Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation by Line Item in Consolidated Statements of Income

The following tables present the detail of share-based compensation expense by line item in the consolidated statements of income as well as by award type, for the years ended December 31, 2024, 2023, and 2022:

	Year Ended December 31,
(U.S. Dollars, in thousands)	2024		2023		2022
Cost of sales	$	2,053	$	1,901	$	826
Sales, general, and administrative		27,123		29,917		16,782
Research and development		3,279		3,889		835
Total	$	32,455	$	35,707	$	18,443

	Year Ended December 31,
(U.S. Dollars, in thousands)	2024		2023		2022
Stock options	$	4,331	$	6,130	$	1,114
Market-based stock options		2,118		—		—
Time-based restricted stock awards and stock units		18,818		27,290		9,452
Performance-based / Market-based restricted stock units		4,941		227		6,425
Stock purchase plan		2,247		2,060		1,452
Total	$	32,455	$	35,707	$	18,443

Schedule of Assumptions Used in Determining Fair Value of Stock Options

The fair value of time-based stock options is determined using the Black-Scholes valuation model, with such value recognized as expense over the service period, which is typically three to four years, net of actual forfeitures. A summary of the Company’s assumptions used in determining the fair value of the stock options granted during each of the years ended December 31, 2024, 2023, and 2022, is shown in the following table. The Company did not grant any time-based stock options in 2022.

	Year Ended December 31,
	2024		2023		2022
Assumptions:
Expected term (in years)		4.5		6		—
Expected volatility	45.7% – 47.6%		36.8% – 42.3%			—
Risk free interest rate	3.47% – 4.65%		3.38% – 4.61%			—
Dividend yield		—		—		—
Weighted average grant date fair value	$	5.90	$	8.43	$	—

Schedule of Stock Option Plans

summary of the status of the Company’s time-based stock option plans as of December 31, 2024, and 2023, and changes during the year ended December 31, 2024, is presented below:

(In thousands)	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at December 31, 2023		3,223		$	30.64
Granted		773		$	13.54
Exercised		(12	)	$	14.69
Forfeited or expired		(787	)	$	32.31
Outstanding at December 31, 2024		3,197		$	26.15		4.52
Vested and expected to vest at December 31, 2024		3,197		$	26.15		4.52
Exercisable at December 31, 2024		2,119		$	30.84		3.32

A summary of the status of the Company’s market-based stock option plans as of December 31, 2024, and 2023, and changes during the year ended December 31, 2024, is presented below:

(In thousands)	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at December 31, 2023		—		—
Granted		754	$	13.39
Exercised		—		—
Forfeited or expired		—		—
Outstanding at December 31, 2024		754	$	13.39		6.19
Vested and expected to vest at December 31, 2024		754	$	13.39		6.19
Exercisable at December 31, 2024		—		—		—

Schedule of Changes in Time-Based and Market-Based Restricted Stock Awards and Stock Units

A summary of the status of our time-based and performance-based and/or market-based restricted stock units as of December 31, 2024, and 2023, and changes during the year ended December 31, 2024, is presented below:

	Time-based Restricted Stock Awards and Stock Units					Performance-based and/or Market-based Restricted Stock Units
(In thousands)	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023		2,040		$	26.96		9		$	22.69
Granted		1,264		$	13.48		1,062		$	16.73
Vested and settled		(1,089	)	$	28.41		(6	)	$	16.78
Cancelled		(200	)	$	16.77		(105	)	$	16.60
Outstanding at December 31, 2024		2,015		$	18.73		960		$	16.81