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Share Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Pre-tax Share-based Compensation Expense

Pre-tax share-based compensation expense reported in the Company’s statements of operations was (in thousands):

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Direct costs and expenses

 

$

49

 

 

$

 

Research and development

 

 

572

 

 

 

589

 

Sales, marketing, general and administrative

 

 

4,323

 

 

 

3,120

 

Total

 

$

4,944

 

 

$

3,709

 

Summary of Stock Option Activity

Stock option activity during the year ended December 31, 2021, excluding the Bonus Option Program described above, was (in thousands, except weighted average exercise price and weighted average contractual life):

 

 

Number of
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding - January 1, 2021

 

 

2,321

 

 

$

1.82

 

 

 

7.4

 

 

$

42,580

 

Granted

 

 

1,190

 

 

 

17.87

 

 

 

 

 

 

 

Forfeited/canceled

 

 

(225

)

 

 

7.22

 

 

 

 

 

 

 

Exercised

 

 

(408

)

 

 

1.51

 

 

 

 

 

 

 

Outstanding ‑ December 31, 2021

 

 

2,878

 

 

$

8.08

 

 

 

7.7

 

 

$

6,288

 

Exercisable ‑ December 31, 2021

 

 

1,428

 

 

$

5.02

 

 

 

6.7

 

 

$

3,849

 

Summary of Weighted Average Assumptions

The fair value of each option grant was estimated on the grant date with the following weighted average assumptions for the years ended December 31, 2021 and 2020:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Expected term (in years)

 

 

6.01

 

 

 

5.73

 

Expected volatility

 

 

68.5

%

 

 

77.0

%

Risk‑free rate

 

 

0.79

%

 

 

0.34

%

Expected dividend yield

 

 

%

 

 

%

Bonus-To-Options Program  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity

The Company recorded the following activity related to the Bonus Option Program during the year ended December 31, 2021 (in thousands, excepted weighted average exercise price and weighted average contractual life):

 

 

Number of
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding ‑ January 1, 2021

 

 

173

 

 

$

11.11

 

 

 

4.9

 

 

$

1,723

 

Granted

 

 

266

 

 

 

20.67

 

 

 

 

 

 

 

Forfeited/canceled

 

 

(46

)

 

 

20.03

 

 

 

 

 

 

 

Exercised

 

 

(20

)

 

 

7.69

 

 

 

 

 

 

 

Outstanding ‑ December 31, 2021

 

 

373

 

 

$

17.00

 

 

 

7.5

 

 

$

76

 

Exercisable ‑ December 31, 2021

 

 

373

 

 

$

17.00

 

 

 

7.5

 

 

$

76