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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense Stock-based compensation expense by statement of operations caption and the related income tax benefit were as follows: 
Year Ended December 31,
(In thousands)202320222021
Cost of sales$125 $155 $156 
Research and development expenses1,098 1,342 1,253 
Selling, general and administrative expenses:
Employees
6,980 7,257 6,997 
Outside directors
606 1,259 1,563 
Total employee and director stock-based compensation expense$8,809 $10,013 $9,969 
Income tax benefit$1,369 $1,660 $1,718 
Assumptions Used and Weighted Average Fair Value of Stock Option Grants
The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:
 Year Ended December 31,
 202320222021
Weighted average fair value of grants$10.83 $14.51 $23.97 
Risk-free interest rate3.86 %1.93 %0.41 %
Expected volatility45.89 %49.35 %48.49 %
Expected life in years4.704.734.62
Stock Option Activity
Stock option activity was as follows:
202320222021
Number of Options
(in 000's)
Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
(in 000's)
Number of Options
(in 000's)
Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
(in 000's)
Number of Options
(in 000's)
Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
(in 000's)
Outstanding at beginning of the year782 $44.16 800 $45.55 774 $43.01 
Granted235 24.77 139 33.42 80 59.43 
Exercised— — $— (80)19.25 $292 (54)30.04 $931 
Forfeited/canceled/expired(116)46.59 (77)64.81 — — 
Outstanding at end of the year (1)
901 $38.78 3.67$— 782 $44.16 3.45$— 800 $45.55 3.15$3,780 
Vested and expected to vest at the end of the year (1)
901 $38.78 3.67$— 782 $44.16 3.45$— 800 $45.55 3.15$3,780 
Exercisable at the end of the year (1)
620 $44.06 2.60$— 600 $45.77 2.61$— 656 $44.08 2.58$3,608 
(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2023, 2022 and 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on December 31, 2023, 2022 and 2021. This amount will change based on the fair market value of our stock.
Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information
Significant option groups outstanding at December 31, 2023 and the related weighted average exercise price and life information were as follows:
 Options OutstandingOptions Exercisable
Range of Exercise PricesNumber
Outstanding
(in 000's)
Weighted-Average
Remaining 
Contractual Term (in years)
Weighted-Average
Exercise Price
Number
Exercisable
(in 000's)
Weighted-Average
Exercise Price
$24.77 to $34.56
503 4.79$27.77 227 $29.35 
$44.95 to $46.17
207 2.6045.59 207 45.59 
$52.85 to $62.70
191 2.3860.31 186 60.34 
901 3.67$38.78 620 $44.06 
Non-Vested Restricted Stock Awards Activity
Non-vested restricted stock award activity was as follows:
202320222021
Shares
(in 000's)
Weighted-Average
Grant Date
Fair Value
Shares
(in 000's)
Weighted-Average
Grant Date
Fair Value
Shares
(in 000's)
Weighted-Average
Grant Date
Fair Value
Non-vested at beginning of the year376 $36.82 310 $44.41 374 $34.53 
Granted340 14.15 262 31.05 156 56.90 
Vested(211)35.77 (191)41.09 (211)36.35 
Forfeited(19)17.72 (5)43.22 (9)39.65 
Non-vested at end of the year486 $21.66 376 $36.82 310 $44.41 
Detailed Information Regarding Active Stock Incentive Plans
Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2023:
NameApproval DateTotal Shares
Available for Grant
Under the Plan
Remaining Shares
Available for Grant
Under the Plan
Outstanding Shares
Granted
Under the Plan
2014 Stock Incentive Plan6/12/20141,100,000 — 189,975 
2018 Equity and Incentive Compensation Plan (1)
6/4/20182,289,479 336,566 1,197,891 
336,566 1,387,866 
(1)The 2018 Equity and Incentive Compensation Plan was amended in June 2021 to add an additional 1,100,000 shares, as approved by our stockholders.