v3.25.1
Share-based Compensation
3 Months Ended
Mar. 31, 2025
Share-based Compensation  
Share-based compensation

Note 7 — Share-based Compensation

Restricted share awards are issued to employees and to members of our board of directors that are subject to specified restrictions and a risk of forfeiture. The restrictions typically lapse over one to four years and may entitle holders to dividends and voting rights. Other types of share-based compensation include performance share awards, performance share units, and restricted share units (collectively with restricted share awards, “restricted shares”), as well as options to purchase common stock.

Share-based compensation expense was recognized in the following line items in the Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024:

Three months ended March 31,

    

2025

    

2024

    

(in thousands)

Cost of sales

 

$

1,343

 

$

1,730

 

Research and development

3,048

2,318

Selling, general, and administrative

4,817

4,034

Total

$

9,208

$

8,082

For the three months ended March 31, 2025, equity activity related to non-vested restricted shares and performance shares was as follows:

    

    

Weighted

Average

Number of

Grant Date

Shares

Fair Value

(in thousands)

Balance - December 31, 2024

2,604

$

32.53

Granted

1,061

23.23

Performance award adjustments

(21)

45.28

Vested

(843)

31.64

Forfeited

(20)

29.83

Balance - March 31, 2025

2,781

$

29.17