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Stock Plans (Tables)

12 Months Ended

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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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 for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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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.

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