Share-based Payment Arrangement [Text Block] | Note 13 The Company has two 2000 2000 2012 2012 2012 February 12, 2012, not 2000 2012 No 2000 2012 2012 ten may 2012 may not The Company’s 2012 six first 718 Employees purchased 67,729 and 42,235 shares of common stock under the ESPP at an average exercise price of $61.96 and $85.85 during 2021 2020 December 31, 2021 The Company determines its stock-based compensation in accordance with ASC 718, Determining the appropriate fair value model and calculating the fair value of stock option grants requires the input of subjective assumptions. The Company uses the Black-Scholes option pricing model to value its stock option awards. Stock-based compensation expense is calculated using the Company’s best estimates, which involve inherent uncertainties and the application of management’s judgment. Significant estimates include its expected term and stock price volatility. The expected term of stock options is estimated from the vesting period of the award and represents the weighted average period that the Company's stock options are expected to be outstanding. The Company estimates the volatility of its stock price based on the historic volatility of its common stock. The Company bases the risk-free interest rate that it uses in the Black-Scholes option pricing model on U.S. Treasury instruments with maturities similar to the expected term of the award being valued. The Company has never paid and does not zero The following table summarizes stock-based compensation expense for the years ended December 31, 2021, 2020 2019 Year Ended December 31, (in thousands) 2021 2020 2019 Stock options and other $ 17,553 $ 13,327 $ 9,591 Employee stock purchase plan 1,542 1,346 1,190 Total stock-based compensation expense $ 19,095 $ 14,673 $ 10,781 Cost of revenue $ 2,595 $ 2,451 $ 2,056 Operating expenses: Marketing and sales 3,736 3,121 2,632 Research and development 2,833 2,440 1,851 General and administrative 9,931 6,661 4,242 Total stock-based compensation expense $ 19,095 $ 14,673 $ 10,781 Stock Options The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 Risk-free interest rate 0.80 - 1.12% 0.50 - 1.47% 2.35 - 2.58% Expected life (years) 6.25 6.25 6.25 Expected volatility 45.28 - 45.53% 42.40 - 43.83% 42.52 - 42.74% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $128.14 $45.32 $47.84 The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2021, 2020 2019 Weighted- Average Stock Options Exercise Price Options outstanding at January 1, 2019 252,616 $ 64.71 Granted 53,708 105.81 Exercised (16,079 ) 48.67 Cancelled (13,979 ) 89.50 Options outstanding at December 31, 2019 276,266 72.38 Granted 60,065 105.79 Exercised (68,958 ) 57.00 Cancelled (37,842 ) 67.92 Options outstanding at December 31, 2020 229,531 86.46 Granted 57,901 128.14 Exercised (28,991 ) 58.78 Cancelled (25,057 ) 109.31 Options outstanding at December 31, 2021 233,384 $ 97.78 Exercisable at December 31, 2021 115,700 $ 81.30 The outstanding options have a term of 10 years. For employees, options that have been granted become exercisable ratably over the vesting period, which is generally a four five first first The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 2019 For options outstanding at December 31, 2021 December 31, 2021 The following table summarizes information about stock options outstanding at December 31, 2021 Options Outstanding, Vested and Expected to Vest Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price ($) Number Exercisable Weighted Average Exercise Price ($) $7.76 to $31.43 4,624 0.35 30.58 4,624 30.58 $31.44 to $66.87 50,159 3.58 57.13 45,986 57.02 $66.88 to $96.20 41,586 7.82 89.95 9,570 71.68 $96.21 to $180.46 137,015 7.67 117.31 55,520 107.28 The fair value of share-based payment transactions is recognized in the Consolidated Statements of Comprehensive Income. As of December 31, 2021 December 31, 2021, 2020 2019 Restricted Stock The 2012 three five first first The following table summarizes restricted stock activity for the years ended December 31, 2021, 2020 2019 Weighted- Average Grant Date Restricted Fair Value Stock Awards Per Share Restricted stock at January 1, 2019 323,921 $ 79.85 Granted 115,471 106.35 Restrictions lapsed (92,597 ) 77.25 Forfeited (31,822 ) 87.58 Restricted stock at December 31, 2019 314,973 89.55 Granted 108,179 111.76 Restrictions lapsed (101,941 ) 84.70 Forfeited (14,012 ) 94.24 Restricted stock at December 31, 2020 307,199 98.87 Granted 205,996 123.61 Restrictions lapsed (115,908 ) 91.26 Forfeited (53,505 ) 128.05 Restricted stock at December 31, 2021 343,782 $ 111.79 As of December 31, 2021 Performance Stock Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 three 2017 2019 2021 2020 2021 The following table summarizes performance stock activity for the years ended December 31, 2021, 2020 2019 Weighted- Average Grant Date Performance Fair Value Stock Awards Per Share Performance stock at January 1, 2019 52,140 $ 76.54 Granted 21,434 104.99 Restrictions lapsed - - Performance change (61,816 ) 88.06 Forfeited (2,375 ) 105.37 Performance stock at December 31, 2019 9,383 58.35 Granted 19,956 118.66 Restrictions lapsed (7,113 ) 58.35 Performance change - - Forfeited (2,270 ) 58.35 Performance stock at December 31, 2020 19,956 118.66 Granted 15,078 203.64 Restrictions lapsed - - Performance change (10,366 ) 192.95 Forfeited (7,829 ) 113.91 Performance stock at December 31, 2021 16,839 $ 115.56 As of December 31, 2021 Employee Stock Purchase Plan The following table presents the assumptions used to estimate the fair value of the ESPP during the years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 Risk-free interest rate 0.06 - 0.17% 0.12 - 0.17% 1.59 - 2.35% Expected life (months) 6.00 6.00 6.00 Expected volatility 53.44 - 65.53% 50.85 - 59.99% 42.63 - 53.57% Expected dividend yield 0% 0% 0% |