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Stock-Based Compensation and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation Expense

Stock-based compensation expense for the years ended December 31 was as follows (in thousands):

		2022				2021				2020
Cost of revenues		$	1,648			$	1,000			$	934
Selling, general and administrative			5,735				3,873				3,164
Research and development			2,881				2,162				1,785
Total stock-based compensation		$	10,264			$	7,035			$	5,883

Summary of Compensation Expense by Type of Award

Compensation expense by type of award for the years ended December 31 was as follows (in thousands):

		2022				2021				2020
Stock options		$	9,093			$	6,122			$	4,982
ESPP			1,171				913				901
Total stock-based compensation		$	10,264			$	7,035			$	5,883

Weighted-Average Assumptions for Non Performance-Based Fair Value for Stock Options

The fair value for non-performance-based stock options awarded under the 2000 Plan for the years shown below was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

		2022				2021				2020
Risk-free interest rate			2.8	%			0.8	%			0.5	%
Expected dividend yield			—				—				—
Expected volatility			51	%			49	%			48	%
Expected term (years)			4.4				4.9				6.1

2000 Plan, Vicor [Member]

Stock-Based Compensation Expense

A summary of the activity under the 2000 Plan as of December 31, 2022 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data):

		Options Outstanding				Weighted- Average Exercise Price				Weighted -Average Remaining Contractual Life in Years				Aggregate Intrinsic Value
Outstanding on December 31, 2021			1,677,661			$	33.48
Granted			568,727			$	61.72
Forfeited and expired			(94,807	)		$	59.78
Exercised			(126,917	)		$	12.87
Outstanding on December 31, 2022			2,024,664			$	41.48				4.05			$	42,160
Exercisable on December 31, 2022			1,046,092			$	18.26				2.44			$	40,376
Vested or expected to vest as of December 31, 2022(1)			1,928,480			$	40.20				3.95			$	42,057

(1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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