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Stock-Based Compensation Expense (Tables)

6 Months Ended

Jun. 30, 2024

Effect of Recording 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

2020 ESPP

Schedule of Assumptions Used to Value Awards Granted

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	%

Restricted Stock Units

Schedule of Assumptions Used to Value Awards Granted

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	%

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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