Stockholder's Equity

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

(a) Stock Equity and Incentive Plan

The Company recognizes stock-based compensation in accordance with the provisions of ASC Topic 718, Compensation-Stock Compensation. Stock-based compensation expense was $924 and $789, excluding the $8 and $16 compensation charges related to our Amended and Restated 1996 Employee Stock Purchase Plan, or the ESPP, for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was $5,300 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.96 years. As of March 31, 2021, there was $5,198 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 2.88 years.

Stock Options

During the three months ended March 31, 2021, the Company issued 154 shares of common stock upon the exercise of stock options and received $1,566 as payment for the exercise price. No shares were surrendered to the Company to satisfy minimum tax withholding obligations Additionally, during the three months ended March 31, 2021, 496 stock options were granted and 21 stock options expired, were canceled or were forfeited. During the three months ended March 31, 2020 no stock options were granted. The Company has estimated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model. The weighted average assumptions utilized to determine the fair value of options granted during the three months ended March 31, 2021 and 2020 are as follows:



	Three Months Ended March 31,
	2021		2020
Risk-free interest rate	0.92	%	0	%
Expected volatility	44.98	%	0	%
Expected life (in years)	4.28		0.00
Dividend yield	0	%	0	%

As of March 31, 2021, there were 2,357 options outstanding with a weighted average exercise price of $9.89 per share and 578 options exercisable with a weighted average exercise price of $9.40 per share.

Restricted Stock

During the three months ended March 31, 2021, 149 shares of restricted stock were granted with a weighted average grant date fair value of $12.66 per share and 1 shares of restricted stock were forfeited. Additionally, during the three months ended March 31, 2021, 67 shares of restricted stock vested, of which no shares of common stock were surrendered to the Company as payment by employees in lieu of cash to satisfy minimum tax withholding obligations in connection with the vesting of restricted stock.

As of March 31, 2021, there were 637 shares of restricted stock outstanding that were still subject to service-based vesting conditions.

As of March 31, 2021, the Company had no unvested outstanding options and no outstanding shares of restricted stock that were subject to performance-based or market-based vesting conditions.

(b) Employee Stock Purchase Plan

The Company's ESPP affords eligible employees the right to purchase common stock, via payroll deductions, through various offering periods at a purchase price equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. During the three months ended March 31, 2021 and 2020, 0 and 20 shares were issued under the ESPP plan, respectively. The Company recorded compensation charges related to the ESPP of $8 and $16 for the three months ended March 31, 2021 and 2020, respectively.

The following table presents stock-based compensation expense, including under the ESPP, in the Company's consolidated statements of operations for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021		2020
Cost of product sales	$	46	$	40
Cost of service sales	2		—
Research and development	156		153
Sales, marketing and support	190		154
General and administrative	538		458
	$	932	$	805

(d) Accumulated Other Comprehensive Loss (AOCI)

Comprehensive income (loss) includes net income (loss), unrealized gains and losses from foreign currency translation, and unrealized gains and losses from available for sale marketable securities. The components of the Company’s comprehensive income (loss) and the effect on earnings for the periods presented are detailed in the accompanying consolidated statements of comprehensive loss.

The balances for the three months ended March 31, 2021 and 2020 are as follows:


	Foreign Currency Translation		Total Accumulated Other Comprehensive Loss
Balance, December 31, 2020	$	(3,232)	$	(3,232)
Other comprehensive income	223		223
Net other comprehensive income	223		223
Balance, March 31, 2021	$	(3,009)	$	(3,009)


	Foreign Currency Translation		Total Accumulated Other Comprehensive Loss
Balance, December 31, 2019	$	(2,767)	$	(2,767)
Other comprehensive loss	(2,480)		(2,480)

Net other comprehensive loss	(2,480)		(2,480)
Balance, March 31, 2020	$	(5,247)	$	(5,247)

For additional information, see Note 4, "Marketable Securities."