Quarterly report pursuant to Section 13 or 15(d)

Share-based Compensation (Tables)

v3.22.1
Share-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
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 months ended March 31, 2022 and March 31, 2021:
2022 2021
Annualized volatility 70  % 66  %
Risk-free interest rate 1.73  % 0.28  %
Expected life of options in years 5.0 years 4.0 years
Estimated forfeiture rate 11.6  % 8.9  %
Dividend rate 0.0  % 0.0%
Fair value per common share option $ 7.02  $ 6.72 
Schedule of Option Activity
The following table summarizes the option award activity during the three months ended March 31, 2022:

March 31, 2022
Number of shares (in thousands) Weighted average exercise price $
Outstanding - Beginning of Period 12,074  12.84 
Granted 2,800  12.00 
Exercised (54) 7.57 
Forfeited (171) 16.27 
Outstanding - End of Period 14,649  12.66 
Schedule of Performance Shares Activity The following table summarizes the PAs and RSU activity for the three months ended March 31, 2022:
March 31, 2022
Number of shares (in thousands) Weighted average exercise price $
Outstanding - Beginning of Period 347  13.33 
Granted 1,708  12.01 
Vested (88) 13.56 
Forfeited (15) 13.85 
Outstanding - End of Period 1,952  12.16 
Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three months ended March 31, 2022 and March 31, 2021 as follows:
(in thousands) 2022 2021
Research and development $ 976  $ 1,074 
Selling, general and administrative 5,972  6,641 
Capitalized under inventories 75  106 
Share-based compensation expense $ 7,023  $ 7,821