Annual report pursuant to Section 13 and 15(d)

Equity Compensation Plans (Tables)

v3.20.4
Equity Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Weighted-Average Estimated Grant Date Fair Value per Share
Based on the assumptions noted above, the weighted average estimated grant date fair value per share of the stock options and restricted stock granted for the years ended December 31, 2020, 2019 and 2018, respectively, was as follows:
2020 2019 2018
Stock options $ 9.29  $ 18.07  $ 15.05 
Restricted and performance stock units 9.57  17.60  23.34 
Summary of Stock Option Activity
Activity under the Prior Axogen Plan and the New Axogen Plan during 2020 and 2019 was as follows:
Time-Based Stock Options Number of
Shares
Outstanding
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term(Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2018 3,893,171  $ 11.94  5.95 $ 41,020 
Granted 344,176  18.07 
Forfeited (287,609) 22.75 
Exercised (529,557) 5.21 
Outstanding at December 31, 2019 3,420,181  $ 12.69  5.70 $ 26,074 
Granted 663,098  9.29 
Forfeited (107,541) 19.71 
Exercised (459,254) 5.36 
Outstanding at December 31, 2020 3,516,484  $ 12.79  5.93 $ 25,717,664 
Vested and expected to vest 3,516,484  $ 12.79  5.93 $ 25,717,664 
Exercisable at December 31, 2020 2,287,786  $ 11.34  4.49 $ 19,626,780 
Schedule of Weighted-Average Assumptions for Options Granted
The following weighted-average assumptions were used for stock options granted during the year ended December 31:

Year ended December 31,
2020 2019 2018
Expected term (in years) 5.88 5.76 6.22
Expected volatility 58.46  % 54.97  % 50.99  %
Risk free rate 0.49  % 1.71  % 2.70  %
Expected dividends —  % —  % —  %
Summary of Stock Unit Activity A summary of the Company's RSU and PSU award activity for the fiscal year ended December 31, 2020 is as follows:
Outstanding Stock Units
Restricted and Performance Stock Units Number of
Shares
Outstanding
Weighted
Average
Grant Date
Fair Value
Weighted Average Remaining Vesting Life
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2018 1,106,363  $ 22.18  2.90 $ 22,603 
Granted 217,146  17.60 
Released (86,405) 16.77 
Forfeited (123,407) 22.97 
Outstanding at December 31, 2019 1,113,697  21.62  2.26 19,800 
Granted 1,008,869  9.57 
Released (247,333) 19.66 
Forfeited (92,328) 18.64 
Outstanding at December 31, 2020 1,782,905  $ 15.23  1.83 $ 31,825