XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.22.2

STOCK-BASED COMPENSATION | 6 Months Ended
--- | ---
Jun. 30, 2022
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | 6. STOCK-BASED COMPENSATION: The following table summarizes the stock-based compensation expense recognized in accordance with ASC 718-10 for the three and six months ended June 30, 2022 and 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenues | ​ | $ | 235 | ​ | $ | 640 | ​ | $ | 555 | ​ | $ | 1,271
Research and development | ​ |  | 2,323 | ​ |  | 3,159 | ​ |  | 5,378 | ​ |  | 5,550
Sales and marketing | ​ |  | 1,177 | ​ |  | 1,725 | ​ |  | 3,125 | ​ |  | 3,339
General and administrative | ​ |  | (56) | ​ |  | 3,676 | ​ |  | 3,634 | ​ |  | 7,520
Total stock-based compensation expense | ​ | $ | 3,679 | ​ | $ | 9,200 | ​ | $ | 12,692 | ​ | $ | 17,680
​ ​ Stock-based compensation expense in the three months ended June 30, 2022, was approximately $3.7 million, comprising approximately $5.3 million related to restricted stock unit (RSU) awards, a $2.1 million credit to expense related to performance-based (PSU) awards and long-term performance-based (PRSU) awards and $0.5 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the six months ended June 30, 2022, was approximately $12.7 million, comprising approximately $10.9 million related to RSUs, $0.9 million related to PSUs and PRSUs and $0.9 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the three months ended June 30, 2021, was approximately $9.2 million, comprising approximately $4.7 million related to RSUs, $4.0 million related to PSUs and PRSUs and $0.5 million related to the Company’s employee stock purchase plan. Stock-based compensation expense in the six months ended June 30, 2021, was approximately $17.7 million, comprising approximately $10.0 million related to RSUs, $6.7 million related to PSUs and PRSUs and $1.0 million related to the Company’s employee stock purchase plan. PSU Awards Under the performance-based awards program, the Company grants awards in the performance year in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The number of shares that are released at the end of the performance year can range from zero to 200% of the target number depending on the Company’s performance. The performance metrics of this program are annual targets consisting of a combination of net revenue, non-GAAP operating income and strategic goals. As the net revenue, non-GAAP operating income and strategic goals are considered performance conditions, expense associated with these awards, net of estimated forfeitures, is recognized over the service period based on an assessment of the expected achievement of the performance targets. The fair value of these PSUs is determined using the fair value of the Company’s common stock on the date of the grant, reduced by the discounted present value of dividends expected to be declared before the awards vest. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. In February 2022, it was determined that approximately 104,000 shares subject to the PSUs granted in 2021 vested in aggregate; the shares were released to the Company’s employees and executives in the first quarter of 2022. A summary of PSUs outstanding as of June 30, 2022 and activity during the six months ended, is presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted-Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Shares | ​ | Grant Date Fair | ​ | Contractual Term | ​ | Intrinsic Value
​ |  | (In thousands) |  | Value Per Share |  | (In years) |  | (In thousands)
Outstanding at January 1, 2022 |  | 104 | ​ | $ | 84.47 |  | ​ |  | ​ | ​
Granted |  | 118 | ​ | $ | 79.93 |  | ​ |  | ​ |
Vested |  | (104) | ​ | $ | 84.47 |  |  |  | ​ |
Forfeited |  | (2) | ​ | $ | 79.23 |  |  |  | ​ |
Outstanding at June 30, 2022 |  | 116 | ​ | $ | 79.94 |  | 0.50 | ​ | $ | 8,678
Outstanding and expected to vest at June 30, 2022 |  | 75 | ​ |  | ​ | ​ | 0.50 | ​ | $ | 5,623
​ PRSU Awards The Company’s PRSU program provides for the issuance of PRSUs which will vest based on the Company’s performance measured against the PRSU program’s established performance targets. PRSUs are granted in an amount equal to twice the target number of shares to be issued if the maximum performance metrics are met. The actual number of shares the recipient receives is determined at the end of a three-year performance period based on results achieved versus the Company’s performance goals, and may range from zero to 200% of the target number. The performance goals for PRSUs granted in fiscal 2020, 2021 and 2022 were based on the Company’s compound annual growth rate (“CAGR”) of revenue as measured against the revenue CAGR of the analog semiconductor industry, in each case over the respective three-year performance period. Expense associated with these awards, net of estimated forfeitures, is recorded throughout the year based on an assessment of the expected achievement of the performance targets. If the performance conditions are not achieved, no compensation cost is recognized and any previously recognized compensation is reversed. In February 2022 it was determined that approximately 135,000 shares subject to the PRSUs granted in 2019 vested in aggregate; the shares were released to the Company’s executives in the first quarter of 2022. A summary of PRSUs outstanding as of June 30, 2022 and activity during the six months ended, is presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted-Average | ​ | Aggregate
​ | ​ | ​ | ​ | Weighted-Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Shares | ​ | Grant Date Fair | ​ | Contractual Term | ​ | Value
​ |  | (In thousands) |  | Value Per Share |  | (In years) |  | (In thousands)
Outstanding at January 1, 2022 |  | 383 | ​ | $ | 53.14 |  | ​ |  | ​ | ​
Granted |  | 110 | ​ | $ | 78.96 |  |  |  | ​ |
Vested |  | (135) | ​ | $ | 34.09 |  |  |  | ​ |
Forfeited |  | — | ​ | ​ | — |  |  |  | ​ |
Outstanding at June 30, 2022 |  | 358 | ​ | $ | 68.18 |  | 1.40 | ​ | $ | 26,881
Outstanding and expected to vest at June 30, 2022 |  | 152 | ​ |  | ​ | ​ | 1.07 | ​ | $ | 11,408
​ RSU Awards A summary of RSUs outstanding as of June 30, 2022 and activity during the six months ended, is presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted-Average | ​ | Aggregate
​ | ​ | ​ | ​ | Weighted-Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Shares | ​ | Grant Date Fair | ​ | Contractual Term | ​ | Value
​ |  | (In thousands) |  | Value Per Share |  | (In years) |  | (In thousands)
Outstanding at January 1, 2022 |  | 1,144 | ​ | $ | 46.81 |  | ​ |  | ​ | ​
Granted |  | 481 | ​ | $ | 76.45 |  |  |  | ​ |
Vested |  | (433) | ​ | $ | 42.34 |  |  |  | ​ |
Forfeited |  | (40) | ​ | $ | 56.04 |  |  |  | ​ |
Outstanding at June 30, 2022 |  | 1,152 | ​ | $ | 60.55 |  | 2.00 | ​ | $ | 86,448
Outstanding and expected to vest at June 30, 2022 |  | 1,053 | ​ |  | ​ | ​ | 1.89 | ​ | $ | 79,006
​

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration