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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock-Based Compensation

Schedule of assumptions used in the fair value estimation of each option grant

​

​	​	​	​	​	​	​	​
​	​	December 31,					​
​		2023		2022		2021	​
Expected life (years)	​	3.8 - 5.2	​	3.8 – 5.2	​	3.5 - 6.1	​
Risk-free interest rate		3.5% - 4.4%	​	2.1% - 3.7%	​	0.47% - 1.18%	​
Volatility	​	69.9% - 80.0%	​	67.5% – 78.6%	​	64.4% – 80.8%	​
Dividend yield		0%	​	0%	​	0%	​

Schedule of stock-based compensation expense related to all of our share-based payment awards

Total stock-based compensation expense related to our share-based payment awards is comprised of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended December 31,
​		2023			2022			2021
Cost of revenues	​	$	2,216	​	$	1,459	​	$	1,620
Selling, general and administrative	​		18,805	​		16,808	​		12,425
Engineering and development	​		1,787	​		1,815	​		1,300
​	​	$	22,808	​	$	20,082	​	$	15,345

Schedule of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	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 $32.79 per share)		541,353	​	​	56.61		​		​
Exercised		(1,037,910)		​	8.66		​		​
Forfeited		(29,807)		​	40.56		​		​
Outstanding — December 31, 2021		7,027,941	​	​	13.97		​		​
Granted (weighted-average fair value of $17.17 per share)	​	589,287	​	​	30.12	​	​	​	​	​
Exercised		(206,898)		​	9.90		​		​	​
Forfeited		(69,809)		​	43.42		​		​	​
Outstanding — December 31, 2022	​	7,340,521	​	​	15.10	​	​	​	​	​
Granted (weighted-average fair value of $11.86 per share)	​	432,990	​	​	20.63	​	​	​	​	​
Exercised		(407,814)		​	3.63		​	​	​	​
Forfeited	​	(140,877)	​	​	24.82	​	​	​	​	​
Outstanding — December 31, 2023		7,224,820	​	$	15.88		4.3	​	$	34,594
Vested (exercisable) — December 31, 2023		6,356,813	​	$	13.88		4.1	​	$	34,545
Expected to vest after December 31, 2023 (unexercisable)		868,007	​	$	30.55		5.7	​	$	49

(1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the Company’s common stock on December 29, 2023, (the last trading day of the year) which was $15.49 per share.

Summary of stock options outstanding and exercisable

The following table summarizes information with respect to stock options outstanding and exercisable at December 31, 2023:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

​

​

​

​

​

​

​

​

​

​

​

Average

​

Weighted-

​

​

​

Weighted-

​

​

​

Remaining

Average

​

​

Average

​

Number

Contractual

Exercise

Number

​

Exercise

Exercise Price

Outstanding

Life -Years

Price

Exercisable

Price

$1.87 – 3.21

729,900

2.3

​

$

2.52

729,900

​

$

2.52

$3.38 – 4.92

859,202

2.1

​

$

4.35

859,202

​

$

4.35

$5.00 – 7.89

925,116

1.6

​

$

5.8

925,116

​

$

5.8

$8.17 – 11.88

721,994

4.4

​

$

9.13

721,994

​

$

9.13

$12.53 – 15.81

910,362

5.3

​

$

13.32

892,984

​

$

13.33

$16.59 – 16.95

1,162,867

6.2

​

$

16.92

1,049,018

​

$

16.93

$17.36 – 36.68

1,319,922

5.9

​

$

24.89

754,257

​

$

23.75

$41.14 – 72.07

595,457

4.9

​

$

54.70

424,342

​

$

54.49

​

7,224,820

​

​

​

​

​

6,356,813

​

​

​

​

Schedule of restricted stock unit activity

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	Number of Restricted	​	Fair Value per
​	​	Stock Units	​	Share
Outstanding — December 31, 2021	​	373,849	​	$	55.53
Granted	​	526,821	​	​	30.26
Share issuance	​	(101,070)	​	​	55.43
Forfeited	​	(71,616)	​	​	44.4
Outstanding – December 31, 2022		727,984	​	$	38.32
Granted		667,319	​		19.80
Share issuance		(228,932)	​		37.63
Forfeited		(89,742)	​		29.34
Outstanding – December 31, 2023		1,076,629	​	$	27.73

​

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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 option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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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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