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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table presents the effects of share-based compensation expense in the Condensed Consolidated Statements of Operations during the periods presented (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenues | $ | 76 |  |  | $ | 63 |  |  | $ | 246 |  |  | $ | 289 |
Sales and marketing | 323 |  |  | 772 |  |  | 2,285 |  |  | 2,447 |
Research, development, and engineering | 840 |  |  | 567 |  |  | 2,581 |  |  | 2,048 |
General and administrative | 5,535 |  |  | 4,984 |  |  | 19,281 |  |  | 16,022 |
Total share-based compensation expense | $ | 6,774 |  |  | $ | 6,386 |  |  | $ | 24,393 |  |  | $ | 20,806 |
Market-Based Restricted Stock Awards, Valuation Assumptions | The weighted-average fair values of market-based restricted stock units granted have been estimated utilizing the following assumptions:
| September 30, 2023 |  | September 30, 2022
Underlying stock price at valuation date | $ | 77.80 |  |  | $ | 99.32 |
Expected volatility | 32.0 | % |  | 36.7 | %
Risk-free interest rate | 4.1 | % |  | 1.8 | %
Restricted Stock and Restricted Stock Unit Award Activity | Restricted stock award activity for the nine months ended September 30, 2023 is set forth below:
| Shares |  | Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2023 | 311,281 |  |  | $ | 52.73 |
Vested | (51,154) |  |  | $ | 72.40 |
Canceled | (322) |  |  | $ | 77.75 |
Nonvested at September 30, 2023 | 259,805 |  |  | $ | 48.82 |
Restricted stock unit activity for the nine months ended September 30, 2023 is set forth below:
| Number of Shares |  | Aggregate Intrinsic Value
Outstanding at January 1, 2023 | 464,354 |  |  |
Granted | 464,311 |  |  |
Vested | (73,701) |  |  |
Canceled | (36,858) |  |  |
Outstanding at September 30, 2023 | 818,106 |  |  | $ | 52,105,171 |
Vested and expected to vest at September 30, 2023 | 749,680 |  |  | $ | 47,747,103 |
Schedule of Employee Stock Purchase Plan, Valuation Assumptions | The shared-based compensation expense related to the Purchase Plan has been estimated utilizing the following weighted-average assumptions:
| September 30, 2023 |  | September 30, 2022
Risk-free interest rate | 4.7% |  | 1.5%
Expected term (in years) | 0.5 |  | 0.5
Expected volatility | 35.8% |  | 41.6%

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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