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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:

(In thousands)		2024				2023				2022
Stock-based compensation expense included in cost of revenue		$	1,142			$	1,293			$	2,876
Selling, general and administrative expenses			10,412				10,701				20,844
Research and development expenses			3,788				4,022				4,602
Stock-based compensation expense included in operating expenses			14,200				14,723				25,446
Total stock-based compensation expense			15,342				16,016				28,322
Tax benefit for expense associated with non-qualified stock options, PSUs, RSUs and restricted stock			(2,102	)			(3,837	)			(5,152	)
Total stock-based compensation expense, net of tax		$	13,240			$	12,179			$	23,170

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, 2023 and 2024 and the changes that occurred during 2024:

		Number of shares (In thousands)				Weighted Average Grant Date Fair Value (Per Share)
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2023			1,942			$	17.46
PSUs, RSUs and restricted stock granted			1,097			$	7.85
PSUs, RSUs and restricted stock vested			(575	)		$	18.76
PSUs, RSUs and restricted stock forfeited			(129	)		$	14.20
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2024			2,335			$	13.22

Summary of Stock Options Outstanding

The following table is a summary of stock options outstanding as of December 31, 2024 and 2023 and the changes that occurred during 2024:

		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, 2023			3,894			$	10.32				5.25			$	3,087
Stock options exercised			(139	)		$	5.93
Stock options forfeited			(202	)		$	6.78
Stock options expired			(609	)		$	14.69
Stock options outstanding, December 31, 2024			2,944			$	9.86				4.98			$	3,762
Stock options exercisable, December 31, 2024			1,465			$	8.73				4.18			$	1,960

Stock Options Outstanding

The following table further describes our stock options outstanding as of December 31, 2024:

		Options Outstanding												Options Exercisable
Range of Exercise Prices (Per Share)		Options Outstanding at December 31, 2024 (In thousands)				Weighted Average Remaining Contractual Life in Years				Weighted Average Exercise Price (Per Share)				Options Exercisable at December 31, 2024 (In thousands)				Weighted Average Exercise Price
$5.23 – $5.23			1,131				8.87			$	5.23				550			$	5.23
$5.24 – $8.58			431				1.85			$	7.86				431			$	7.86
$8.59 – $12.17			696				2.81			$	11.57				155			$	9.49
$12.18 – $15.33			378				1.23			$	15.33				329			$	15.33
$15.34 – $19.08			308				4.37			$	19.08				—			$	—
			2,944												1,465

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 was $2.99 per share with the following weighted-average assumptions:

		2023
Expected volatility	$		51.78	%
Risk-free interest rate			4.13	%
Expected dividend yield			—
Expected life (in years)			5.8	%

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:

		2024				2023				2022
Estimated fair value per share		$	8.29			$	19.26			$	24.01
Expected volatility			51.34	%			51.52	%			45.77	%
Risk-free interest rate			4.12	%			3.93	%			4.28	%
Expected dividend yield			—				2.55	%			1.76	%

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