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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expense and Related Income Tax Benefit

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

			Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)			2023						2022						2023						2022
Cost of sales			$	32					$	38					$	94					$	117
Research and development expenses			283						326						817						1,004
Selling, general and administrative expenses:
Employees			1,726						1,842						5,398						5,421
Outside directors			94						233						524						1,033
Total employee and director stock-based compensation expense			$	2,135					$	2,439					$	6,833					$	7,575
Income tax benefit			$	326					$	397					$	1,073					$	1,265

Stock Option Activity

Stock option activity was as follows:    

			Number of Options (in thousands)						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022			782						$	44.16
Granted			236						24.77
Exercised			—						—												$	—
Forfeited/canceled/expired			(93)						51.39
Outstanding at September 30, 2023 (1)			925						$	38.49					3.98						$	—
Vested and expected to vest at September 30, 2023 (1)			925						$	38.49					3.98						$	—
Exercisable at September 30, 2023 (1)			604						$	44.06					2.80						$	—

(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of the third quarter of 2023 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 September 30, 2023. This amount will change based on the fair market value of our stock.

Assumptions Used in Valuation 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:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Weighted average fair value of grants			$	—					$	12.38					$	10.83					$	14.51
Risk-free interest rate			—		%				2.82		%				3.86		%				1.93		%
Expected volatility			—		%				48.92		%				45.89		%				49.35		%
Expected life in years			0.00						5.19						4.70						4.73

Non-Vested Restricted Stock Award Activity

Non-vested restricted stock award activity was as follows:

			Shares (in thousands)						Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2022			376						$	36.82
Granted			340						14.15
Vested			(196)						36.86
Forfeited			(4)						38.19
Non-vested at September 30, 2023			516						$	21.83

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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