Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Stock Award Plans and Stock Based Compensation

Stock-Based Compensation

Note 3.  Stock-Based Compensation

We maintain the Axcelis Technologies, Inc. 2012 Equity Incentive Plan, as amended (the “2012 Equity Plan”), which became effective on May 2, 2012, and permits the issuance of options, restricted stock, restricted stock units (“RSUs”) and performance awards to selected employees, directors and consultants of the Company.

The 2012 Equity Plan is more fully described in Note 13 to the consolidated financial statements in our 2023 Form 10-K.

We recognized stock-based compensation expense of $4.7 million and $3.2 million for the three-month periods ended March 31, 2024 and 2023, respectively. These amounts include compensation expense related to RSUs and non-qualified stock options.

In the three-month period ended March 31, 2024, we issued 41,941 shares of common stock upon vesting of RSUs. In the three-month period ended March 31, 2023, we issued 57,604 shares of common stock upon vesting of RSUs and stock option exercises. In the three-month period ended March 31, 2024, we received no proceeds in connection with the exercise of stock options. In the three-month period ended March 31, 2023, we received proceeds of $25.0 thousand in connection with the exercise of stock options.