Share-Based Payments

9 Months Ended

Sep. 30, 2022

Share-based compensation expense is as follows (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(unaudited)				(unaudited)
Research and development	$	825	$	615	$	2,284	$	1,909
Selling, general and administrative	4,160		3,412		11,023		11,965
Total	$	4,985	$	4,027	$	13,307	$	13,874

Stock Option and Stock Appreciation Rights

The following table summarizes stock option and stock appreciation rights (SAR) activities:


	Number of Options & SARs	Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (in years)
Outstanding, December 31, 2021	5,774,076	$	24.15	5.95
Granted	1,046,785	$	31.95
Exercised	(673,120)	$	12.79
Forfeited	(145,473)	$	30.06
Outstanding, September 30, 2022 (unaudited)	6,002,268	$	26.64	6.29

As of December 31, 2021:
Vested and expected to vest	5,774,076	$	24.15	5.95
Exercisable	3,651,824	$	21.29	4.53

As of September 30, 2022 (unaudited):
Vested and expected to vest	6,002,268	$	26.64	6.29
Exercisable	3,682,170	$	24.61	4.83

Restricted Stock Units

The following table summarizes restricted stock unit (RSU) activities:


	Number of RSUs	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2021	21,110	$	29.61
Granted	134,460	$	32.17
Vested	(21,110)	$	29.61

Nonvested, September 30, 2022 (unaudited)	134,460	$	32.17

There were no forfeited RSU awards during the nine months ended September 30, 2022.

Performance Share Units

The following table summarizes performance share unit (PSU) activities:


	Performance-Based Units			Market-Based Units			Total PSUs
	Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2021	53,500	$	29.82	35,625	$	26.34	89,125	$	28.43
Granted	155,000	$	28.93	—	—		155,000	$	28.93
Vested	(22,250)	$	29.69	—	—		(22,250)	$	29.69
Forfeited	(1,500)	$	30.45	—	—		(1,500)	$	30.45
Nonvested, September 30, 2022 (unaudited)	184,750	$	29.08	35,625	$	26.34	220,375	$	28.64