Stock-Based Compensation

9 Months Ended

Sep. 30, 2019

Stock-Based Compensation

Stock-Based Compensation

Note 2.  Stock-Based Compensation

We maintain the Axcelis Technologies, Inc. 2012 Equity Incentive Plan (the “2012 Equity Plan”), which became effective on May 2, 2012, and permits the issuance of options, restricted stock, restricted stock units and performance awards to selected employees, directors and consultants of the Company. Our 2000 Stock Plan (the “2000 Stock Plan”) expired on May 1, 2012 and no new grants may be made under that plan after that date.  However, unexpired awards granted under the 2000 Stock Plan remain outstanding and subject to the terms of the 2000 Stock Plan. We also maintain the Axcelis Technologies, Inc. Employee Stock Purchase Plan (the “ESPP”), an Internal Revenue Code Section 423 plan.

The 2012 Equity Plan and the ESPP are more fully described in Note 13 to the consolidated financial statements in our 2018 Annual Report on Form 10-K.

We recognized stock-based compensation expense of $2.1 million and $2.4 million for the three month periods ended September 30, 2019 and 2018, respectively. We recognized stock-based compensation expense of $6.1 million and $5.6 million for the nine month periods ended September 30, 2019 and 2018, respectively. These amounts include compensation expense related to restricted stock units (“RSUs”),  non-qualified stock options and stock to be issued to participants under the ESPP.

In the three month periods ended September 30, 2019 and 2018,  we issued 0.1 million shares of common stock upon stock option exercises and vesting of RSUs. In the three month periods ended September 30, 2019 and 2018,  we received proceeds of $0.6 million and $0.5 million, respectively, in connection with the exercise of stock options.

In the nine month periods ended September 30, 2019 and 2018,  we issued 0.7 million and 0.3 million shares of common stock, respectively, upon stock option exercises, purchases under the ESPP and vesting of RSUs. In the nine month periods ended September 30, 2019 and 2018,  we received proceeds of $3.4 million and $1.7 million, respectively, in connection with the exercise of stock options and ESPP purchases.