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Stock-based Compensation

3 Months Ended

Mar. 31, 2023

Stock-based Compensation

Stock-based Compensation

14. Stock-based Compensation

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Performance Share Units

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The Company periodically grants PSUs to certain members of the Company's senior management team. PSUs vest subject to the satisfaction of annual and cumulative performance and/or market conditions established by the Company’s Compensation Committee.

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A summary of the Company’s PSU activity for the three months ended March 31, 2023 and related information is as follows:

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​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Shares	​	Grant Date Fair Value
Outstanding at December 31, 2022	​	447,770	​	$	28.71
Granted	​	216,500	​	​	38.71
Vested	​	(223,170)	​	​	27.99
Forfeited	​	—	​	​	—
Performance adjustment	​	62,780	​	​	27.14
Outstanding at March 31, 2023	​	503,880	​	$	33.13

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The number of PSUs granted represents the target number of shares of common stock that may be earned. However, the actual number of shares earned may vary based on the satisfaction of performance criteria. The weighted-average grant date fair value of PSUs granted for the three months ended March 31, 2023, and 2022 was $38.71 and $24.12, respectively.

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Restricted Stock Units

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The Company granted RSUs to employees during the three months ended March 31, 2023. The Company’s RSUs generally vest ratably over a four-year period of service. A summary of the Company’s RSU activity for the three months ended March 31, 2023 and related information is as follows:

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​	​	​	​	​	​
​	​	​	​	Weighted-Average
​	​	Shares	​	Grant Date Fair Value
Outstanding at December 31, 2022	​	2,047,571	​	$	19.67
Granted	​	1,093,296	​	​	26.82
Vested	​	(552,734)	​	​	20.42
Forfeited	​	(132,214)	​	​	21.66
Outstanding at March 31, 2023	​	2,455,919	​	$	22.58

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The weighted-average grant date fair value per share of RSUs granted for the three months ended March 31, 2023 and 2022 was $26.82 and $17.68, respectively. The total fair value of RSUs vested (measured on the date of vesting) for the three months ended March 31, 2023, and 2022 was $14,779 and $8,001, respectively.

Stock Options

A summary of the Company’s stock option activity for the three months ended March 31, 2023 and related information is as follows:

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​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted-		​	​
​	​	​		​	Weighted-		Average	​	​	​
​	​	​		​	Average		Remaining	​	​	Aggregate
​	​	​	​	​	Exercise Price		Contractual	​	​	Intrinsic
​		Shares		​	per Share		Term (in years)		​	Value
Outstanding at December 31, 2022		1,683,805	​	$	18.84		5.5	​	$	7,953
Exercised		(234,132)	​	​	16.36	​	​	​	​	​
Cancelled		(5,677)	​	​	20.01	​	​	​	​	​
Outstanding at March 31, 2023		1,443,996	​	$	19.24		5.0	​	$	7,074
Exercisable at March 31, 2023		1,358,588	​	$	19.20	​	4.9	​	$	6,730

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There were no stock options granted during the three months ended March 31, 2023 and 2022.

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Employee Stock Purchase Plan

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The Company’s 2015 Employee Stock Purchase Plan allows employees to purchase shares of the Company’s common stock. The purchase price is equal to 85% of the lower of the closing price of the Company’s common stock on (1) the first day of the purchase period or (2) the last day of the purchase period. During the three months ended March 31, 2023, 11,329 shares of common stock were purchased for total proceeds of $169. The expense for the three months ended March 31, 2023 and 2022 was $46 and $32, respectively.

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Stock-based Compensation Expense

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A summary of the allocation of the Company’s stock-based compensation expense for the three months ended March 31, 2023 and 2022 is as follows:

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​	​	​	​	​	​
​	Three Months Ended March 31,
​	2023		​	2022
Research and development	$	—		$	1,591
Selling, general and administrative		6,035	​	​	4,544
Total stock-based compensation expense	$	6,035	​	$	6,135

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At March 31, 2023, there was approximately $61,072 of unrecognized compensation expense related to unvested options, restricted stock units and performance stock units, which is expected to be recognized as expense over a weighted average period of approximately 2.9 years.

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI https://asc.fasb.org/topic&trid=2228938

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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