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Stock Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Stock Plans |
Schedule of share-based compensation expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the year ended December 31,
​ |  |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | (in thousands)
Cost of sales |  |  | $ | 4,913 |  | $ | 4,551 |  | $ | 2,373
Research and development | ​ | ​ | ​ | 8,994 | ​ | ​ | 6,682 | ​ | ​ | 3,850
Selling, general, and administrative | ​ | ​ | ​ | 14,651 | ​ | ​ | 11,761 | ​ | ​ | 9,026
Total | ​ | ​ | $ | 28,558 | ​ | $ | 22,994 | ​ | $ | 15,249
Summary of unrecognized share-based compensation costs | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Unrecognized |  | Weighted
​ | ​ | Share-Based | ​ | Average Period
​ | ​ | Compensation | ​ | Expected to be
​ | ​ | Costs | ​ | Recognized
​ | ​ | (in thousands) | (in years)
Restricted stock units | ​ | $ | 19,428 | ​ | 2.1
Restricted stock awards |  | ​ | 9,967 | ​ | 1.2
Performance share units |  | ​ | 7,875 | ​ | 1.8
Total unrecognized share-based compensation cost |  | $ | 37,270 | ​ | 1.8
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | Number of | ​ | Average
​ |  | Shares |  | Exercise Price
​ | ​ | (in thousands) | ​ | ​ | ​
Balance - December 31, 2020 | ​ | 730 | ​ | $ | 35.26
Exercised | ​ | (2) | ​ |  | 23.36
Expired | ​ | (285) | ​ | ​ | 40.16
Balance - December 31, 2021 | ​ | 443 | ​ | ​ | 32.15
Expired | ​ | (266) | ​ | ​ | 32.95
Balance - December 31, 2022 | ​ | 177 | ​ | ​ | 30.94
Exercised | ​ | (2) | ​ | ​ | 30.47
Expired | ​ | (165) | ​ | ​ | 30.53
Balance - December 31, 2023 | ​ | 10 | ​ | $ | 37.42
Summary of stock options exercised | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (in thousands)
Cash received from options exercised | ​ | $ | 56 | ​ | $ | — | ​ | $ | 37
Intrinsic value of options exercised | ​ | $ | 56 | ​ | $ | — | ​ | $ | 6
Summary of non-vested restricted and performance shares activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date
​ | ​ | Shares | ​ | Fair Value
​ | ​ | (in thousands) | ​ | ​ | ​
Balance - December 31, 2020 |  | 2,040 | ​ | $ | 12.73
Granted |  | 1,031 | ​ | ​ | 24.26
Performance award adjustments | ​ | 159 | ​ | ​ | 18.38
Vested |  | (1,014) | ​ | ​ | 15.50
Forfeited | ​ | (133) | ​ | ​ | 15.08
Balance - December 31, 2021 | ​ | 2,083 | ​ | ​ | 17.33
Granted | ​ | 1,253 | ​ | ​ | 29.12
Performance award adjustments | ​ | 85 | ​ | ​ | 14.03
Vested | ​ | (844) | ​ | ​ | 15.00
Forfeited | ​ | (81) | ​ | ​ | 20.18
Balance - December 31, 2022 | ​ | 2,496 | ​ | ​ | 23.83
Granted | ​ | 1,282 | ​ | ​ | 23.83
Performance award adjustments | ​ | 183 | ​ | ​ | 10.59
Vested | ​ | (1,364) | ​ | ​ | 17.47
Forfeited | ​ | (133) | ​ | ​ | 29.29
Balance - December 31, 2023 | ​ | 2,464 | ​ | $ | 26.19
Summary of valuation assumptions for performance awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, | ​
​ | ​ | 2023 |  | 2022 |  | 2021 | ​
Weighted average fair value | ​ | $ | 32.25 | ​ | $ | 45.28 | ​ | $ | 27.81 | ​
Dividend yield | ​ | ​ | 0 | % | ​ | 0 | % | ​ | 0 | %
Expected volatility factor(1) | ​ | ​ | 54 | % | ​ | 58 | % | ​ | 63 | %
Risk-free interest rate(2) | ​ | ​ | 3.84 | % | ​ | 2.13 | % | ​ | 0.34 | %
Expected life (in years)(3) | ​ | ​ | 3.0 |  | ​ | 3.0 |  | ​ | 3.0 | ​
(1) | Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.
(2) | The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.
(3) | The expected life is the number of years the Company estimates that the awards will be outstanding prior to exercise.
Summary of valuation assumptions for employee stock purchase plan | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ | ​ | 2023 |  | 2022 |  | 2021 |
Weighted average fair value | ​ | $ | 5.77 | ​ | $ | 6.00 | ​ | $ | 5.90 | ​
Dividend yield | ​ | ​ | 0 | % | ​ | 0 | % | ​ | 0 | %
Expected volatility factor(1) | ​ | ​ | 42 | % | ​ | 43 | % | ​ | 52 | %
Risk-free interest rate(2) | ​ | ​ | 5.03 | % | ​ | 1.73 | % | ​ | 0.07 | %
Expected life (in years)(3) | ​ | ​ | 0.5 |  | ​ | 0.5 |  | ​ | 0.5 | ​
(1) | Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.
(2) | The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.
(3) | The expected life is the number of years the Company estimates that the purchase rights will be outstanding prior to exercise.
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