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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Non-Cash Stock-Based Compensation Expenses | Non-cash stock-based compensation expenses related to stock options, restricted stock grants and the ESPP were recorded in the financial statements as follows (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Cost of sales | $ | 2 |  |  | $ | 1 |
Sales and marketing | 1,101 |  |  | 901 |
Research and development | 1,082 |  |  | 965 |
General and administrative | 2,764 |  |  | 2,981 |
Total non-cash stock compensation expense | $ | 4,949 |  |  | $ | 4,848 |
Assumptions Used to Compute Share-Based Compensation Costs for Stock Options Granted | The assumptions used to compute the share-based compensation costs for the stock options granted during the year ended December 31, 2021 using the Black-Scholes option pricing model, were as follows:
| Year Ended December 31,
| 2021
Weighted average grant date fair value of stock options | $5.94
Assumptions |
Risk-free interest rate (weighted average) | 0.87 | %
Expected dividend yield | — |
Weighted average expected life (years) | 6.2
Volatility (weighted average) | 74.5 | %
Forfeiture rate | 12.0 | %
Summary of Outstanding Stock Options and Related Activity | A summary of the Company’s stock options outstanding under the 2015 OEIP and 2005 Plan as of December 31, 2022 and 2021 and the activity during the years ended herein are as follows (in thousands except per share amounts):
|  | Shares |  | Weighted Avg. Exercise Price |  | Wtd. Avg. Remaining Contractual Life (Yrs) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2021 |  | 194 |  |  | $ | 4.12 |  |  |  |  | $ | 218 |
Exercised |  | (9) |  |  | $ | 2.11 |  |  |  |  | $ | 12 |
Forfeited |  | (2) |  |  | $ | 4.82 |  |  |  |  | $ | — |
Expired |  | (44) |  |  | $ | 5.66 |  |  |  |  | $ | — |
Outstanding as of December 31, 2022 |  | 139 |  |  | $ | 3.75 |  |  | 5.1 |  | $ | 6 |
Vested and expected to vest at December 31, 2022 |  | 137 |  |  | $ | 3.72 |  |  | 5.1 |  | $ | 6 |
Exercisable as of December 31, 2022 |  | 117 |  |  | $ | 3.49 |  |  | 4.6 |  | $ | 6 |
Assumptions Used Estimate Fair Value of Employee Stock Purchase Plans | Following is a schedule of the shares purchased, the fair value per share, and the Black-Scholes model assumptions for each offering period:
Offering Period Ended | September 30, 2022 |  | March 31, 2022 |  | September 30, 2021 |  | March 31, 2021
Shares purchased for offering period | 10,901 |  |  | 6,019 |  |  | 5,360 |  |  | 4,668 |
Fair value per share as of the beginning of the offering period | $ | 1.15 |  |  | $ | 1.61 |  |  | $ | 1.90 |  |  | $ | 1.25 |
Assumptions |  |  |  |  |  |  |
Risk-free interest rate (average) | 0.86 | % |  | 0.05 | % |  | 0.05 | % |  | 0.12 | %
Expected dividend yield | — |  |  | — |  |  | — |  |  | — |
Weighted average expected life (years) | 0.5 |  | 0.5 |  | 0.5 |  | 0.5
Volatility (average) | 32.5 | % |  | 43.1 | % |  | 44.6 | % |  | 47.1 | %
Summary of Outstanding Restricted Stock Awards and Related Activity | A summary of the Company’s restricted stock awards outstanding under the 2015 OEIP and 2005 Plan as of December 31, 2022 and 2021, and the activity during years ended therein, are as follows (in thousands, except weighted average grant date fair value):
|  | Number of shares |  | Weighted average grant date fair value
Unvested at December 31, 2020 |  | 1,702 |  |  | $ | 4.07 |
Granted |  | 1,287 |  |  | $ | 7.02 |
Vested |  | (1,027) |  |  | $ | 4.47 |
Canceled and forfeited |  | (295) |  |  | $ | 5.60 |
Unvested at December 31, 2021 |  | 1,667 |  |  | $ | 5.83 |
Granted |  | 1,398 |  |  | $ | 3.76 |
Vested |  | (1,174) |  |  | $ | 4.87 |
Canceled and forfeited |  | (212) |  |  | $ | 6.06 |
Unvested at December 31, 2022 |  | 1,679 |  |  | $ | 4.75 |

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