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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Cost of sales | $ | 25 |  |  | $ | 32 |  |  | $ | 72 |  |  | $ | 94 |
Research and development expenses | 198 |  |  | 283 |  |  | 571 |  |  | 817 |
Selling, general and administrative expenses: |  |  |  |  |  |  |
Employees | 1,321 |  |  | 1,726 |  |  | 4,076 |  |  | 5,398 |
Outside directors | 107 |  |  | 94 |  |  | 296 |  |  | 524 |
Total employee and director stock-based compensation expense | $ | 1,651 |  |  | $ | 2,135 |  |  | $ | 5,015 |  |  | $ | 6,833 |
Income tax benefit | $ | 255 |  |  | $ | 326 |  |  | $ | 762 |  |  | $ | 1,073 |
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 | 355 |  |  | 10.46 |
Vested | (242) |  |  | 25.11 |
Forfeited | (18) |  |  | 16.40 |
Non-vested at September 30, 2024 | 581 |  |  | $ | 13.51 |
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 September 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 September 30, |  | Nine Months Ended September 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 September 30, 2024 (1) | 779 |  |  | $ | 35.67 |  |  | 3.37 |  | $ | — |
Vested and expected to vest at September 30, 2024 (1) | 779 |  |  | $ | 35.67 |  |  | 3.37 |  | $ | — |
Exercisable at September 30, 2024 (1) | 646 |  |  | $ | 37.63 |  |  | 2.96 |  | $ | — |
(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 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 September 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 September 30, |  |  |  | Nine Months Ended September 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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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References No definition available. + Details
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