XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.21.1

Stock-Based Compensation | 3 Months Ended
--- | ---
Mar. 31, 2021
Stock-Based Compensation |
Stock-Based Compensation | Note 9. Stock-Based Compensation ​ We account for stock-based compensation in accordance with the provisions of ASC Topic 718, Compensation-Stock Compensation (“ASC 718”), which established accounting for stock-based awards exchanged for employee services. Stock-based compensation cost is measured at each grant date, based on the fair value of the award, and is recognized as expense over the employee’s requisite service period of the award. All of our stock compensation is accounted for as an equity instrument. ​ The following table summarizes compensation costs related to our stock-based awards (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​
​ | ​ | ​ | March 31, | ​
​ |  |  | 2021 |  | 2020 |
Cost of revenue | ​ | ​ | $ | 39 | ​ | $ | 28 | ​
Selling, general and administrative | ​ | ​ |  | 640 | ​ |  | 492 | ​
Research and development | ​ | ​ |  | 137 | ​ |  | 123 | ​
Total stock-based compensation | ​ | ​ |  | 816 | ​ |  | 643 | ​
Tax effect on stock-based compensation | ​ | ​ |  | — | ​ |  | — | ​
Net effect on net income (loss) | ​ | ​ | $ | 816 | ​ | $ | 643 | ​
​ As of March 31, 2021, the unamortized compensation costs related to unvested stock options granted to employees under our stock option plan was approximately $0.7 million, net of estimated forfeitures of $63,000. These costs will be amortized on a straight-line basis over a weighted-average period of approximately 2.2 years and will be adjusted for subsequent changes in estimated forfeitures. We did not capitalize any stock-based compensation to inventory as of March 31, 2021 and December 31, 2020 due to the immateriality of the amount. ​ We estimate the fair value of stock options using the Black-Scholes valuation model, consistent with the provisions of ASC 718. There were no options granted in the three months ended March 31, 2021 and 2020. ​ The following table summarizes the stock option transactions during the three months ended March 31, 2021 (in thousands, except per share data):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | average |  | ​ | ​ |
​ | ​ | ​ | ​ | Weighted- | ​ | Remaining | ​ | ​ | ​ |
​ | ​ | Number of | ​ | average | ​ | Contractual | ​ | Aggregate |
​ | ​ | Options | ​ | Exercise | ​ | Life | ​ | Intrinsic |
Stock Options |  | Outstanding |  | Price |  | (in years) |  | Value |
Balance as of January 1, 2021 |  | 1,885 | ​ | $ | 4.42 |  | 6.17 | ​ | $ | 9,713 | ​
Granted |  | — | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​
Exercised |  | (185) | ​ | ​ | 3.80 | ​ | ​ | ​ | ​ | ​ | ​
Canceled and expired |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Balance as of March 31, 2021 |  | 1,700 | ​ | $ | 4.48 |  | 6.32 | ​ | $ | 12,199 | ​
Options vested as of March 31, 2021 and unvested options expected to vest, net of forfeitures |  | 1,690 | ​ | $ | 4.49 |  | 6.31 | ​ | $ | 12,117 | ​
Options exercisable as of March 31, 2021 |  | 1,282 | ​ | $ | 4.64 |  | 5.69 | ​ | $ | 9,000 | ​
​ The aggregate intrinsic value in the table above represents the total pretax intrinsic value, based on our closing price of $11.66 on March 31, 2021, which would have been received by the option holder had all option holders exercised their options on that date. ​ Restricted stock awards ​ A summary of activity related to restricted stock awards for the three months ended March 31, 2021 is presented below (in thousands, except per share data):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average |
​ | ​ | ​ | ​ | Grant Date |
Stock Awards |  | Shares |  | Share Value |
Non-vested as of January 1, 2021 | ​ | 1,022 | ​ | $ | 5.27 | ​
Granted |  | 23 | ​ | $ | 15.37 | ​
Vested |  | (4) | ​ | $ | 4.17 | ​
Forfeited | ​ | — | ​ | $ | — | ​
Non-vested as of March 31, 2021 |  | 1,041 | ​ | $ | 5.50 | ​
​ As of March 31, 2021, the unamortized compensation costs related to unvested restricted stock awards was approximately $4.6 million, which is to be amortized on a straight-line basis over a weighted-average period of approximately 1.5 years. ​ At-Risk, Performance Shares ​ In February 2021, the Company issued at-risk, performance shares classified as equity awards. Expense is recognized quarterly on a straight-line method over the requisite service period, based on the probability of achieving the specified financial performance metric, with changes in expectations recognized as an adjustment to earnings in the period of change. Compensation cost is not recognized for at-risk, performance shares that do not vest because service or performance conditions are not satisfied and any previously recognized compensation cost is reversed. At-risk, performance shares are eligible to receive dividend equivalents under the Company's 2015 Equity Incentive Plan (the “Plan”), as determined by the Board of Directors. The Company will recognize forfeitures as they occur. ​ The Company's at-risk, performance shares are classified as equity and contain performance and service conditions that must be satisfied for an employee to receive the shares. The financial performance metric is based upon year-end 2020 actual results as compared to the Company’s year-end actual results in 2021. All performance shares, if earned, are still subject to annual vesting over a four year period except that no shares are vested on the first anniversary because the performance measurement is based on year-end results for the year 2021. ​ The fair value of the at-risk, performance shares is determined based on the closing price of the Company’s common stock on the second day following the Compensation Committee and Board of Directors approval date, which is considered the grant date. The fair value per share of the at-risk, performance shares classified as equity awards granted in February 2021 was $15.37. None of the at-risk, performance shares had vested as of March 31, 2021. ​ On February 17, 2021, the Compensation Committee recommended, and the Board approved, at-risk, performance shares under the Plan, wherein 75,420 shares were granted to Dr. Morris Young, our Chief Executive Officer, and 25,650 shares were granted to Gary Fischer, our Chief Financial Officer and Corporate Secretary. ​ A summary of the status of our unvested at-risk, performance shares as of March 31, 2021 is presented below (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average
​ | ​ | ​ | ​ | Grant Date
Stock Awards |  | Shares* |  | Share Value
Non-vested as of January 1, 2021 | ​ | — | ​ | $ | —
Granted |  | 101 | ​ | $ | 15.37
Vested |  | — | ​ | $ | —
Forfeited | ​ | — | ​ | $ | —
Non-vested as of March 31, 2021 |  | 101 | ​ | $ | 15.37
​ *The number of share presented is based on achieving 100% of the targeted financial performance metric as defined in the at-risk, performance shares agreement. ​ As of March 31, 2021, there was $1.4 million of unrecognized compensation expense related to unvested at-risk, performance shares that is expected to be recognized over a weighted-average period of 2.1 years.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration