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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation

Schedule of fair value assumptions of stock options

​

​	​	​	​
Expected life (years)	​	3.5 - 6.1	​
Risk-free interest rate		0.5% - 0.9	%
Volatility	​	64.4% - 80.8	%
Dividend yield		0	%

Schedule of share-based payment awards

We recognize stock-based compensation cost on a straight-line basis over the vesting period. Stock-based compensation expense is recognized only for those awards that ultimately vest.

Total stock-based compensation expense related to all of our share-based payment awards is comprised of the following:

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
​		2021			2020			2021			2020
Cost of revenues	​	$	463	​	$	86	​	$	1,154	​	$	237
Selling, general and administrative	​		3,322	​	​	2,143	​		9,050	​		5,141
Engineering and development	​		363	​	​	204	​		959	​		977
​	​	$	4,148	​	$	2,433	​	$	11,163	​	$	6,355

Schedule of stock option activity

A summary of stock option activity is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted-		​	​
​	​	​	​	Weighted-		​	Average	​	​	​
​	​	​	​	Average		​	Remaining	​	Aggregate
​	​	Number of	​	Exercise		​	Contractual	​	Intrinsic
​	​	Shares	​	Price/Share		​	Term (Years)	​	Value (1)
Outstanding — December 31, 2020		7,554,305	​	$	10.29				​
Granted (weighted-average fair value of $32.73 per share)		529,935	​	​	56.47				​
Exercised		(701,360)		​	8.54				​
Forfeited		(24,765)		​	34.65				​
Outstanding — September 30, 2021		7,358,115	​	$	13.70		6.0	​	$	388,699
Vested (exercisable) — September 30, 2021		5,738,698	​	$	8.84		5.5	​	$	330,966
Expected to vest after September 30, 2021 (unexercisable)		1,619,417	​	$	30.92		8.0	​	$	57,643

(1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on September 30, 2021, which was $66.51 per share.

Schedule of restricted stock unit activity

A summary of our restricted stock unit activity is as follows:

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	Number of Restricted	​	Fair Value per
​	​	Stock Units	​	Share
Outstanding – December 31, 2020		—		$	—
Granted		372,293	​		55.18
Forfeited	​	(10,502)	​	​	53.86
Share issuance		—	​		—
Outstanding - September 30, 2021		361,791	​	$	55.22

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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.

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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.

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