Share-based Compensation

3 Months Ended

Mar. 31, 2024

Share-based Compensation

Share-based compensation

Note 8 — Share-based Compensation

Restricted share awards are issued to employees and to members of our 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 months ended March 31, 2024 and 2023:

	Three months ended March 31,
	2024		2023
	(in thousands)
Cost of sales	$	1,730	$	1,451
Research and development		2,318		2,089
Selling, general, and administrative		4,034		3,487
Total	$	8,082	$	7,027

For the three months ended March 31, 2024, 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, 2023	2,464	$	26.19
Granted	1,019		37.72
Performance award adjustments	200		27.81
Vested	(1,040)		25.93
Forfeited	(13)		23.06
Balance - March 31, 2024	2,630	$	31.13