STOCKHOLDERS' EQUITY (Notes)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY

Stock-Based Compensation

Information with respect to the Company’s non-vested time-based restricted stock units for the nine months ended September 30, 2023 was as follows:



	Number of Restricted Stock Units	Weighted- Average Grant-Date Fair Value	Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)	Shares Retained to Cover Statutory Minimum Withholding Taxes
Non-vested at January 1, 2023	788,217	$28.24			—
Granted	607,432	30.00			—
Vested	(426,811)	25.00			(144,519)
Forfeited	(68,669)	33.04			—
Non-vested at September 30, 2023	900,169	$30.60	0.95	$28,778

Information with respect to the Company’s non-vested performance-based restricted stock units for the nine months ended September 30, 2023 was as follows:



	Number of Performance-based Restricted Stock Units	Weighted- Average Grant-Date Fair Value	Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)	Shares Retained to Cover Statutory Minimum Withholding Taxes
Non-vested at January 1, 2023	294,011	$23.20			—
Granted	240,598	26.12			—
Vested	(254,320)	15.34			(114,881)
Forfeited	—	—			—
Non-vested at September 30, 2023	280,289	$32.85	1.17	$8,961

The following table sets forth stock-based compensation expense by award type for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Share-based compensation expense by type:

Time-based Restricted Stock Units	$	3,705	$	2,892	$	12,618	$	8,272
Performance-based Restricted Stock Units	1,153		1,007		3,175		2,598
ESPP	45		48		145		144
Total share-based compensation expense	$	4,903	$	3,947	$	15,938	$	11,014

Stock-based compensation was included in the following captions in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenues	$	722	$	588	$	2,135	$	1,603
Research and development expenses	979		498		2,663		1,363
Marketing and selling expenses	886		743		2,731		2,141
General and administrative expenses	2,316		2,118		8,409		5,907
Total share-based compensation expense	$	4,903	$	3,947	$	15,938	$	11,014

AVID TECHNOLOGY, INC. 10-Q