Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.21.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award Valuation Assumptions The following weighted average
assumptions were used to estimate the fair value of the options granted during the three-month periods ended March 31, 2021 and March 31, 2020:
March 31, 2021 March 31, 2020
Annualized volatility 66  % 43%
Risk-free interest rate 0.28  % 1.20%
Expected life of options in years 4.0 years 3.0 years
Estimated forfeiture rate 8.9  % 13.0%
Dividend rate 0.0  % 0.0%
Fair value per common share option $ 6.72  $ 5.44 
Schedule of Performance Shares Activity
The following table summarizes the equity award activity during the three months ended March 31, 2021:

March 31, 2021
Number of shares (in thousands) Weighted average exercise price $
Outstanding - Beginning of Period 14,486  11.35 
Granted 1,392  13.62 
Exercised (877) 5.65 
Forfeited (230) 12.33 
Outstanding - End of Period 14,771  12.94 
Vested and expected to vest - End of Period 897  13.11 
Options exercisable - End of Period 5,014  8.15 
Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three-month periods ended March 31, 2021 and March 31, 2020 as follows:
(in thousands) March 31, 2021 March 31, 2020
Research and development $ 1,074  $ 1,217 
Selling, general and administrative 6,641  2,279 
Capitalized under inventories 106  — 
Share-based compensation expense $ 7,821  $ 3,496