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Stock-Based Compensation Expense | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | NOTE 11 – STOCK-BASED COMPENSATION EXPENSE The effect of recording stock-based compensation (“SBC”) expense for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,093 |  |  | $ | 736 |  |  |  | 1,902 |  |  |  | 1,330 |
Selling, general and administrative |  |  | 5,499 |  |  |  | 3,820 |  |  |  | 9,835 |  |  |  | 6,866 |
Total stock-based compensation expense |  | $ | 6,592 |  |  | $ | 4,556 |  |  | $ | 11,737 |  |  | $ | 8,196 |
There were no options granted during the three and six months ended June 30, 2024 and 2023. The Company uses a Monte Carlo simulation to determine the grant date fair value of performance stock awards subject to market conditions, or market-based PSUs. The following assumptions were used to value the restricted stock units subject to market conditions granted during the six months ended June 30, 2024 and 2023:
|  | May 2024 |  |  | May 2023 |  |  | March 2023 |
Expected life (years) |  |  | 3.0 |  |  |  | 3.0 |  |  |  | 3.0 |
Risk-free interest rate |  |  | 4.5 | % |  |  | 3.6 | % |  |  | 4.5 | %
Dividend yield |  |  | 1.8 | % |  |  | 2.3 | % |  |  | 1.9 | %
Expected volatility |  |  | 57.0 | % |  |  | 63.3 | % |  |  | 68.5 | %
Grants under the 2020 ESPP occur in June and December, as discussed in “Note 10 – Stockholders’ Equity”. The following assumptions were used to value the shares for these grants.
|  | June 2024 |  |  | June 2023 |
Expected life (years) |  |  | 2.0 |  |  |  | 2.0 |
Risk-free interest rate |  |  | 4.8 | % |  |  | 4.3 | %
Dividend yield |  |  | 1.7 | % |  |  | 2.0 | %
Expected volatility |  |  | 57.0 | % |  |  | 63.5 | %

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