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Share-Based Compensation Plans
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Plans

Note 7. Share-Based Compensation Plans

During the six months ended June 30, 2022, we issued to certain employees and non-employee directors an aggregate of 867,131 timed-based restricted stock units (RSUs), 37,065 performance-based restricted stock units (PSUs) that vest upon achievement of annual, adjusted Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) targets measured from January 1, 2022 through December 31, 2024, 111,193 PSUs that vest upon achievement of certain stock price hurdles for the period of the grant date through December 31, 2024, and 49,781 PSUs that vest upon achievement of certain strategic targets measured from January 12, 2022 through January 12, 2032. 167,507 of the time-based RSUs vest on the third anniversary date of the grant date, 413,467 of the time-based RSUs vest 50% on the first and second anniversary of the grant date, respectively, 210,053 of the time-based RSUs vest 25% on the first, second, third and fourth anniversary of the grant date, respectively, and 76,104 of the time-based RSUs vest 100% on the first

anniversary of the grant. Each of the time-based and performance-based RSU awards are subject to the recipient’s continued service with us, the terms and conditions of our stock option and incentive plan and the applicable award agreement.

In addition, during the six months ended June 30, 2022, we issued 45,510 stock options to certain employees.

The share-based compensation expense recognized in the condensed consolidated statements of operations was as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of goods sold

 

$

965

 

 

$

1,129

 

 

$

1,854

 

 

$

1,332

 

General and administrative expenses

 

 

2,783

 

 

 

1,796

 

 

 

5,203

 

 

 

3,992

 

Total share-based compensation expense

 

$

3,748

 

 

$

2,925

 

 

$

7,057

 

 

$

5,324

 

 

The share-based compensation expense recognized by award type was as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

RSUs

 

$

2,911

 

 

$

1,772

 

 

$

5,730

 

 

$

3,027

 

Stock options

 

 

165

 

 

 

573

 

 

 

329

 

 

 

1,191

 

PSUs

 

 

672

 

 

 

580

 

 

 

998

 

 

 

1,106

 

Total share-based compensation expense

 

$

3,748

 

 

$

2,925

 

 

$

7,057

 

 

$

5,324