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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation Expense Related to Stock Options, PSUs, RSUs and Restricted Stock

The following table summarizes stock-based compensation expense related to stock options, PSUs, RSUs and restricted stock for the years ended December 31, 2021, 2020 and 2019:

(In thousands)		2021				2020				2019
Stock-based compensation expense included in cost of revenue		$	543			$	426			$	369
Selling, general and administrative expenses			4,571				4,036				3,889
Research and development expenses			2,366				2,372				2,704
Stock-based compensation expense included in operating expenses			6,937				6,408				6,593
Total stock-based compensation expense			7,480				6,834				6,962
Tax benefit for expense associated with non-qualified stock options, PSUs, RSUs and restricted stock			(1,849	)			(1,629	)			(1,659	)
Total stock-based compensation expense, net of tax		$	5,631			$	5,205			$	5,303

Summary of PSUs, RSUs and Restricted Stock Outstanding

The following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2020 and 2021 and the changes that occurred during 2021:

		Number of shares (In thousands)				Weighted Average Grant Date Fair Value
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2020			1,846			$	11.49
PSUs, RSUs and restricted stock granted			748			$	20.17
PSUs, RSUs and restricted stock vested			(552	)		$	13.67
PSUs, RSUs and restricted stock forfeited			(112	)		$	11.70
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2021			1,930			$	14.11

Summary of Stock Options Outstanding

The following table is a summary of stock options outstanding as of December 31, 2021 and 2020 and the changes that occurred during 2021:

		Number of Options (In thousands)				Weighted Average Exercise Price (Per share)				Weighted Avg. Remaining Contractual Life in Years				Aggregate Intrinsic Value (In thousands)
Stock options outstanding, December 31, 2020			2,718			$	21.17				2.86			$	—
Stock options granted			—			$	—							$	—
Stock options exercised			(382	)		$	16.82							$	1,491
Stock options forfeited			—			$	—							$	—
Stock options expired			(615	)		$	28.89							$	21
Stock options outstanding, December 31, 2021			1,721			$	19.37				2.39			$	6,669
Stock options exercisable, December 31, 2021			1,721			$	19.37				2.39			$	6,669

Stock Options Outstanding

The following table further describes our stock options outstanding as of December 31, 2021:

		Options Outstanding												Options Exercisable
Range of Exercise Prices		Options Outstanding at December 31, 2021 (In thousands)				Weighted Avg. Remaining Contractual Life in Years				Weighted Average Exercise Price				Options Exercisable at December 31, 2021 (In thousands)				Weighted Average Exercise Price
$15.33 – $16.97			703				2.75			$	15.89				703			$	15.89
$16.98 – $18.97			463				2.77			$	18.96				463			$	18.96
$18.98 – $30.36			555				1.64			$	24.12				555			$	24.12
			1,721												1,721

Market-Based PSUs [Member]

Summary of Weighted-Average Assumptions and Value of Options Granted

The following table details the significant assumptions that impact the fair value estimate of the market-based PSUs:

		2021				2020				2019
Estimated fair value per share		$26.07				$14.43				$9.53 to $18.05
Expected volatility			53.27	%			51.88	%		32.7% to 38.9%
Risk-free interest rate			0.85	%			0.24	%		1.6% to 2.46%
Expected dividend yield			1.63	%			2.85	%		2.3% to 4.09%

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