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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation

Schedule of fair value assumptions of stock options

During the three months ended March 31, 2022 and 2021, we granted stock options at exercise prices equal to the quoted market price of our common stock on the grant date. The fair value of each option grant was estimated on the date of grant using Black-Scholes with the following weighted average assumptions:

​

​	​	​	​	​
​	​	March 31,
​		2022		2021
Expected life (years)	​	4.2 - 5.2	​	3.5 - 6.1
Risk-free interest rate		2.1% - 2.3	%	0.5% - 0.9%
Volatility	​	72.8% - 76.8	%	64.4% - 80.8%
Dividend yield		0%	​	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 March 31,
​		2022			2021
Cost of revenues	​	$	467	​	$	239
Selling, general and administrative	​		3,291	​		2,505
Engineering and development	​		367	​		246
​	​	$	4,125	​	$	2,990

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, 2021		7,027,941	​	$	13.97				​
Granted (weighted-average fair value of $18.45 per share)	​	429,467	​	​	32.18	​		​	​	​
Exercised		(85,058)		​	4.71				​	​
Forfeited		(7,550)		​	54.26				​	​
Outstanding — March 31, 2022		7,364,800	​	$	15.09		5.7	​	$	158,839
Vested (exercisable) — March 31, 2022		5,624,632	​	$	9.99		5.2	​	$	143,609
Expected to vest after March 31, 2022 (unexercisable)		1,740,168	​	$	31.59		7.4	​	$	15,229

(1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on March 31, 2022, which was $34.91 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, 2021		373,849		$	55.53
Granted		391,327	​		32.15
Share issuance	​	(58,395)	​	​	53.98
Forfeited		(12,894)	​		57.03
Outstanding – March 31, 2022		693,887	​	$	42.45

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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 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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