.
Share-based Payment Arrangement, Option, Valuation Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | n/a |  | n/a |  | 1.04 – 1.14%
Expected life | n/a |  | n/a |  | 5.90 years
Expected volatility | n/a |  | n/a |  | 48.90 – 49.12%
Dividend yield | n/a |  | n/a |  | —%
Fair value of common stock | n/a |  | n/a |  | $38.08 – $52.80
Share-based Payment Arrangement, RSU, Activity | A summary of RSU activity under the Plans was as follows:
(In thousands, except prices) | Restricted stock units |  | Weighted- average grant date fair value per share
Outstanding at January 1, 2023 | 2,036 |  |  | $ | 85.74 |
Granted | 873 |  |  | 138.99 |
Released | (673) |  |  | 89.58 |
Forfeited | (209) |  |  | 96.23 |
Outstanding at December 31, 2023 | 2,027 |  |  | $ | 106.32 |
Share-based Payment Arrangement, Payment Award |
Tranche |  | Company Stock Price Hurdle |  | Number of RSUs Eligible to Vest
1 |  | $ | 127.50 |  |  | 90 |
2 |  | $ | 153.00 |  |  | 90 |
3 |  | $ | 178.50 |  |  | 90 |
4 |  | $ | 204.00 |  |  | 180 |
5 |  | $ | 255.00 |  |  | 180 |
6 |  | $ | 306.00 |  |  | 180 |
7 |  | $ | 357.00 |  |  | 180 |
8 |  | $ | 408.00 |  |  | 180 |
9 |  | $ | 612.00 |  |  | 270 |
10 |  | $ | 816.00 |  |  | 360 |
The weighted-average grant date fair value of the Founder Awards was estimated to be $61.56 per share using the below inputs.
Input | Assumption
Valuation Date | June 28, 2021
Risk-free interest rate | 1.48%
Expected life | 9.98
Expected volatility | 51.67%
Dividend yield | 0.00%
Fair value of common stock | $95.00
Share-based Payment Arrangement, Expensed, Amount | Stock based compensation expense is included in the Consolidated Statements of Operations and Comprehensive Income (Loss) as shown in the following table:
|  | Year Ended December 31,
(In thousands) |  |  |  | 2023 |  | 2022 |  | 2021
Cost of revenues |  |  |  | $ | 55 |  |  | $ | 38 |  |  | $ | 8 |
Research and development |  |  |  | 45,119 |  |  | 26,373 |  |  | 9,298 |
Sales and marketing |  |  |  | 3,908 |  |  | 2,540 |  |  | 881 |
General and administrative |  |  |  | 46,139 |  |  | 44,869 |  |  | 30,617 |
Total |  |  |  | $ | 95,221 |  |  | $ | 73,820 |  |  | $ | 40,804 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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