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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-based compensation expense by statement of operations caption and the related income tax benefit were as follows: 

			Year Ended December 31,
(In thousands)			2022						2021						2020
Cost of sales			$	155					$	156					$	182
Research and development expenses			1,342						1,253						1,099
Selling, general and administrative expenses:
Employees			7,257						6,997						6,257
Outside directors			1,259						1,563						1,584
Total employee and director stock-based compensation expense			$	10,013					$	9,969					$	9,122
Income tax benefit			$	1,660					$	1,718					$	1,594

Assumptions Used and Weighted Average Fair Value of Stock Option Grants

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:

			Year Ended December 31,
			2022						2021						2020
Weighted average fair value of grants			$	14.51					$	23.97					$	17.70
Risk-free interest rate			1.93		%				0.41		%				1.44		%
Expected volatility			49.35		%				48.49		%				43.95		%
Expected life in years			4.73						4.62						4.59

Stock Option Activity

Stock option activity was as follows:

			2022																								2021																								2020
			Number of Options (in 000's)						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in 000's)						Number of Options (in 000's)						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in 000's)						Number of Options (in 000's)						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year			800						$	45.55																	774						$	43.01																	745						$	41.73
Granted			139						33.42																		80						59.43																		109						46.17
Exercised			(80)						19.25												$	292					(54)						30.04												$	931					(80)						35.28												$	1,334
Forfeited/canceled/expired			(77)						64.81																		—						—																		—						—
Outstanding at end of the year (1)			782						$	44.16					3.45						$	—					800						$	45.55					3.15						$	3,780					774						$	43.01					3.71						$	9,228
Vested and expected to vest at the end of the year (1)			782						$	44.16					3.45						$	—					800						$	45.55					3.15						$	3,780					774						$	43.01					3.71						$	9,228
Exercisable at the end of the year (1)			600						$	45.77					2.61						$	—					656						$	44.08					2.58						$	3,608					582						$	43.90					2.98						$	6,887

(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2022, 2021 and 2020 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on December 31, 2022, 2021 and 2020. This amount will change based on the fair market value of our stock.

Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information

Significant option groups outstanding at December 31, 2022 and the related weighted average exercise price and life information were as follows:

						Options Outstanding																		Options Exercisable
Range of Exercise Prices						Number Outstanding (in 000's)						Weighted-Average Remaining  Contractual Term (in years)						Weighted-Average Exercise Price						Number Exercisable (in 000's)						Weighted-Average Exercise Price
$26.64 to $34.55						290						4.80						$	30.12					150						$	27.07
$44.95 to $46.17						207						3.60						45.59						198						45.56
$51.38 to $62.70						285						2.28						57.39						252						57.12
						782						3.45						$	44.16					600						$	45.77

Non-Vested Restricted Stock Awards Activity

Non-vested restricted stock award activity was as follows:

			2022												2021												2020
			Shares (in 000's)						Weighted-Average Grant Date Fair Value						Shares (in 000's)						Weighted-Average Grant Date Fair Value						Shares (in 000's)						Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year			310						$	44.41					374						$	34.53					310						$	34.99
Granted			262						31.05						156						56.90						238						36.85
Vested			(191)						41.09						(211)						36.35						(166)						38.28
Forfeited			(5)						43.22						(9)						39.65						(8)						43.44
Non-vested at end of the year			376						$	36.82					310						$	44.41					374						$	34.53

Detailed Information Regarding Active Stock Incentive Plans

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2022:

Name						Approval Date						Total Shares Available for Grant Under the Plan						Remaining Shares Available for Grant Under the Plan						Outstanding Shares Granted Under the Plan
2010 Stock Incentive Plan						6/15/2010						1,000,000						—						13,219
2014 Stock Incentive Plan						6/12/2014						1,100,000						—						269,891
2018 Equity and Incentive Compensation Plan (1)						6/4/2018						2,196,344						777,152						875,465
																		777,152						1,158,575

(1)The 2018 Equity and Incentive Compensation Plan was amended in June 2021 to add an additional 1,100,000 shares, as approved by our stockholders.

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