Share-based Compensation

9 Months Ended

Sep. 30, 2022

Share-based Compensation

Share-based compensation

Note 8 — Share-based Compensation

Restricted share awards are issued to employees and board of directors that are subject to specified restrictions and a risk of forfeiture. The restrictions typically lapse over one to four years and may entitle holders to dividends and voting rights. Other types of share-based compensation include performance share awards, performance share units, and restricted share units (collectively with restricted share awards, “restricted shares”), as well as options to purchase common stock.

Share-based compensation expense was recognized in the following line items in the Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(in thousands)
Cost of sales	$	1,195	$	620	$	3,384	$	1,765
Research and development		1,819		1,007		4,939		2,957
Selling, general, and administrative		3,196		2,504		8,646		7,013
Total	$	6,210	$	4,131	$	16,969	$	11,735

For the nine months ended September 30, 2022, equity activity related to stock options was as follows:

		Weighted
	Number of	Average
	Shares	Exercise Price
	(in thousands)
Balance - December 31, 2021	443	$	32.15
Expired	(266)		32.95
Balance - September 30, 2022	177		30.94

For the nine months ended September 30, 2022, equity activity related to non-vested restricted shares and performance shares was as follows:

		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2021	2,083	$	17.33
Granted	1,060		30.84
Performance award adjustments	85		14.03
Vested	(787)		15.21
Forfeited	(73)		19.85
Balance - September 30, 2022	2,368		23.88