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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Schedule of Share-Based Compensation by Line Item in Consolidated Statements of Income | The following tables present the detail of share-based compensation expense by line item in the consolidated statements of income as well as by award type, for the years ended December 31, 2021, 2020, and 2019:
|  | Year Ended December 31, |
(U.S. Dollars, in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Cost of sales |  | $ | 779 |  |  | $ | 705 |  |  | $ | 715 |
Sales and marketing |  |  | 3,385 |  |  |  | 3,620 |  |  |  | 2,512 |
General and administrative |  |  | 10,289 |  |  |  | 10,624 |  |  |  | 16,872 |
Research and development |  |  | 979 |  |  |  | 1,258 |  |  |  | 1,441 |
Total |  | $ | 15,432 |  |  | $ | 16,207 |  |  | $ | 21,540 |
|  | Year Ended December 31, |
(U.S. Dollars, in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Stock options |  | $ | 1,893 |  |  | $ | 2,571 |  |  | $ | 4,054 |
Time-based restricted stock awards and stock units |  |  | 7,437 |  |  |  | 8,485 |  |  |  | 11,084 |
Performance-based restricted stock awards and stock units |  |  | — |  |  |  | — |  |  |  | — |
Market-based restricted stock units |  |  | 4,414 |  |  |  | 3,509 |  |  |  | 4,733 |
Stock purchase plan |  |  | 1,688 |  |  |  | 1,642 |  |  |  | 1,669 |
Total |  | $ | 15,432 |  |  | $ | 16,207 |  |  | $ | 21,540 |
Schedule of Assumptions Used in Determining Fair Value of Stock Options | The fair value of time-based stock options is determined using the Black-Scholes valuation model, with such value recognized as expense over the service period, which is typically four years, net of actual forfeitures. A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the year is shown in the following table.
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  | 6.0 |  |  | 5.5 |  |  | 5.0 |
Expected volatility |  | 34.4% – 34.8% |  |  | 30.2% – 35.1% |  |  | 29.7% – 31.0% |
Risk free interest rate |  | 0.83% – 1.25% |  |  | 0.28% – 1.65% |  |  | 1.38% – 2.31% |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Weighted average grant date fair value |  | $ | 12.33 |  |  | $ | 8.74 |  |  | $ | 14.64 |
Schedule of Stock Option Plans | Summaries of the status of the Company’s stock option plans as of December 31, 2021, and 2020, and changes during the year ended December 31, 2021, are presented below:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |
Outstanding at December 31, 2020 |  |  | 1,491,019 |  |  | $ | 39.56 |  |  |  |  |
Granted |  |  | 72,995 |  |  | $ | 35.59 |  |  |  |  |
Exercised |  |  | (89,151 | ) |  | $ | 36.68 |  |  |  |  |
Forfeited or expired |  |  | (77,809 | ) |  | $ | 45.49 |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 1,397,054 |  |  | $ | 39.20 |  |  |  | 5.04 |
Vested and expected to vest at December 31, 2021 |  |  | 1,397,054 |  |  | $ | 39.20 |  |  |  | 5.04 |
Exercisable at December 31, 2021 |  |  | 944,630 |  |  | $ | 41.10 |  |  |  | 3.51 |
Schedule of Changes in Time-Based and Market-Based Restricted Stock Awards and Stock Units | A summary of the status of our time-based and market-based restricted stock awards and stock units as of December 31, 2021, and 2020, and changes during the year ended December 31, 2021, are presented below:
|  | Time-based Restricted Stock Awards and Stock Units |  |  | Market-based Restricted Stock Units |
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2020 |  |  | 493,127 |  |  | $ | 41.13 |  |  |  | 275,338 |  |  | $ | 54.45 |
Granted |  |  | 295,240 |  |  | $ | 41.20 |  |  |  | 152,575 |  |  | $ | 48.53 |
Vested and settled |  |  | (191,082 | ) |  | $ | 44.50 |  |  |  | — |  |  | $ | — |
Cancelled |  |  | (37,917 | ) |  | $ | 41.00 |  |  |  | (104,832 | ) |  | $ | 63.97 |
Outstanding at December 31, 2021 |  |  | 559,368 |  |  | $ | 40.03 |  |  |  | 323,081 |  |  | $ | 48.56 |

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- Definition 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. + 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 (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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