The table below sets forth information related to our share-based compensation expense:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Cost of goods sold	$	534	$	512	$	1,096	$	1,066
Selling, general, and administrative		9,619		4,032		15,466		8,648
Research and development		1,138		1,249		2,308		2,465
Total share-based compensation expense	$	11,291	$	5,793	$	18,870	$	12,179

Share Grants. Share grants consist of restricted stock awards, restricted stock units (“RSUs”) and performance stock units (“PSUs”). Restricted stock awards and RSUs generally vest in equal annual installments over a four-year period and are measured based on the fair market value of the underlying stock on the date of grant. Compensation expense is recognized on a straight-line basis over the requisite four-year service period. All new grants are awarded under the Company’s 2022 Equity Incentive Plan.

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.

As of June 30, 2026, total unrecognized share-based compensation expense related to share grants was approximately $59.6 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 2.3 years.

Stock Modification. During the three months ended June 30, 2026, we modified previously granted restricted stock awards for board members and employees who retired. The result of the modifications resulted in the acceleration of the vesting of 17,780 stock awards for the board members and employees. The incremental expense recorded for this modification was approximately $1.5 million, which was expensed in SG&A expense in the three months ended June 30, 2026.