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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,												Six Months Ended June 30,
(In thousands)			2024						2023						2024						2023
Cost of sales			$	20					$	26					$	47					$	62
Research and development expenses			142						251						373						534
Selling, general and administrative expenses:
Employees			1,204						1,666						2,755						3,672
Outside directors			94						215						189						430
Total employee and director stock-based compensation expense			$	1,460					$	2,158					$	3,364					$	4,698
Income tax benefit			$	220					$	337					$	507					$	747

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, 2023			486						$	21.66
Granted			322						10.38
Vested			(220)						25.60
Forfeited			(17)						17.23
Non-vested at June 30, 2024			571						$	13.92

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

Non-vested performance stock award activity was as follows:

			Shares (in thousands)						Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2023			—						$	—
Granted			116						4.72
Vested			—						—
Forfeited			—						—
Non-vested at June 30, 2024			116						$	4.72

The assumptions we utilized in the Monte Carlo simulation model and the resulting weighted average fair value of performance stock grants were the following:

			Three Months Ended June 30,						Six Months Ended June 30,
			2024						2024
Weighted average fair value of grants			$	—					$	4.72
Risk-free interest rate			—		%				4.08		%
Expected volatility			—		%				57.00		%
Expected life in years			0.00						2.73

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, 2023			901						$	38.78
Granted			—						—
Exercised			—						—												$	—
Forfeited/canceled/expired			(122)						58.52
Outstanding at June 30, 2024 (1)			779						$	35.67					3.62						$	—
Vested and expected to vest at June 30, 2024 (1)			779						$	35.67					3.62						$	—
Exercisable at June 30, 2024 (1)			612						$	38.18					3.07						$	—

(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 first quarter of 2024 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 June 30, 2024. 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 June 30,												Six Months Ended June 30,
			2023												2023
Weighted average fair value of grants			$	—											$	10.83
Risk-free interest rate			—		%										3.86		%
Expected volatility			—		%										45.89		%
Expected life in years			0.00												4.70

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