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Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of restricted and performance stock units

A summary of the Company’s RSUs and PSUs as of June 30, 2020 and changes during the six months then ended is presented below:


		Weighted-			Weighted-
	Number	Average		Number	Average
	of RSUs	Fair Value RSUs		of PSUs	Fair Value PSUs
Outstanding as of December 31, 2019	947,243	$	23.49	207,077	$	23.47
Granted	518,831	25.91		252,031	25.45
Vested ⁽¹⁾	(94,029)	25.19		(789)	25.45
Forfeited	(39,979)	24.09		—	—
Outstanding as of June 30, 2020	1,332,066	$	24.29	458,319	$	24.55

_______________________________________________________________________________

(1) Included 74,442 shares of common stock related to RSUs and no shares of common stock related to PSUs that were not delivered as of June 30, 2020.

Summary of shares of common stock issued

A summary of shares of common stock issued related to the 2015 Plan, including the impact of any DERs issued in common stock, is presented below:


	Six months ended			Six months ended
	June 30, 2020			June 30, 2019
	RSUs	PSUs	RSUs	PSUs
Shares of common stock issued ⁽¹⁾	52,512	789	401,986	900,226
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations	(16,973)	(269)	(123,013)	(325,246)
Net shares of common stock issued	35,539	520	278,973	574,980

Cumulative undelivered shares of common stock	262,568	—	177,249	—

______________________________________________________________________________

(1) Shares of common stock issued in 2019 related to PSUs represents PSUs that vested in 2018 but were delivered in common stock during the six months ended June 30, 2019.

Compensation expense recorded in the consolidated statement of operations

Compensation expense recorded related to RSUs and PSUs in the consolidated statement of operations was as follows:


	Three months ended						Six months ended
	June 30,						June 30,
(in thousands)	2020		2019		2020		2019
RSUs	$	3,787	$	3,170	$	6,265	$	4,740
PSUs	265		431		(190)		646

Schedule of compensation expense related to equity incentive plans

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


	Three months ended						Six months ended
	June 30,						June 30,
(in thousands)	2020		2019		2020		2019
Cost of goods sold	$	403	$	194	$	628	$	361
Selling, general and administrative	3,575		3,174		5,289		4,641
Research and development	238		233		486		384
Total compensation expense before income tax	4,216		3,601		6,403		5,386
Income tax benefit	849		746		1,312		1,136
Total compensation expense, net of income tax	$	3,367	$	2,855	$	5,091	$	4,250

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details