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Stock-Based Compensation and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation Expense

Stock-based compensation expense for the years ended December 31 was as follows (in thousands):

 

 

 

2023

 

 

2022

 

 

2021

 

Cost of revenues

 

$

2,429

 

 

$

1,648

 

 

$

1,000

 

Selling, general and administrative

 

 

6,829

 

 

 

5,735

 

 

 

3,873

 

Research and development

 

 

3,611

 

 

 

2,881

 

 

 

2,162

 

Total stock-based compensation

 

$

12,869

 

 

$

10,264

 

 

$

7,035

 
Summary of Compensation Expense by Type of Award

Compensation expense by type of award for the years ended December 31 was as follows (in thousands):

 

 

 

2023

 

 

2022

 

 

2021

 

Stock options

 

$

11,585

 

 

$

9,093

 

 

$

6,122

 

ESPP

 

 

1,284

 

 

 

1,171

 

 

 

913

 

Total stock-based compensation

 

$

12,869

 

 

$

10,264

 

 

$

7,035

 
Weighted-Average Assumptions for Non Performance-Based Fair Value for Stock Options The fair value for non-performance-based stock options awarded under the 2000 Plan for the years shown below was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

 

 

 

2023

 

 

2022

 

 

2021

 

 Risk-free interest rate

 

 

3.7

%

 

 

2.8

%

 

 

0.8

%

 Expected dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 Expected volatility

 

 

54

%

 

 

51

%

 

 

49

%

 Expected term (years)

 

 

4.2

 

 

 

4.4

 

 

 

4.9

 
2000 Plan, Vicor [Member]  
Stock-Based Compensation Expense

A summary of the activity under the 2000 Plan as of December 31, 2023 and changes during the year then ended, is presented below (in thousands except for share and weighted-average data):

 

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life in Years

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding on December 31, 2022

 

 

2,024,664

 

 

$

41.48

 

 

 

 

 

 

 

Granted

 

 

918,161

 

 

$

42.76

 

 

 

 

 

 

 

Forfeited and expired

 

 

(79,500

)

 

$

53.67

 

 

 

 

 

 

 

Exercised

 

 

(308,083

)

 

$

25.31

 

 

 

 

 

 

 

Outstanding on December 31, 2023

 

 

2,555,242

 

 

$

43.51

 

 

 

3.90

 

 

$

27,948

 

Exercisable on December 31, 2023

 

 

973,894

 

 

$

27.39

 

 

 

2.10

 

 

$

24,781

 

Vested or expected to vest as of December 31,
   2023(1)

 

 

2,404,726

 

 

$

43.04

 

 

 

3.79

 

 

$

27,619

 

 

(1)
In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.