Stockholder's Equity

6 Months Ended

Jun. 30, 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 $1,033 and $742, excluding $22 and $0 of compensation charges related to our Amended and Restated 1996 Employee Stock Purchase Plan, or the ESPP, for the three months ended June 30, 2021 and 2020, respectively, and $1,957 and $1,531, excluding $30 and $16 of compensation charges related to ESPP, for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $4,665 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.89 years. As of June 30, 2021, there was $4,553 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 2.86 years.

Stock Options

During the three months ended June 30, 2021, the Company issued 91 shares of common stock upon the exercise of stock options and received $907 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 June 30, 2021, no stock options were granted and 57 stock options expired, were canceled or were forfeited.

During the six months ended June 30, 2021, the Company issued 245 shares of common stock upon the exercise of stock options and received $2,473 as payment for the exercise price. No shares were surrendered to the Company to satisfy minimum tax withholding obligations. Additionally, during the six months ended June 30, 2021, 496 stock options were granted and 78 stock options expired, were canceled or were forfeited. During the six months ended June 30, 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 six months ended June 30, 2021 are as follows:



	Six Months Ended June 30,
	2021
Risk-free interest rate	0.92	%
Expected volatility	44.98	%
Expected life (in years)	4.28
Dividend yield	0	%

As of June 30, 2021, there were 2,208 options outstanding with a weighted average exercise price of $9.91 per share and 705 options exercisable with a weighted average exercise price of $9.56 per share.

Restricted Stock

During the three months ended June 30, 2021, 8 shares of restricted stock were granted with a weighted average grant date fair value of $13.44 per share and 19 shares of restricted stock were forfeited. Additionally, during the three months ended June 30, 2021, 93 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.

During the six months ended June 30, 2021, 157 shares of restricted stock were granted with a weighted average grant date fair value of $12.70 per share and 20 shares of restricted stock were forfeited. Additionally, during the six months ended June 30, 2021, 160 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 June 30, 2021, there were 533 shares of restricted stock outstanding that were still subject to service-based vesting conditions.

As of June 30, 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 and six months ended June 30, 2021, no shares were issued under the ESPP plan. During the three and six months ended June 30, 2020, 0 and 20 shares were issued under the ESPP plan, respectively. The Company recorded compensation charges related to the ESPP of $22 and $0 for the three months ended June 30, 2021 and 2020, respectively, and $30 and $16 for the six months ended June 30, 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 and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of product sales	$	70	$	34	$	116	$	74
Cost of service sales	3		—		5		—
Research and development	185		137		341		290
Sales, marketing and support	235		139		425		293
General and administrative	562		432		1,100		890
	$	1,055	$	742	$	1,987	$	1,547

(d) Accumulated Other Comprehensive Income (Loss) (AOCI)

Comprehensive income (loss) includes net income (loss) and unrealized gains and losses from foreign currency translation. 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 June 30, 2021 and 2020 are as follows:


	Foreign Currency Translation		Total Accumulated Other Comprehensive Loss
Balance, March 31, 2021	$	(3,009)	$	(3,009)
Other comprehensive income	41		41
Net other comprehensive income	41		41
Balance, June 30, 2021	$	(2,968)	$	(2,968)


	Foreign Currency Translation		Total Accumulated Other Comprehensive Loss
Balance, March 31, 2020	$	(5,247)	$	(5,247)
Other comprehensive loss	(130)		(130)

Net other comprehensive loss	(130)		(130)
Balance, June 30, 2020	$	(5,377)	$	(5,377)

The balances for the six months ended June 30, 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	264		264
Net other comprehensive income	264		264
Balance, June 30, 2021	$	(2,968)	$	(2,968)


	Foreign Currency Translation		Total Accumulated Other Comprehensive Loss
Balance, December 31, 2019	$	(2,767)	$	(2,767)
Other comprehensive loss	(2,610)		(2,610)

Net other comprehensive loss	(2,610)		(2,610)
Balance, June 30, 2020	$	(5,377)	$	(5,377)