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Share-based Compensation
9 Months Ended
Sep. 30, 2025
Share-based Compensation  
Share-based compensation

Note 7 — Share-based Compensation

Restricted share awards are issued to employees and to members of our 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 and nine months ended September 30, 2025 and 2024:

Three months ended September 30,

Nine months ended September 30,

    

2025

    

2024

    

2025

    

2024

    

(in thousands)

Cost of sales

 

$

1,771

 

$

1,565

 

$

5,105

 

$

4,740

 

Research and development

2,840

3,111

8,902

8,422

Selling, general, and administrative

4,534

4,783

13,997

13,612

Total

$

9,145

$

9,459

$

28,004

$

26,774

For the nine months ended September 30, 2025, 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, 2024

2,604

$

32.53

Granted

1,172

22.94

Performance award adjustments

(21)

45.28

Vested

(898)

31.63

Forfeited

(102)

26.73

Balance - September 30, 2025

2,755

$

28.86