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STOCK PLANS | 6 Months Ended
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Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
STOCK PLANS | STOCK PLANS Stock Incentive Plans The Company’s Amended and Restated 2011 Stock Incentive Plan, or 2011 Plan, was originally adopted by its board of directors and approved by its stockholders in June 2011 and was amended and restated in June 2014, June 2016, June 2019, June 2021 and June 2023. In June 2023, the Company’s stockholders approved the amendment and restatement which increased the number of shares of common stock authorized for issuance as equity awards under the 2011 Plan by 3,300,000 shares. The 2011 Plan allows the granting of incentive stock options, non-statutory stock options, restricted stock units and other stock-based awards. Stock-Based Compensation The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of goods sold |  | $ | 1,436 |  |  | $ | 1,478 |  |  | $ | 3,160 |  |  | $ | 2,830 |
Research and development |  | 1,722 |  |  | 1,520 |  |  | 3,597 |  |  | 2,978 |
Selling, general and administrative |  | 7,797 |  |  | 8,546 |  |  | 16,188 |  |  | 16,925 |
Total |  | $ | 10,955 |  |  | $ | 11,544 |  |  | $ | 22,945 |  |  | $ | 22,733 |
Stock-based compensation from: |  |  |  |  |  |  |  |
Stock options |  | $ | 5,742 |  |  | $ | 6,542 |  |  | $ | 12,206 |  |  | $ | 13,327 |
Restricted stock units |  | 4,969 |  |  | 4,717 |  |  | 10,219 |  |  | 8,830 |
Employee stock purchase plan |  | 244 |  |  | 285 |  |  | 520 |  |  | 576 |
Total |  | $ | 10,955 |  |  | $ | 11,544 |  |  | $ | 22,945 |  |  | $ | 22,733 |
Equity Awards The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the six months ended June 30, 2023:
Stock Options |  | Number of Stock Options |  | Weighted Average Exercise Price (Per Share)
Outstanding at December 31, 2022 |  | 6,272,994 |  |  | $ | 52.38 |
Granted |  | 1,426,343 |  |  | 39.15 |
Exercised |  | (61,896) |  |  | 30.91 |
Forfeited |  | (106,927) |  |  | 57.38 |
Expired |  | (88,438) |  |  | 55.06 |
Outstanding at June 30, 2023 |  | 7,442,076 |  |  | 49.91 |
Restricted Stock Units |  | Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2022 |  | 1,149,462 |  |  | $ | 57.26 |
Granted |  | 759,762 |  |  | 39.24 |
Vested |  | (368,641) |  |  | 54.96 |
Forfeited |  | (95,349) |  |  | 58.56 |
Unvested at June 30, 2023 |  | 1,445,234 |  |  | 48.27 |
The weighted average fair value of stock options granted during the six months ended June 30, 2023 wa s $16.22 per share. The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:
Black-Scholes Weighted Average Assumption |  | Six Months Ended June 30, 2023
Expected dividend yield |  | None
Risk-free interest rate |  | 4.00%
Expected volatility |  | 41.32%
Expected term of options |  | 4.86 years
Employee Stock Purchase Plan The Company’s Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees may elect to contribute after-tax earnings to purchase shares at 85% of the closing fair market value of the Company’s common stock on either the offering date or the purchase date, whichever is lesser. During the six months ended June 30, 2023, 50,634 shares were purchased and issued through the ESPP.

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- Definition The entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent + Details
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