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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2023
STOCK-BASED COMPENSATION |
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, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenues | ​ | $ | 446 | ​ | $ | 235 | ​ | $ | 747 | ​ | $ | 555
Research and development | ​ |  | 2,429 | ​ |  | 2,323 | ​ |  | 5,097 | ​ |  | 5,378
Sales and marketing | ​ |  | 1,621 | ​ |  | 1,177 | ​ |  | 3,274 | ​ |  | 3,125
General and administrative | ​ |  | 2,256 | ​ |  | (56) | ​ |  | 5,002 | ​ |  | 3,634
Total stock-based compensation expense | ​ | $ | 6,752 | ​ | $ | 3,679 | ​ | $ | 14,120 | ​ | $ | 12,692
​ Stock-based compensation expense in the three months ended June 30, 2023, was approximately $6.8 million, comprising approximately $5.3 million related to restricted stock unit (“RSU”) awards, $0.5 million related to the Company’s employee stock purchase plan and $1.0 million related to performance-based (“PSU”) awards and long-term performance-based (“PRSU”) awards. Stock-based compensation expense in the six months ended June 30, 2023, was approximately $14.1 million, comprising approximately $11.2 million related to RSUs, $1.0 million related to the Company’s employee stock purchase plan and $1.9 million related to PSUs and PRSUs. Stock-based compensation expense in the three months ended June 30, 2022, was approximately $3.7 million, comprising approximately $5.3 million related to RSUs, $0.5 million related to the Company’s employee stock purchase plan and $2.1 million credit related to PSUs and PRSUs. 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 the Company’s employee stock purchase plan and $0.9 million related to PSUs and PRSUs. 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 2023, it was determined that approximately 34,000 shares subject to the PSUs granted in 2022 vested in aggregate; the shares were released to the Company’s employees and executives in the first quarter of 2023. A summary of PSUs outstanding as of June 30, 2023 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, 2023 |  | 34 | ​ | $ | 79.94 |  | ​ |  | ​ | ​
Granted |  | 130 | ​ | $ | 82.88 |  | ​ |  | ​ |
Vested |  | (34) | ​ | $ | 79.94 |  |  |  | ​ |
Forfeited |  | — | ​ | ​ | — |  |  |  | ​ |
Outstanding at June 30, 2023 |  | 130 | ​ | $ | 82.88 |  | 0.50 | ​ | $ | 12,295
Outstanding and expected to vest at June 30, 2023 |  | 39 | ​ |  | ​ | ​ | 0.50 | ​ | $ | 3,689
​ 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 2021, 2022 and 2023 were based on the Company’s compound annual growth rate (“CAGR”) of revenue as measured against the revenue CAGR of the analog semiconductor industry (“Relative Measure”), in each case over the respective three-year performance period. In addition, the PRSUs granted in 2023 (“2023 PRSUs”) also include a performance goal related to the Company’s revenue growth over the respective three-year performance period as compared to defined targets (“Absolute Measure”) with the actual vesting of the 2023 PRSUs calculated based on higher achievement under the Relative Measure or the Absolute Measure. 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 2023, it was determined that approximately 23,000 shares subject to the PRSUs granted in 2020 vested in aggregate; the shares were released to the Company’s executives in the first quarter of 2023. A summary of PRSUs outstanding as of June 30, 2023 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, 2023 |  | 236 | ​ | $ | 77.82 |  | ​ |  | ​ | ​
Granted |  | 145 | ​ | $ | 80.92 |  |  |  | ​ |
Vested |  | (23) | ​ | $ | 49.68 |  |  |  | ​ |
Forfeited |  | — | ​ | ​ | — |  |  |  | ​ |
Outstanding at June 30, 2023 |  | 358 | ​ | $ | 80.89 |  | 1.62 | ​ | $ | 33,923
Outstanding and expected to vest at June 30, 2023 |  | 79 | ​ |  | ​ | ​ | 2.50 | ​ | $ | 7,454
​ RSU Awards A summary of RSUs outstanding as of June 30, 2023 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, 2023 |  | 1,096 | ​ | $ | 60.52 |  | ​ |  | ​ | ​
Granted |  | 314 | ​ | $ | 80.52 |  |  |  | ​ |
Vested |  | (368) | ​ | $ | 51.04 |  |  |  | ​ |
Forfeited |  | (13) | ​ | $ | 70.85 |  |  |  | ​ |
Outstanding at June 30, 2023 |  | 1,029 | ​ | $ | 69.89 |  | 1.90 | ​ | $ | 97,327
Outstanding and expected to vest at June 30, 2023 |  | 943 | ​ |  | ​ | ​ | 1.81 | ​ | $ | 89,310
​

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