The following table presents share‑based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Cost of goods manufactured and sold	$	10,284	$	9,175	$	8,430
Research and development		27,941		24,877		26,408
Selling, general and administrative		56,029		53,570		55,326
Total share-based compensation expense	$	94,254	$	87,622	$	90,164

During the years ended December 31, 2022, 2021 and 2020, $3.3 million, $2.3 million and $2.6 million, respectively, of share‑based compensation expense was capitalized and recorded as “Inventory” in the accompanying consolidated balance sheets.

The Company has one share-based compensation plan pursuant to which awards are currently being made: the 2018 Stock Option and Incentive Plan, as amended (the “2018 Plan”). The Company has two share-based compensation plans pursuant to which outstanding awards have been made, but from which no further awards can or will be made: the Alkermes plc Amended and Restated 2008 Stock Option and Incentive Plan, as amended, (the “2008 Plan”) and the Alkermes plc 2011 Stock Option and Incentive Plan, as amended (the “2011 Plan”). Effective May 20, 2020, the 2018 Plan was amended such that any shares underlying any outstanding awards granted under the 2011 Plan or the 2008 Plan that are forfeited, canceled, repurchased or otherwise terminated (other than by exercise) from and after such date will become available for issuance pursuant to the 2018 Plan, notwithstanding anything to the contrary in the terms of the 2011 Plan or the 2008 Plan.

The 2018 Plan allows for the issuance of non-qualified and incentive stock options, restricted stock, restricted stock unit awards, cash-based awards and performance shares to employees, officers and directors of, and consultants to, the Company in such amounts and with such terms and conditions as may be determined by the compensation committee of the Company's board of directors, subject to the provisions of the 2018 Plan, as applicable.

On July 7, 2022, the Company’s shareholders approved an amended version of the Alkermes plc 2018 Stock Option and Incentive Plan that served to, among other things, increase the number of ordinary shares authorized for issuance thereunder by 8.3 million. At December 31, 2022, there were 12.9 million ordinary shares available for issuance in the aggregate under the 2018 Plan. The 2018 Plan provides that awards other than stock options will be counted against the total number of shares available under the plan in a 1.8-to‑1 ratio.

	Number of			Weighted Average
	Shares			Exercise Price
Outstanding, January 1, 2022		16,747,819		$	34.02
Granted		3,164,468		$	25.39
Exercised		(1,108,772	)	$	17.70
Expired		(660,093	)	$	48.03
Forfeited		(546,461	)	$	22.75
Outstanding, December 31, 2022		17,596,961		$	33.32
Exercisable, December 31, 2022		10,138,673		$	40.52

The weighted average grant date fair value of stock options granted during the years ended December 31, 2022, 2021 and 2020 was $12.62, $10.09 and $9.52, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $11.6 million, $8.3 million and $2.0 million, respectively.

At December 31, 2022, there were 7.2 million stock options expected to vest with a weighted average exercise price of $23.46 per share, a weighted average contractual remaining life of 8.2 years with an aggregate intrinsic value of $24.8 million. At December 31, 2022, the aggregate intrinsic value of stock options exercisable was $14.8 million with a weighted average remaining contractual term of 4.6 years. The number of stock options expected to vest was determined by applying the pre‑vesting forfeiture rate to the total number of outstanding options. The intrinsic value of a stock option is the amount by which the market value of the underlying shares exceeds the exercise price of the stock option.

At December 31, 2022, there was $32.7 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.9 years. Included within the outstanding stock option balances at December 31, 2022 consisted of 382,200 performance-based stock options that were granted in 2019 and valued using a Monte Carlo simulation model. The weighted average grant date fair value of such performance-based stock options was $16.78. The unrecognized compensation cost related to these performance-based stock options was less than $0.1 million at December 31, 2022 and is included in the unrecognized compensation cost noted above.

				Weighted Average
	Number of Shares			Grant Date Fair Value
Unvested, January 1, 2022		6,322,685		$	23.38
Granted		3,031,864		$	25.27
Vested		(2,051,872	)	$	26.45
Forfeited		(677,255	)	$	22.96
Unvested, December 31, 2022		6,625,422		$	23.34

The weighted average grant date fair value of time‑vesting RSUs granted during the years ended December 31, 2022, 2021 and 2020 were $25.27, $20.83 and $20.22, respectively. The total fair value of time-vesting RSUs that vested during the years ended December 31, 2022, 2021 and 2020, was $54.3 million, $56.3 million and $45.9 million, respectively.

At December 31, 2022, there was $62.4 million of total unrecognized compensation cost related to unvested time-vesting RSUs, which will be recognized over a weighted average remaining contractual term of 1.9 years.

In February 2022, 2021 and 2020, the compensation committee of the Company’s board of directors approved awards of performance-based RSUs to employees of the Company at the Senior Vice President level and above, in each case subject to vesting based on the achievement of certain financial, commercial and/or R&D performance criteria to be assessed over a performance period of three years from the date of the grant, and subject, at the end of such three-year performance period, to upward or downward adjustment based on a market condition tied to relative share price performance over the three-year performance period.

A summary of performance-based RSU activity is presented in the following table:

				Weighted Average
	Number of Shares			Grant Date Fair Value
Unvested, January 1, 2022		877,862		$	23.20
Granted		517,683		$	30.73
Forfeited		(45,911	)	$	24.46
Vested		—		$	—
Unvested, December 31, 2022		1,349,634		$	26.05

The weighted average grant date fair value of performance-based RSUs granted during the years ended December 31, 2022, 2021 and 2020 were $30.73, $23.09 and $23.43, respectively. The total fair value of performance-based RSUs that vested during the years ended December 31, 2022, 2021 and 2020 were none, $4.2 million and none, respectively. At December 31, 2022, there was $5.1 million of unrecognized compensation cost related to the performance-based RSUs, which would be recognized in accordance with the terms of the award when the Company deems it probable that the performance criteria will be met. The unvested awards will expire if it is determined that the performance criteria have not been met during the applicable three-year performance period.