Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Compensation

Stock-Based Compensation

Note 2.  Stock-Based Compensation

The Company maintains the Axcelis Technologies, Inc. 2000 Stock Plan (the “2000 Plan”), a stock award and incentive plan which permits the issuance of options, restricted stock, restricted stock units and performance awards to selected employees, directors and consultants of the Company. The Company also maintains the Axcelis Technologies, Inc. Employee Stock Purchase Plan (the “ESPP”), an Internal Revenue Code Section 423 plan. The 2000 Plan and the ESPP are more fully described in Note 14 to the consolidated financial statements in the Company’s 2010 Annual Report on Form 10-K.

The Company recognized stock-based compensation expense of $1.5 million and $3.6 million for the three and nine months ended September 30, 2011, respectively.  For the three and nine months ended September 30, 2010, the Company recognized stock-based compensation expense of $1.4 million and $3.0 million, respectively.  These amounts include the impact of recognizing compensation expense related to restricted stock units, non-qualified stock options and stock issued under the ESPP. Included in stock-based compensation expense for the nine months ended September 30, 2011 was $0.3 million related to the accelerated vesting of certain options of a former executive of the Company who retired effective March 31, 2011.