Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense recognized

Stock-based compensation expense recognized in the consolidated statements of operations is summarized below:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Cost of goods sold	$	2,370	$	2,820	$	2,091
Sales and marketing	2,472		1,821		1,953
General and administrative	9,092		7,333		6,990
Research and development	2,000		2,101		1,458
Total stock-based compensation expense	$	15,934	$	14,075	$	12,492

Schedule of option activity

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, 2021	1,575,219	$	19.03
Options granted	—	$	—
Options exercised	(318,662)	$	16.62
Options cancelled and forfeited	(283,618)	$	22.74
Outstanding at December 31, 2021	972,939	$	18.73	4.7	10,145,135
Exercisable at December 31, 2021	860,461	$	19.12	4.3	8,672,206

Summary of restricted stock awards activity

A summary of restricted stock awards and restricted stock units activity for 2021 is presented below:

	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2021	1,107,866	$	16.58
Granted	1,000,259	$	20.14
Vested	(524,117)	$	16.72
Forfeited	(253,634)	$	17.40
Nonvested balance at December 31, 2021	1,330,374	$	19.04

A summary of TSR Award activity for 2021 is presented below:

	Shares	Weighted- Average Grant Date Fair Value Per Share
Nonvested balance at January 1, 2021	491,771	$	27.58
Granted	260,748	$	31.25
Vested	(86,513)	$	22.76
Forfeited	(75,933)	$	30.02
Nonvested balance at December 31, 2021	590,073	$	30.49

Schedule of valuation model

The fair value of these awards are based on a Monte Carlo simulation valuation model with the following assumptions:

	Year Ended December 31,
	2021		2020		2019
Expected volatility	54.0	%	53.3	%	71.7	%
Risk-free interest rate	0.3	%	0.7	%	2.4	%
Expected life (in years)	2.8		2.8		2.9
Expected dividend yield	—		—		—