In May 2022, our stockholders approved our 2022 Equity Incentive Plan (“2022 Plan”). Since the approval of the 2022 Plan, all share-based compensation awards have been granted under and will continue to be granted under the 2022 Plan, no additional share-based awards will be granted under any previous plan. The number of shares authorized to be awarded under the 2022 Plan is 7.0 million shares.

The table below sets forth the line items where share-based compensation expense was recorded for the twelve months ended December 31:


	2024		2023		2022
Cost of goods sold	$	2,073	$	1,860	$	1,630
Selling, general and administrative expense		15,690		24,470		30,295
Research and development expense		5,004		4,581		4,362
Total share-based compensation expense	$	22,767	$	30,911	$	36,287

The table below sets forth share-based compensation expense by type for the twelve months ended December 31:


	2024		2023		2022
Share grants		22,767		30,894		36,251
Stock options		-		17		36
Total share-based compensation expense	$	22,767	$	30,911	$	36,287

Share Grants – Restricted stock awards and restricted stock units generally vest in equal annual installments over a four-year period. Restricted stock grants are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized on a straight-line basis over the requisite four-year service period.

Performance stock units (“PSUs”) are measured based on the fair market value of the underlying stock on the date of grant and compensation expense is recognized over the three-year performance period, with adjustments made to the expense to recognize the probable payout percentage. PSUs will vest upon the Company achieving a cumulative 3-year non-GAAP operating income target for the applicable periods.

The table below sets forth a summary of our non-vested share grants in 2024, 2023, and 2022:


Restricted Stock Grants	Shares			Weighted Average Grant Date Fair Value ($)		Aggregate Intrinsic Value
Nonvested at December 31, 2022		1,269			65.29	$	96,634
Granted		645			84.87
Vested		(643	)		54.20	$	59,701
Forfeited and other		(48	)		73.33
Nonvested at December 31, 2023		1,223			81.02	$	98,493
Granted		517			70.96
Vested		(535	)		74.66	$	37,078
Forfeited and other		(57	)		80.22
Nonvested at December 31, 2024		1,148			79.56	$	70,824

The total unrecognized share-based compensation expense as of December 31, 2024, was approximately $53.7 million, relating to share grants, which was expected to be recognized over a weighted average period of approximately 2.3 years.

Stock Modification. During the twelve months ended December 31, 2023 we modified previously granted stock awards for two corporate officers who retired. The result of the modifications resulted in the acceleration of the vesting of 54,525 stock awards for the corporate officers. The incremental expense recorded for this modification was approximately $2.1 million, which was expensed in SG&A expense in the twelve months ended December 31, 2023.

Stock Options – All stock option expense is related to stock options granted by Savitech Corporation (“Savitech”) in Savitech stock to their employees. We acquired a controlling interest in Savitech in 2020. Total cash received from option exercises was approximately $0.0 million, $0.0 million, and $0.1 million during 2024, 2023, and 2022.

At December 31, 2024, there was no unrecognized compensation expense related to unvested options.