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Equity Incentive Plans (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and changes during the nine 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	519,208	25.92		252,031	25.45
Vested (1)	(94,406)	25.22		(789)	25.45
Forfeited	(58,816)	24.06		(743)	25.45
Outstanding as of September 30, 2020	1,313,229	$	24.30	457,576	$	24.55

_______________________________________________________________________________

(1) Includes 64,475 shares of common stock related to RSUs and no shares of common stock related to PSUs that were not delivered as of September 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:


	Nine months ended		Nine months ended
	September 30, 2020		September 30, 2019
	RSUs	PSUs	RSUs	PSUs
Shares of common stock issued (1)	62,855	789	407,083	900,226
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations	(16,972)	(269)	(123,013)	(325,246)
Net shares of common stock issued	45,883	520	284,070	574,980

Cumulative undelivered shares of common stock	252,601	—	172,627	—

______________________________________________________________________________

(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 nine months ended September 30, 2019.

Compensation expense recorded in the consolidated statement of operations

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


	Three months ended				Nine months ended
	September 30,				September 30,
(in thousands)	2020		2019		2020		2019
RSUs	$	2,876	$	2,175	$	9,141	$	6,915
PSUs	634		430		444		1,076

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				Nine months ended
	September 30,				September 30,
(in thousands)	2020		2019		2020		2019
Cost of goods sold	$	357	$	218	$	985	$	579
Selling, general and administrative	3,090		2,153		8,379		6,794
Research and development	227		234		713		618
Total compensation expense before income tax	3,674		2,605		10,077		7,991
Income tax benefit	811		580		2,123		1,716
Total compensation expense, net of income tax	$	2,863	$	2,025	$	7,954	$	6,275

- 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