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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Incentive Plans
As of December 31, 2021, the Company’s approved equity incentive plans included the 2015 Equity Incentive Plan (“2015 Plan”), the 2013 Equity Incentive Plan (“2013 Plan”), and the 2008 Equity Incentive Plan (“2008 Plan”). These plans are administered by the Board of Directors and permit the granting of stock options, stock appreciation rights, restricted stock, restricted stock units and dividend equivalent rights to employees, officers, directors and consultants of the Company.
The Company has certain stock option and restricted stock awards outstanding under each of its equity incentive plans but, upon adoption of the 2015 Plan, no longer grants new equity awards under its 2008 and 2013 Plans. The Company adopted its 2015 Plan in June 2015 and subsequently amended the plan in April 2016, 2017, 2019 and 2021, which increased the common stock reserved for issuance under the plan to an aggregate 9,180,277 shares. The Company assumed Progenics equity plans due to the acquisition as discussed in Note 1, “Description of Business”.
Stock-based compensation expense recognized in the consolidated statements of operations is summarized below:
Year Ended
December 31,
(in thousands)202120202019
Cost of goods sold$2,370 $2,820 $2,091 
Sales and marketing2,472 1,821 1,953 
General and administrative9,092 7,333 6,990 
Research and development2,000 2,101 1,458 
Total stock-based compensation expense$15,934 $14,075 $12,492 
Stock Options
Stock option awards under the 2015 Plan are granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. All option awards have a ten-year contractual term.
A summary of option activity for 2021 is presented below:
Total
Stock
Options		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(Years)		Aggregate
Intrinsic
Value
Balance at January 1, 20211,575,219 $19.03 
Options granted— $— 
Options exercised(318,662)$16.62 
Options cancelled and forfeited(283,618)$22.74 
Outstanding at December 31, 2021972,939 $18.73 4.710,145,135 
Exercisable at December 31, 2021860,461 $19.12 4.38,672,206 
No stock options were granted during the fiscal year ended December 31, 2021.
During the years ended December 31, 2021, 2020 and 2019, 318,662, 8,868 and 67,558 options were exercised having aggregate intrinsic values of $1.6 million, $0.1 million and $0.6 million, respectively.
As of December 31, 2021, there was $0.6 million of unrecognized compensation expense related to outstanding stock options, which is expected to be recognized over a weighted-average period of 1.6 years.
Restricted Stock
A summary of restricted stock awards and restricted stock units activity for 2021 is presented below:
SharesWeighted-
Average Grant
Date Fair Value Per Share
Nonvested balance at January 1, 20211,107,866 $16.58 
Granted1,000,259 $20.14 
Vested(524,117)$16.72 
Forfeited(253,634)$17.40 
Nonvested balance at December 31, 20211,330,374 $19.04 
Restricted stock generally vest over 3 years. As of December 31, 2021, there was $17.0 million of unrecognized compensation expense related to outstanding restricted stock, which is expected to be recognized over a weighted-average period of 2.0 years.
The weighted average grant-date fair value for restricted stock granted during the fiscal years ended December 31, 2021, 2020 and 2019 was $20.14, $15.00 and $23.33 per share, respectively. The total fair value of restricted stock vested in fiscal years 2021, 2020 and 2019 was $8.8 million, $7.6 million and $6.8 million, respectively.
Total Stockholder Return Restricted Stock Awards (“TSR Awards”)
During the years ended December 31, 2021, 2020 and 2019, the Company granted total stockholder return (“TSR”) Awards that include a three-year market condition where the performance measurement period is three years. Vesting of the TSR Awards is based on the Company’s level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year period and is also subject to the continued employment of the grantees. The number of shares that are earned over the performance period ranges from 0% to 200% of the initial award. The fair value of these awards are based on a Monte Carlo simulation valuation model with the following assumptions:
Year Ended December 31,
202120202019
Expected volatility54.0 %53.3 %71.7 %
Risk-free interest rate0.3 %0.7 %2.4 %
Expected life (in years)2.82.82.9
Expected dividend yield———
A summary of TSR Award activity for 2021 is presented below:
SharesWeighted-
Average Grant
Date Fair Value Per Share
Nonvested balance at January 1, 2021491,771 $27.58 
Granted260,748 $31.25 
Vested(86,513)$22.76 
Forfeited(75,933)$30.02 
Nonvested balance at December 31, 2021590,073 $30.49 
As of December 31, 2021, there was $9.3 million of unrecognized compensation expense related to outstanding performance restricted stock which is expected to be recognized over a weighted-average period of 1.7 years.
The weighted average grant-date fair value for TSR Awards granted during the fiscal years ended December 31, 2021, 2020 and 2019 was $31.25, $23.43 and $39.92 per share, respectively.