Quarterly report pursuant to Section 13 or 15(d)

Share-based Compensation (Tables)

v3.21.2
Share-based Compensation (Tables)
9 Months Ended
Sep. 30, 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 nine month periods ended September 30, 2021 and September 30, 2020:
September 30, 2021 September 30, 2020
Annualized volatility 66  % 43%
Risk-free interest rate 0.38  % 0.70  %
Expected life of options in years 4.0 years 3.0 years
Estimated forfeiture rate 8.9  % 12  %
Dividend rate 0.0  % 0.0%
Fair value per common share option $ 6.64  $ 5.05 
Schedule of Performance Shares Activity
The following table summarizes the option award activity during the nine months ended September 30, 2021:

September 30, 2021
Number of shares (in thousands) Weighted average exercise price $
Outstanding - Beginning of Period 14,047  11.35 
Granted 2,059  13.42 
Exercised (2,324) 6.60 
Cancelled/Forfeited (945) 13.72 
Outstanding - End of Period 12,837  12.37 
Vested and expected to vest - End of Period 2,635  14.54 
Options exercisable - End of Period 5,244  10.81 
Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three and nine month periods ended September 30, 2021 and September 30, 2020 as follows:
Three months ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2021 2020 2021 2020
Research and development $ 1,038  $ 814  $ 3,201  $ 3,111 
Selling, general and administrative 6,000  3,750  19,189  9,151 
Capitalized under inventories 54  47  276  47 
Share-based compensation expense $ 7,092  $ 4,611  $ 22,666  $ 12,309