Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award Valuation Assumptions

The following weighted average assumptions were used to estimate the fair value of the options granted during the nine month periods ended September 30, 2021 and September 30, 2020:

	September 30, 2021			September 30, 2020
Annualized volatility	66		%	43%
Risk-free interest rate	0.38		%	0.70		%
Expected life of options in years	4.0 years			3.0 years
Estimated forfeiture rate	8.9		%	12		%
Dividend rate	0.0		%	0.0%
Fair value per common share option	$	6.64		$	5.05

Schedule of Performance Shares Activity

The following table summarizes the option award activity during the nine months ended September 30, 2021:

	September 30, 2021
	Number of shares (in thousands)	Weighted average exercise price $
Outstanding - Beginning of Period	14,047	11.35
Granted	2,059	13.42
Exercised	(2,324)	6.60
Cancelled/Forfeited	(945)	13.72
Outstanding - End of Period	12,837	12.37
Vested and expected to vest - End of Period	2,635	14.54
Options exercisable - End of Period	5,244	10.81

Allocation of Share-Based Payments

The Company recognized share-based compensation expense for the three and nine month periods ended September 30, 2021 and September 30, 2020 as follows:

	Three months ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Research and development	$	1,038	$	814	$	3,201	$	3,111
Selling, general and administrative	6,000		3,750		19,189		9,151
Capitalized under inventories	54		47		276		47
Share-based compensation expense	$	7,092	$	4,611	$	22,666	$	12,309