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Stock Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Stock Plans |
Schedule of share-based compensation expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the year ended December 31,
​ |  |  | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | (in thousands)
Cost of sales |  |  | $ | 6,263 |  | $ | 4,913 |  | $ | 4,551
Research and development | ​ | ​ | ​ | 11,257 | ​ | ​ | 8,994 | ​ | ​ | 6,682
Selling, general, and administrative | ​ | ​ | ​ | 18,359 | ​ | ​ | 14,651 | ​ | ​ | 11,761
Total | ​ | ​ | $ | 35,879 | ​ | $ | 28,558 | ​ | $ | 22,994
Summary of non-vested restricted and performance shares activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date
​ | ​ | Shares | ​ | Fair Value
​ | ​ | (in thousands) | ​ | ​ | ​
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
Granted | ​ | 1,369 | ​ | ​ | 36.49
Performance award adjustments | ​ | 200 | ​ | ​ | 27.81
Vested | ​ | (1,292) | ​ | ​ | 24.83
Forfeited | ​ | (137) | ​ | ​ | 26.10
Balance - December 31, 2024 | ​ | 2,604 | ​ | $ | 32.53
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 | ​ | $ | 36,887 | ​ | 1.9
Restricted stock awards |  | ​ | 1,831 | ​ | 0.4
Performance share units |  | ​ | 10,822 | ​ | 2.0
Total unrecognized share-based compensation cost |  | $ | 49,540 | ​ | 1.9
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | Number of | ​ | Average
​ |  | Shares |  | Exercise Price
​ | ​ | (in thousands) | ​ | ​ | ​
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
Exercised | ​ | (10) | ​ | ​ | 37.26
Expired | ​ | — | ​ | ​ | 41.93
Balance - December 31, 2024 | ​ | 0 | ​ | ​ | —
Summary of stock options exercised | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in thousands)
Cash received from options exercised | ​ | $ | 373 | ​ | $ | 56 | ​ | $ | —
Intrinsic value of options exercised | ​ | $ | 28 | ​ | $ | 56 | ​ | $ | —
Summary of valuation assumptions for performance awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, | ​
​ | ​ | 2024 |  | 2023 |  | 2022 | ​
Weighted average fair value | ​ | $ | 49.38 | ​ | $ | 32.25 | ​ | $ | 45.28 | ​
Dividend yield | ​ | ​ | 0 | % | ​ | 0 | % | ​ | 0 | %
Expected volatility factor(1) | ​ | ​ | 38 | % | ​ | 54 | % | ​ | 58 | %
Risk-free interest rate(2) | ​ | ​ | 4.41 | % | ​ | 3.84 | % | ​ | 2.13 | %
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, |
​ | ​ | 2024 |  | 2023 |  | 2022 |
Weighted average fair value | ​ | $ | 9.62 | ​ | $ | 5.77 | ​ | $ | 6.00 | ​
Dividend yield | ​ | ​ | 0 | % | ​ | 0 | % | ​ | 0 | %
Expected volatility factor(1) | ​ | ​ | 35 | % | ​ | 42 | % | ​ | 43 | %
Risk-free interest rate(2) | ​ | ​ | 5.30 | % | ​ | 5.03 | % | ​ | 1.73 | %
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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