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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 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:
| Year Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Cost of sales | $ | 106 |  |  | $ | 125 |  |  | $ | 155 |
Research and development expenses | 769 |  |  | 1,098 |  |  | 1,342 |
Selling, general and administrative expenses: |  |  |  |  |
Employees | 5,379 |  |  | 6,980 |  |  | 7,257 |
Outside directors | 446 |  |  | 606 |  |  | 1,259 |
Total employee and director stock-based compensation expense | $ | 6,700 |  |  | $ | 8,809 |  |  | $ | 10,013 |
Income tax benefit | $ | 1,026 |  |  | $ | 1,369 |  |  | $ | 1,660 |
Non-Vested Restricted Stock Awards Activity | Non-vested restricted stock award activity was as follows:
| 2024 |  | 2023 |  | 2022
| 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 | 486 |  |  | $ | 21.66 |  |  | 376 |  |  | $ | 36.82 |  |  | 310 |  |  | $ | 44.41 |
Granted | 391 |  |  | 10.55 |  |  | 340 |  |  | 14.15 |  |  | 262 |  |  | 31.05 |
Vested | (264) |  |  | 24.85 |  |  | (211) |  |  | 35.77 |  |  | (191) |  |  | 41.09 |
Forfeited | (18) |  |  | 17.40 |  |  | (19) |  |  | 17.72 |  |  | (5) |  |  | 43.22 |
Non-vested at end of the year | 595 |  |  | $ | 13.07 |  |  | 486 |  |  | $ | 21.66 |  |  | 376 |  |  | $ | 36.82 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | Non-vested performance stock award activity was as follows:
| Shares (in 000s) |  | Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2023 | — |  |  | $ | — |
Granted | 116 |  |  | 4.72 |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Non-vested at December 31, 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:
| Year Ended December 31, |  |  |  |  |  |
| 2024 |  |  |  |  |  |  |  |
Weighted average fair value of grants | $ | 4.72 |  |  |  |  |  |  |  |  |
Risk-free interest rate | 4.08 | % |  |  |  |  |  |  |  |
Expected volatility | 57.00 | % |  |  |  |  |  |  |  |
Expected life in years | 2.73 |  |  |  |  |  |  |  |
Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2024:
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
2014 Stock Incentive Plan |  | 6/12/2014 |  | 1,100,000 |  |  | — |  |  | 87,660 |
Amended and Restated 2018 Equity and Incentive Compensation Plan (1) |  | 6/11/2024 |  | 3,391,794 |  |  | 970,387 |  |  | 1,402,148 |
|  |  |  |  |  | 970,387 |  |  | 1,489,808 |
(1)The 2018 Equity and Incentive Compensation Plan, as amended on June 8, 2021, was amended and restated on June 11, 2024 to create the Amended and Restated 2018 Equity and Incentive Compensation Plan which added an additional 1,000,000 shares.
Stock Option Activity | Stock option activity was as follows:
| 2024 |  | 2023 |  | 2022
| 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 | 901 |  |  | $ | 38.78 |  |  |  |  |  |  | 782 |  |  | $ | 44.16 |  |  |  |  |  |  | 800 |  |  | $ | 45.55 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |  |  | 235 |  |  | 24.77 |  |  |  |  |  |  | 139 |  |  | 33.42 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  | $ | — |  |  | — |  |  | — |  |  |  |  | $ | — |  |  | (80) |  |  | 19.25 |  |  |  |  | $ | 292 |
Forfeited/canceled/expired | (122) |  |  | 58.52 |  |  |  |  |  |  | (116) |  |  | 46.59 |  |  |  |  |  |  | (77) |  |  | 64.81 |  |  |  |  |
Outstanding at end of the year (1) | 779 |  |  | $ | 35.67 |  |  | 3.12 |  | $ | — |  |  | 901 |  |  | $ | 38.78 |  |  | 3.67 |  | $ | — |  |  | 782 |  |  | $ | 44.16 |  |  | 3.45 |  | $ | — |
Vested and expected to vest at the end of the year (1) | 779 |  |  | $ | 35.67 |  |  | 3.12 |  | $ | — |  |  | 901 |  |  | $ | 38.78 |  |  | 3.67 |  | $ | — |  |  | 782 |  |  | $ | 44.16 |  |  | 3.45 |  | $ | — |
Exercisable at the end of the year (1) | 673 |  |  | $ | 37.24 |  |  | 2.79 |  | $ | — |  |  | 620 |  |  | $ | 44.06 |  |  | 2.60 |  | $ | — |  |  | 600 |  |  | $ | 45.77 |  |  | 2.61 |  | $ | — |
(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2024, 2023 and 2022 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, 2024, 2023 and 2022. This amount will change based on the fair market value of our stock.
Schedule of 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,
| 2024 |  | 2023 |  | 2022
Weighted average fair value of grants | $ | — |  |  | $ | 10.83 |  |  | $ | 14.51 |
Risk-free interest rate | — | % |  | 3.86 | % |  | 1.93 | %
Expected volatility | — | % |  | 45.89 | % |  | 49.35 | %
Expected life in years | 0.00 |  | 4.70 |  | 4.73
Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information | Significant option groups outstanding at December 31, 2024 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
$24.77 to $34.56 |  | 497 |  |  | 3.78 |  | $ | 27.69 |  |  | 391 |  |  | $ | 28.23 |
$44.95 to $46.17 |  | 188 |  |  | 1.18 |  | 45.60 |  |  | 188 |  |  | 45.60 |
$52.85 to $59.43 |  | 94 |  |  | 3.48 |  | 58.03 |  |  | 94 |  |  | 58.03 |
|  | 779 |  |  | 3.12 |  | $ | 35.67 |  |  | 673 |  |  | $ | 37.24 |

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