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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of allocated expense | The following table summarizes ESPP expense incurred under the 2016 Employee Stock Purchase Plan and included in the consolidated statements of operations:
(in thousands) | Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Selling, general, and administrative | $ | 360 |  | $ | 222 |  | $ | 87
Cost of sales | 60 |  | 50 |  | 15
Research and development | 47 |  | 41 |  | 21
| $ | 467 |  | $ | 313 |  | $ | 123
The following table summarizes stock-based compensation expense incurred for stock options, restricted stock awards, performance-based restricted stock units, and Inducement Grants and included in the consolidated statements of operations:
(in thousands) | Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Selling, general, and administrative | $ | 18,676 |  | $ | 13,094 |  | $ | 9,818
Research and development | 863 |  | 710 |  | 543
Cost of sales | 646 |  | 482 |  | 5
| $ | 20,185 |  | $ | 14,286 |  | $ | 10,366
Valuation assumptions | For 2023, 2022, and 2021, the fair value of each option grant was estimated using the Black-Scholes option-pricing model, using the following assumptions:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected option life (years) | 6.25 |  | 5.50 - 6.25 |  | 5.50 - 6.25
Risk-free interest rate | 4.1% |  | 1.71% - 2.83% |  | 0.68% - 1.39%
Expected stock price volatility | 49.0% |  | 48.4% - 50.0% |  | 48.2% - 49.5%
Dividend yield | — |  | — |  | —
Summary of stock option and restricted stock activity | A summary of stock option activity under the 2022 Plan and Inducement Grants during the years ended December 31, 2023, 2022, and 2021 is presented below:
(in thousands, except per share and remaining term data) |  | Option Shares |  | Weighted Average Exercise Price |  | Fair Value |  | Weighted Average Remaining Term (years) |  | Aggregate Intrinsic Value
Outstanding December 31, 2020 |  | 936 |  |  | $ | 48.44 |  |  |  |  | 7.1 |  | $ | 372 |
Granted |  | 168 |  |  | 33.09 |  |  | $ | 15.71 |  |  |  |  |
Exercised |  | (42) |  |  | 40.25 |  |  |  |  |  |  | 552 |
Forfeited |  | (19) |  |  | 59.84 |  |  |  |  |  |  |
Expired |  | (55) |  |  | 55.59 |  |  |  |  |  |  |
Outstanding December 31, 2021 |  | 988 |  |  | $ | 45.56 |  |  |  |  | 6.6 |  | $ | 6,786 |
Granted |  | 36 |  |  | 34.52 |  |  | $ | 16.82 |  |  |  |  |
Exercised |  | (23) |  |  | 30.03 |  |  |  |  |  |  | 153 |
Forfeited |  | (47) |  |  | 36.91 |  |  |  |  |  |  |
Expired |  | (47) |  |  | 55.07 |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  | 907 |  |  | $ | 45.47 |  |  |  |  | 5.6 |  | $ | 3,868 |
Granted |  | 3 |  |  | 41.84 |  |  | $ | 22.12 |  |  |  |  |
Exercised |  | (189) |  |  | 44.09 |  |  |  |  |  |  | 2,894 |
Forfeited |  | (21) |  |  | 33.45 |  |  |  |  |  |  |
Expired |  | (11) |  |  | 55.15 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  | 689 |  |  | $ | 46.05 |  |  |  |  | 4.9 |  | $ | 8,370 |
Exercisable at December 31, 2023 |  | 580 |  |  | $ | 48.75 |  |  |  |  | 4.5 |  | $ | 5,815 |
Restricted stock activity | A summary of RSA activity under the Plan during the years ended December 31, 2023, 2022, and 2021 is presented below:
(in thousands, except per share and remaining term data) |  | Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Term (years)
Unvested at December 31, 2020 |  | 352 |  |  | $ | 48.14 |  |  | 2.7
Granted |  | 541 |  |  | 33.02 |  |  |
Vested |  | (125) |  |  | 48.32 |  |  |
Forfeited |  | (61) |  |  | 48.16 |  |  |
Unvested at December 31, 2021 |  | 707 |  |  | $ | 36.52 |  |  | 2.8
Granted |  | 748 |  |  | 32.76 |  |  |
Vested |  | (245) |  |  | 36.99 |  |  |
Forfeited |  | (69) |  |  | 38.08 |  |  |
Unvested at December 31, 2022 |  | 1,141 |  |  | $ | 33.86 |  |  | 2.6
Granted |  | 674 |  |  | 43.30 |  |  |
Vested |  | (383) |  |  | 34.59 |  |  |
Forfeited |  | (81) |  |  | 38.10 |  |  |
Unvested at December 31, 2023 |  | 1,351 |  |  | $ | 38.11 |  |  | 2.4
Performance shares activity | A summary of PSU activity under the Plan during the years ended December 31, 2023 and 2022 is presented below:
(in thousands, except per share and remaining term data) |  | Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Term (years)
Unvested at December 31, 2022 |  | — |  |  | $ | — |  |  | — |
Granted |  | 85 |  |  | 41.84 |  |  |
Vested |  | — |  |  | — |  |  |
Forfeited |  | (1) |  |  | 41.84 |  |  |
Unvested at December 31, 2023 |  | 84 |  |  | $ | 41.84 |  |  | 2.0

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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