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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2022
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock Options The Company had 4.5 million shares available for grant as of June 30, 2022 under the 2021 Equity Incentive Award Plan. The Company ceased making awards under the 2008 Stock Plan upon the effective date of the Company’s IPO. A summary of the Company’s stock option activity and related information are as follows (shares in thousands):
| Six Months Ended |  |  |  |  |  |
| June 30, 2022 |  |  |  |
| Number of Shares |  | Weighted Average Exercise Price |  |  |  |  |  |  |  |
Outstanding, beginning of period | 6,365 |  |  | $ | 5.34 |  |  |  |  |  |  |  |  |
Granted | 254 |  |  | 35.58 |  |  |  |  |  |  |  |  |
Exercised | (802) |  |  | 3.57 |  |  |  |  |  |  |  |  |
Forfeited | (151) |  |  | 7.09 |  |  |  |  |  |  |  |  |
Outstanding, end of period | 5,666 |  |  | 6.90 |  |  |  |  |  |  |  |  |
Vested and expected to vest | 5,666 |  |  | 6.90 |  |  |  |  |  |  |  |  |
Exercisable | 2,933 |  |  | 4.63 |  |  |  |  |  |  |  |  |
As of June 30, 2022 and December 31, 2021, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $82.3 million and $64.3 million, respectively, and the aggregate pre-tax intrinsic value options outstanding were $147.1 million and $125.7 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $21.7 million and $3.4 million during the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, there was a total of $11.4 million of unrecognized stock-based compensation expense related to stock options. The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |
Expected life (years) | 5.8 |  | 6.0 |  | 5.9 |  | 6.0 |  |  |
Expected volatility | 56 | % |  | 52 | % |  | 55 | % |  | 49 | % |  |  |
Risk-free interest rate | 2.9 | % |  | 1.1 | % |  | 2.5 | % |  | 1.1 | % |  |  |
Expected dividend rate | — | % |  | — | % |  | — | % |  | — | % |  |  |
Weighted-average fair value | $ | 20.07 |  |  | $ | 3.59 |  |  | $ | 19.15 |  |  | $ | 3.14 |  |  |  |
Restricted Stock Units A summary of the Company’s restricted stock unit (“RSU”) activity and related information are as follows (restricted stock units in thousands):
| Six Months Ended |  |  |  |  |  |
| June 30, 2022 |  |  |  |
| Number of Shares |  | Weighted Average Grant Date Fair Value |  |  |  |  |  |  |  |
Outstanding, beginning of period | 35 |  |  | $ | 34.78 |  |  |  |  |  |  |  |  |
Awarded | 538 |  |  | 34.14 |  |  |  |  |  |  |  |  |
Forfeited | (14) |  |  | 31.76 |  |  |  |  |  |  |  |  |
Outstanding, end of period | 559 |  |  | 34.22 |  |  |  |  |  |  |  |  |
As of June 30, 2022, there was a total of $17.8 million of unrecognized stock-based compensation expense related to RSUs. Employee Stock Purchase Plan As of June 30, 2022, there was approximately $0.7 million of unrecognized cost related to employee stock purchases under the Employee Stock Purchase Plan (“ESPP”). This cost is expected to be recognized over a weighted average period of 0.5 years. As of June 30, 2022, a total of 0.8 million shares were available for issuance under the ESPP. The fair value of the awards granted under the ESPP for the six months ended June 30, 2022 to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
| Six Months Ended June 30, |  |
| 2022 |  |  |  |  |  |
Expected life (years) | 0.8 |  |  |  |  |  |
Expected volatility | 57 | % |  |  |  |  |  |
Risk-free interest rate | 1.8 | % |  |  |  |  |  |
Expected dividend rate | — | % |  |  |  |  |  |
Weighted-average fair value | $ | 12.25 |  |  |  |  |  |  |
Total stock-based compensation recognized, before taxes, are as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |
Cost of sales | $ | 252 |  |  | $ | 51 |  |  | $ | 375 |  |  | $ | 74 |  |  |  |
Research and development | 553 |  |  | 155 |  |  | 853 |  |  | 307 |  |  |  |
Sales, general and administrative | 1,871 |  |  | 519 |  |  | 3,000 |  |  | 994 |  |  |  |
Total stock-based compensation | $ | 2,676 |  |  | $ | 725 |  |  | $ | 4,228 |  |  | $ | 1,375 |  |  |  |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: 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
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