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Equity Plans and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Option Activity under Stock-Based Compensation Plans | Activity under our stock plans is set forth below: Stock Options The following table summarizes the activity of stock options for the period ended December 31, 2022:
|  | Shares Underlying Outstanding Options (in thousands) |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance at December 31, 2021 |  |  | 10,399 |  |  | $ | 11.55 |  |  |  | 4.16 |  |  | $ | 42,756 |
Options granted |  |  | 2,100 |  |  |  | 12.50 |  |  |  |  |  |  |
Options exercised |  |  | (1,194 | ) |  |  | 8.07 |  |  |  |  |  |  |
Options cancelled: |  |  |  |  |  |  |  |  |  |  |  |
Options forfeited (unvested) |  |  | (105 | ) |  |  | 9.40 |  |  |  |  |  |  |
Options expired (vested) |  |  | (1,861 | ) |  |  | 19.28 |  |  |  |  |  |  |
Balance at December 31, 2022 |  |  | 9,339 |  |  | $ | 10.70 |  |  |  | 4.61 |  |  | $ | 16,291 |
Vested and expected to vest at December 31, 2022 |  |  | 9,148 |  |  | $ | 10.66 |  |  |  | 4.58 |  |  | $ | 16,235 |
Exercisable at December 31, 2022 |  |  | 5,528 |  |  | $ | 10.02 |  |  |  | 3.83 |  |  | $ | 13,984 |
Summary of Non-vested Restricted Stock Units Activity | The following table summarizes the activity of RSUs for the period ended December 31, 2022:
| Number of Shares (In thousands) |  |  | Weighted-Average Grant-Date Fair Value |
Non-vested as of December 31, 2021 |  | 2,651 |  |  | $ | 8.30 |
Granted |  | 2,310 |  |  |  | 12.36 |
Vested |  | (1,195 | ) |  |  | 7.72 |
Forfeited |  | (287 | ) |  |  | 10.69 |
Non-vested as of December 31, 2022 |  | 3,479 |  |  | $ | 11.00 |
Summary Of Performance Based Restricted Stock Unit | We granted market-based performance stock units (“PSUs”) to certain executives. These PSUs vest upon a specified market condition. The summary of PSU activities for the year ended December 31, 2022 is as follows:
|  | Number of Shares (in thousands) |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Non-vested as of December 31, 2021 |  |  | 237 |  |  | $ | 8.40 |
Granted |  |  | 193 |  |  |  | 11.62 |
Vested |  |  | (237 | ) |  |  | 8.40 |
Non-vested as of December 31, 2022 |  |  | 193 |  |  | $ | 11.62 |
Fair Value-Based Measurements and Weighted-Average Assumptions | The weighted-average assumptions used in the calculations of these fair value measurements are as follows:
|  | Stock Options |  |  | PSUs |  |  | Employee Stock Purchase Plan |
|  | Year Ended December 31, |  |  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted-average fair value |  | $ | 7.95 |  |  | $ | 7.17 |  |  | $ | 3.91 |  |  | $ | 11.62 |  | $ | 8.40 |  |  | $ | 7.37 |  |  | $ | 6.48 |  |  | $ | 2.82 |
Risk-free interest rate |  |  | 2.0 | % |  |  | 0.7 | % |  |  | 1.0 | % |  |  | 1.7 | % | From 0.03% to 1.92% |  |  |  | 2.1 | % |  |  | 0.1 | % |  |  | 0.9 | %
Expected life (in years) |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 2.9 |  |  | 2.9 |  |  |  | 1.3 |  |  |  | 1.2 |  |  |  | 1.2 |
Expected volatility |  |  | 0.8 |  |  |  | 0.9 |  |  |  | 0.9 |  |  |  | 0.9 |  |  | 0.9 |  |  |  | 1.0 |  |  |  | 1.0 |  |  |  | 0.7 |
Stock-Based Compensation Expense |
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Employees and directors stock-based compensation expense |  | $ | 32,915 |  |  | $ | 21,285 |  |  | $ | 13,484 |
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Research and development |  | $ | 5,954 |  |  | $ | 3,818 |  |  | $ | 1,000 |
Selling, general and administrative |  |  | 23,118 |  |  |  | 14,894 |  |  |  | 9,585 |
Cost of sales - product |  |  | 1,123 |  |  |  | 553 |  |  |  | 619 |
Inventories, net |  |  | 2,720 |  |  |  | 2,020 |  |  |  | 2,280 |
Total |  | $ | 32,915 |  |  | $ | 21,285 |  |  | $ | 13,484 |

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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