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Share-based Compensation

3 Months Ended

Mar. 31, 2022

Note 8 — Share-based Compensation

Restricted share awards are issued to employees and board of directors that are subject to specified restrictions and a risk of forfeiture. The restrictions typically lapse over one to four years and may entitle holders to dividends and voting rights. Other types of share-based compensation include performance share awards, performance share units, and restricted share units (collectively with restricted share awards, “restricted shares”), as well as options to purchase common stock.

Share-based compensation expense was recognized in the following line items in the Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021:


	Three months ended March 31,
	2022		2021

	(in thousands)
Cost of sales	$	938	$	495
Research and development		1,257		817
Selling, general, and administrative		2,286		1,925
Total	$	4,481	$	3,237

For the three months ended March 31, 2022, equity activity related to stock options was as follows:


		Weighted
	Number of	Average
	Shares	Exercise Price
	(in thousands)
Balance - December 31, 2021	443	$	32.15
Expired	(4)		31.01
Balance - March 31, 2022	439		32.16

For the three months ended March 31, 2022, equity activity related to non-vested restricted shares and performance shares was as follows:


		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2021	2,083	$	17.33
Granted	896		32.60
Performance award adjustments	85		14.03
Vested	(600)		15.53
Forfeited	(23)		17.53
Balance - March 31, 2022	2,441		23.26