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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Stock-Based Compensation |
Stock-Based Compensation | Note 14. Stock-Based Compensation Stock Options We have five stock incentive plans: the 2002 Stock Incentive Plan (the “2002 Plan”), the 2009 Stock Incentive Plan (the “2009 Plan”), the 2011 Stock Incentive Plan (the “2011 Plan”), the 2015 Omnibus Equity Incentive Plan (the “2015 Plan”), and the 2018 Omnibus Equity Incentive Plan (the “2018 Plan”) (collectively, the “Plans”). The 2002 Plan, the 2009 Plan, the 2011 Plan and the 2015 Plan (the “Prior Plans”) have been superseded by the 2018 Plan. In May 2018, the stockholders approved the 2018 Plan for issuances up to an aggregate of 3,730,179 shares plus 1,269,821 shares that were authorized but unissued under the Prior Plans as of the effective date of the 2018 Plan and in April 2021, the stockholders approved an increase of 2,850,000 shares authorized under the 2018 Plan. The Prior Plans will remain in effect until all awards granted under such Prior Plans have been exercised, forfeited, cancelled, or have otherwise expired or terminated in accordance with the terms of such awards, but no awards will be made pursuant to the Prior Plans after the effectiveness of the 2018 Plan. As of September 30, 2022, the Company had 6,026,680 shares available for future awards under the 2018 Plan. During the nine months ended September 30, 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: ​
​ | ​ | ​ | ​ | ​
​ | ​ | September 30,
​ |  | 2022 |  | 2021
Expected life (years) | ​ | 3.8 - 5.2 | ​ | 3.5 - 6.1
Risk-free interest rate |  | 2.1% - 3.7% | ​ | 0.5% - 0.9%
Volatility | ​ | 67.5% - 78.6% | ​ | 64.4% - 80.8%
Dividend yield |  | 0% | ​ | 0%
​ The expected option life assumption is estimated based on the simplified method. Accordingly, the Company has utilized the average of the contractual term of the options and the weighted average vesting period for all options to calculate the expected option term. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of our employee stock options. The expected volatility is based on the average of the historical volatility and the implied volatility of our stock commensurate with the expected life of the stock-based award. We do not anticipate paying dividends on the common stock in the foreseeable future. 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,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenues | ​ | $ | 690 | ​ | $ | 463 | ​ | $ | 1,868 | ​ | $ | 1,154
Selling, general and administrative | ​ |  | 4,194 | ​ | ​ | 3,322 | ​ | ​ | 11,541 | ​ | ​ | 9,050
Engineering and development | ​ |  | 482 | ​ | ​ | 363 | ​ | ​ | 1,340 | ​ | ​ | 959
​ | ​ | $ | 5,366 | ​ | $ | 4,148 | ​ | $ | 14,749 | ​ | $ | 11,163
​ 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 $17.34 per share) | ​ | 573,502 | ​ | ​ | 30.46 | ​ |  | ​ | ​ | ​
Exercised |  | (171,634) | ​ | ​ | 9.30 |  |  |  | ​ | ​
Forfeited |  | (47,646) | ​ | ​ | 45.90 |  |  |  | ​ | ​
Outstanding — September 30, 2022 |  | 7,382,163 | ​ | $ | 15.15 | ​ | 5.2 | ​ | $ | 91,272
Vested (exercisable) — September 30, 2022 |  | 5,910,748 | ​ | $ | 11.06 | ​ | 4.8 | ​ | $ | 86,953
Expected to vest after September 30, 2022 (unexercisable) |  | 1,471,415 | ​ | $ | 31.58 | ​ | 6.8 | ​ | $ | 4,319
(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, 2022, which was $24.36 per share.
Total intrinsic value of options exercised during the nine months ended September 30, 2022 and 2021 was $4.9 million and $35.7 million, respectively. As of September 30, 2022, there was unrecognized compensation expense of $26.6 million related to unvested stock options, which we expect to recognize over a weighted average period of 2.4 years. Restricted stock units 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 |  | 504,537 | ​ | ​ | 30.81
Share issuance | ​ | (97,062) | ​ | ​ | 55.18
Forfeited |  | (47,849) | ​ | ​ | 46.70
Outstanding – September 30, 2022 |  | 733,475 | ​ | $ | 39.15
​ For the three months ended September 30, 2022 and 2021, we recorded stock-based compensation expense on our issued restricted stock units of $2.1 million and $1.3 million, respectively. For the nine months ended September 30, 2022 and 2021, we recorded stock-based compensation expense on our issued restricted stock units of $5.7 million and $2.8 million, respectively. As of September 30, 2022 there was unrecognized compensation expense of $24.2 million related to unvested restricted stock units, which we expect to recognize over a weighted average period of 3.0 years.

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