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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 an

d 2021:

(In thousands)		2023				2022				2021
Stock-based compensation expense included in cost of revenue		$	1,293			$	2,876			$	543
Selling, general and administrative expenses			10,701				20,844				4,571
Research and development expenses			4,022				4,602				2,366
Stock-based compensation expense included in operating expenses			14,723				25,446				6,937
Total stock-based compensation expense			16,016				28,322				7,480
Tax benefit for expense associated with non-qualified stock options, PSUs, RSUs and restricted stock			(3,837	)			(5,152	)			(1,849	)
Total stock-based compensation expense, net of tax		$	12,179			$	23,170			$	5,631

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, 2022 and 2023 and the changes that occurred during 2023:

		Number of shares (In thousands)				Weighted Average Grant Date Fair Value (Per Share)
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2022			1,086			$	17.54
PSUs, RSUs and restricted stock granted			1,509			$	16.43
PSUs, RSUs and restricted stock vested			(501	)		$	14.67
PSUs, RSUs and restricted stock forfeited			(152	)		$	17.04
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2023			1,942			$	17.46

Summary of Weighted-Average Assumptions and Value of Options Granted

The weighted-average estimated fair value of stock options granted to employees during the years ended December 31, 2023 and 2022 was $2.99 and $5.81 per share, respectively, with the following weighted-average assumptions:

		2023				2022
Expected volatility			51.78	%			45.00	%
Risk-free interest rate			4.13	%			3.00	%
Expected dividend yield			—				1.77	%
Expected life (in years)			5.8				2.4

Summary of Stock Options Outstanding

The following table is a summary of stock options outstanding as of December 31, 2023 and 2022 and the changes that occurred during 2023:

		Number of Options (In thousands)				Weighted Average Exercise Price (Per share)				Weighted Average Remaining Contractual Life in Years				Aggregate Intrinsic Value (In thousands)
Stock options outstanding, December 31, 2022			3,148			$	14.37				3.42			$	16,251
Stock options granted			1,330			$	5.27
Stock options exercised			(23	)		$	7.02
Stock options forfeited			(74	)		$	11.20
Stock options expired			(487	)		$	22.74
Stock options outstanding, December 31, 2023			3,894			$	10.32				5.25			$	3,087
Stock options exercisable, December 31, 2023			1,478			$	12.47				1.62			$	254

Stock Options Outstanding

The following table further describes our stock options outstanding as of December 31, 2023:

		Options Outstanding												Options Exercisable
Range of Exercise Prices (Per Share)		Options Outstanding at December 31, 2023 (In thousands)				Weighted Average Remaining Contractual Life in Years				Weighted Average Exercise Price (Per Share)				Options Exercisable at December 31, 2023 (In thousands)				Weighted Average Exercise Price
$5.23 – $5.23			1,320				9.92			$	5.23				—			$	—
$5.24 – $8.58			716				2.01			$	7.37				559			$	7.45
$8.59 – $12.17			773				3.72			$	11.49				195			$	9.49
$12.18 – $15.33			415				2.20			$	15.33				362			$	15.33
$15.34 – $19.08			670				2.93			$	19.02				362			$	18.97
			3,894												1,478

Adtran Networks [Member]

Summary of Stock Options Outstanding

The following table summarizes Adtran Networks stock options outstanding as of December 31, 2022 and December 31, 2023 and the changes that occurred during the year ended December 31, 2023:

		Number of Options (In thousands)				Weighted Average Exercise Price (Per share)				Weighted Average Remaining Contractual Life in Years				Aggregate Intrinsic Value (In thousands)
Stock options outstanding, December 31, 2022			81			$	8.58				4.00			$	1,222
Stock options exercised			(50	)		$	7.64
Stock options forfeited			(12	)		$	10.45
Stock options expired			(1	)		$	9.60
Stock options outstanding, December 31, 2023			18			$	11.04				4.48			$	193
Stock options exercisable, December 31, 2023			—			$	—				—			$	—

Stock Options Outstanding

The following table further describes Adtran Networks' stock options outstanding as of December 31, 2023:

		Options Outstanding												Options Exercisable
Range of Exercise Prices (Per Share)		Options Outstanding at December 31, 2023 (In thousands)				Weighted Average Remaining Contractual Life in Years				Weighted Average Exercise Price (Per Share)				Options Exercisable at December 31, 2023 (In thousands)				Weighted Average Exercise Price
€10.00 - €10.00			18				4.48			$	11.04				—			$	—
			18												—

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:

		2023				2022				2021
Estimated fair value per share		$	19.26			$	24.01			$	26.07
Expected volatility			51.52	%			45.77	%			53.27	%
Risk-free interest rate			3.93	%			4.28	%			0.85	%
Expected dividend yield			2.55	%			1.76	%			1.63	%

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