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Equity Incentive Plans (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Restricted and Performance Stock Units | A summary of the Company’s RSUs and PSUs as of September 30, 2024 and changes during the nine months then ended is presented below:
|  |  |  | Weighted- |  |  |  | Weighted-
|  | Number |  | Average |  | Number |  | Average
|  | of RSUs |  | Fair Value RSUs |  | of PSUs (3) |  | Fair Value PSUs
Outstanding as of December 31, 2023 |  | 868,063 |  |  | $ | 46.45 |  |  | 480,254 |  |  | $ | 46.07 |
Granted |  | 309,293 |  |  | 66.70 |  |  | 156,087 |  |  | 66.77 |
Vested (1)(2) |  | (492,950) |  |  | 46.51 |  |  | (133,099) |  |  | 45.36 |
Forfeited |  | (20,635) |  |  | 36.42 |  |  | (2,275) |  |  | 56.40 |
Outstanding as of September 30, 2024 |  | 663,771 |  |  | $ | 56.16 |  |  | 500,967 |  |  | $ | 52.66 |
_______________________________________________________________________________ (1) Includes 54,117 shares of common stock related to RSU's that were not delivered as of September 30, 2024. (2) Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 133,099 PSUs that vested during the nine months ended September 30, 2024, were entitled to receive 266,198 shares of common stock. As of September 30, 2024, there were 86,762 shares of common stock that had not been delivered in connection with the vesting of these PSUs. (3) Number of PSUs reflects 100% of the target level grant and may not be indicative of the performance level expected to be achieved.
Schedule of Shares of Common Stock Issued | Compensation expense recorded related to the Company's RSUs and PSUs in the unaudited condensed consolidated statements of operations was as follows:
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
RSUs |  | $ | 4,505 |  |  | $ | 4,012 |  |  | $ | 14,633 |  |  | $ | 12,966 |
PSUs |  | 4,378 |  |  | 1,129 |  |  | 8,889 |  |  | 7,911 |
A summary of shares of common stock issued related to the 2015 Plan, including the impact of any DERs issued in common stock, is presented below:
|  | Nine months ended |  | Nine months ended
|  | September 30, 2024 |  | September 30, 2023
|  | RSUs |  | PSUs |  | RSUs |  | PSUs
Shares of common stock issued |  | 477,642 |  |  | 219,831 |  |  | 472,766 |  |  | 231,580 |
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations |  | (159,600) |  |  | (95,814) |  |  | (128,291) |  |  | (91,842) |
Net shares of common stock issued |  | 318,042 |  |  | 124,017 |  |  | 344,475 |  |  | 139,738 |
Cumulative undelivered shares of common stock |  | 480,608 |  |  | 471,078 |  |  | 457,703 |  |  | 420,447 |
Schedule of Compensation Expense Related to Equity Incentive Plans | The allocation of share-based compensation expense in the unaudited condensed consolidated statements of operations was as follows:
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Cost of goods sold |  | $ | 439 |  |  | $ | 340 |  |  | $ | 1,242 |  |  | $ | 1,095 |
Selling, general and administrative |  | 8,207 |  |  | 4,629 |  |  | 21,524 |  |  | 18,875 |
Research and development |  | 385 |  |  | 336 |  |  | 1,232 |  |  | 1,399 |
Total compensation expense before income tax |  | 9,031 |  |  | 5,305 |  |  | 23,998 |  |  | 21,369 |
Income tax benefit |  | 2,024 |  |  | 945 |  |  | 5,433 |  |  | 4,304 |
Total compensation expense, net of income tax |  | $ | 7,007 |  |  | $ | 4,360 |  |  | $ | 18,565 |  |  | $ | 17,065 |

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- Definition Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-4 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-5 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481142/505-10-45-2 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-10 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
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