Share-Based Payment Arrangement [Text Block] | Note 13 Under the Company’s 2012 2012 February 23, 2022. July 8, 2022, 2022 2022 August 29, 2022. No February 23, 2022 August 29, 2022. 2012 August 29, 2022 2012 2022 2022 2022 ten may 2022 may not The Company’s 2012 six first 718 Employees purchased 142,982 and 67,729 shares of common stock under the ESPP at an average exercise price of $27.09 and $61.96 during 2022 2021 December 31, 2022 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, 2022, 2021 2020 Year Ended December 31, (in thousands) 2022 2021 2020 Stock options and other $ 16,103 $ 17,553 $ 13,327 Employee stock purchase plan 1,442 1,542 1,346 Total stock-based compensation expense $ 17,545 $ 19,095 $ 14,673 Cost of revenue $ 2,172 $ 2,595 $ 2,451 Operating expenses: Marketing and sales 3,295 3,736 3,121 Research and development 2,189 2,833 2,440 General and administrative 9,889 9,931 6,661 Total stock-based compensation expense $ 17,545 $ 19,095 $ 14,673 Stock Options The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2022, 2021 2020 Year Ended December 31, 2022 2021 2020 Risk-free interest rate 1.94 - 3.40% 0.80 - 1.12% 0.50 - 1.47% Expected life (years) 6.25 6.25 6.25 Expected volatility 45.95 - 46.03% 45.28 - 45.53% 42.40 - 43.83% Expected dividend yield 0% 0% 0% Weighted average grant date fair value $23.11 $128.14 $45.32 The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2022, 2021 2020 Weighted- Average Stock Options Exercise Price Options outstanding at January 1, 2020 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 Granted 118,434 48.24 Exercised (3,114 ) 30.58 Cancelled (84,712 ) 89.32 Options outstanding at December 31, 2022 263,992 $ 79.07 Exercisable at December 31, 2022 102,692 $ 90.22 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 first first The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 2020 For options outstanding at December 31, 2022 December 31, 2022 The following table summarizes information about stock options outstanding at December 31, 2022 Options Outstanding, Vested and Expected to Vest Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price ($) Number Exercisable Weighted Average Exercise Price ($) $39.11 to $66.87 137,829 7.63 49.84 32,808 56.53 $66.88 to $96.20 37,608 6.72 89.37 17,016 82.08 $96.21 to $180.46 88,555 6.81 120.17 52,868 113.74 The fair value of share-based payment transactions is recognized in the Consolidated Statements of Comprehensive Income. As of December 31, 2022 December 31, 2022, 2021 2020 Restricted Stock The 2012 four first first The following table summarizes restricted stock activity for the years ended December 31, 2022, 2021 2020 Weighted- Average Grant Date Restricted Fair Value Stock Awards Per Share Restricted stock at January 1, 2020 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 Granted 315,432 42.03 Restrictions lapsed (130,452 ) 101.32 Forfeited (50,166 ) 96.48 Restricted stock at December 31, 2022 478,596 $ 70.36 As of December 31, 2022 Performance Stock Performance stock units (PSUs) are expressed in terms of a target number of PSUs, with anywhere between 0 three December 31, 2022 The following table summarizes performance stock activity for the years ended December 31, 2022, 2021 2020 Weighted- Average Grant Date Performance Fair Value Stock Awards Per Share Performance stock at January 1, 2020 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 Granted 35,697 96.71 Restrictions lapsed - - Performance change (13,156 ) 99.59 Forfeited (3,578 ) 121.79 Performance stock at December 31, 2022 35,802 $ 77.91 As of December 31, 2022 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, 2022, 2021 2020 Year Ended December 31, 2022 2021 2020 Risk-free interest rate 0.17 - 4.60% 0.06 - 0.17% 0.12 - 0.17% Expected life (months) 6.00 6.00 6.00 Expected volatility 47.05 - 67.84% 53.44 - 65.53% 50.85 - 59.99% Expected dividend yield 0% 0% 0% |