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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [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, 2024, 2023, and 2022:
|  | Year Ended December 31, |
(U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of sales |  | $ | 2,053 |  |  | $ | 1,901 |  |  | $ | 826 |
Sales, general, and administrative |  |  | 27,123 |  |  |  | 29,917 |  |  |  | 16,782 |
Research and development |  |  | 3,279 |  |  |  | 3,889 |  |  |  | 835 |
Total |  | $ | 32,455 |  |  | $ | 35,707 |  |  | $ | 18,443 |
|  | Year Ended December 31, |
(U.S. Dollars, in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Stock options |  | $ | 4,331 |  |  | $ | 6,130 |  |  | $ | 1,114 |
Market-based stock options |  |  | 2,118 |  |  |  | — |  |  |  | — |
Time-based restricted stock awards and stock units |  |  | 18,818 |  |  |  | 27,290 |  |  |  | 9,452 |
Performance-based / Market-based restricted stock units |  |  | 4,941 |  |  |  | 227 |  |  |  | 6,425 |
Stock purchase plan |  |  | 2,247 |  |  |  | 2,060 |  |  |  | 1,452 |
Total |  | $ | 32,455 |  |  | $ | 35,707 |  |  | $ | 18,443 |
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 three to 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 each of the years ended December 31, 2024, 2023, and 2022, is shown in the following table. The Company did not grant any time-based stock options in 2022.
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Assumptions: |  |  |  |  |  |  |  |  |
Expected term (in years) |  |  | 4.5 |  |  |  | 6 |  |  |  | — |
Expected volatility |  | 45.7% – 47.6% |  |  | 36.8% – 42.3% |  |  |  | — |
Risk free interest rate |  | 3.47% – 4.65% |  |  | 3.38% – 4.61% |  |  |  | — |
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Weighted average grant date fair value |  | $ | 5.90 |  |  | $ | 8.43 |  |  | $ | — |
Schedule of Stock Option Plans | summary of the status of the Company’s time-based stock option plans as of December 31, 2024, and 2023, and changes during the year ended December 31, 2024, is presented below:
(In thousands) |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2023 |  |  | 3,223 |  |  | $ | 30.64 |  |  |  |
Granted |  |  | 773 |  |  | $ | 13.54 |  |  |  |
Exercised |  |  | (12 | ) |  | $ | 14.69 |  |  |  |
Forfeited or expired |  |  | (787 | ) |  | $ | 32.31 |  |  |  |
Outstanding at December 31, 2024 |  |  | 3,197 |  |  | $ | 26.15 |  |  |  | 4.52 |
Vested and expected to vest at December 31, 2024 |  |  | 3,197 |  |  | $ | 26.15 |  |  |  | 4.52 |
Exercisable at December 31, 2024 |  |  | 2,119 |  |  | $ | 30.84 |  |  |  | 3.32 |
A summary of the status of the Company’s market-based stock option plans as of December 31, 2024, and 2023, and changes during the year ended December 31, 2024, is presented below:
(In thousands) |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2023 |  |  | — |  |  |  | — |  |  |  |
Granted |  |  | 754 |  |  | $ | 13.39 |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |
Forfeited or expired |  |  | — |  |  |  | — |  |  |  |
Outstanding at December 31, 2024 |  |  | 754 |  |  | $ | 13.39 |  |  |  | 6.19 |
Vested and expected to vest at December 31, 2024 |  |  | 754 |  |  | $ | 13.39 |  |  |  | 6.19 |
Exercisable at December 31, 2024 |  |  | — |  |  |  | — |  |  |  | — |
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 performance-based and/or market-based restricted stock units as of December 31, 2024, and 2023, and changes during the year ended December 31, 2024, is presented below:
|  | Time-based Restricted Stock Awards and Stock Units |  |  | Performance-based and/or Market-based Restricted Stock Units |
(In thousands) |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2023 |  |  | 2,040 |  |  | $ | 26.96 |  |  |  | 9 |  |  | $ | 22.69 |
Granted |  |  | 1,264 |  |  | $ | 13.48 |  |  |  | 1,062 |  |  | $ | 16.73 |
Vested and settled |  |  | (1,089 | ) |  | $ | 28.41 |  |  |  | (6 | ) |  | $ | 16.78 |
Cancelled |  |  | (200 | ) |  | $ | 16.77 |  |  |  | (105 | ) |  | $ | 16.60 |
Outstanding at December 31, 2024 |  |  | 2,015 |  |  | $ | 18.73 |  |  |  | 960 |  |  | $ | 16.81 |

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