VEECO INSTRUMENTS INC, DEF 14A filed on 3/21/2024
Proxy Statement (definitive)
v3.24.1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Veeco Instruments Inc.
Entity Central Index Key 0000103145
v3.24.1
Pay vs Performance Disclosure
$ / shares in Units, pure in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Mar. 13, 2023
$ / shares
Mar. 17, 2022
$ / shares
Mar. 12, 2021
$ / shares
Mar. 17, 2020
$ / shares
Dec. 31, 2019
$ / shares
Mar. 14, 2019
$ / shares
Oct. 01, 2018
$ / shares
Pay vs Performance Disclosure                      
Pay vs Performance Disclosure, Table  
Pay Versus Performance
As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last four completed calendar years. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been reported in the Summary Compensation Table in previous years since the required valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Tables and the adjusted values required in this section for calendar years 2020, 2021, 2022, and 2023.
​ ​
Year
​ ​ ​
Summary
Compensation
Table (SCT)
Total for PEO
($)(1)
​ ​ ​
Compensation
Actually Paid
to PEO ($)(1)(3)
​ ​ ​
Average
SCT
Total for
Non-
PEO
NEOs
($)(2)
​ ​ ​
Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)(2)(3)
​ ​ ​
Value of Initial
Fixed $100
Investment based on:
​ ​ ​
Net
Income
(Loss)
($ thousands)
​ ​ ​
Adjusted
Operating
Income
($ thousands)
​ ​
​
Company
TSR(4)
​ ​ ​
Peer
Group
TSR(4)
​ ​
​ ​ 2023 ​ ​ ​ ​ ​ 4,611,004 ​ ​ ​ ​ ​ ​ 13,124,880 ​ ​ ​ ​ ​ ​ 1,295,109 ​ ​ ​ ​ ​ ​ 3,300,891 ​ ​ ​ ​ ​ ​ 211.30 ​ ​ ​ ​ ​ ​ 38.89 ​ ​ ​ ​ ​ ​ (30,368) ​ ​ ​ ​ ​ ​ 122,410 ​ ​ ​
​ ​ 2022 ​ ​ ​ ​ ​ 5,914,884 ​ ​ ​ ​ ​ ​ 894,752 ​ ​ ​ ​ ​ ​ 1,769,683 ​ ​ ​ ​ ​ ​ 409,560 ​ ​ ​ ​ ​ ​ 126.48 ​ ​ ​ ​ ​ ​ 36.09 ​ ​ ​ ​ ​ ​ 166,942 ​ ​ ​ ​ ​ ​ 116,577 ​ ​ ​
​ ​ 2021 ​ ​ ​ ​ ​ 4,526,501 ​ ​ ​ ​ ​ ​ 13,102,240 ​ ​ ​ ​ ​ ​ 1,514,852 ​ ​ ​ ​ ​ ​ 2,755,988 ​ ​ ​ ​ ​ ​ 193.81 ​ ​ ​ ​ ​ ​ 81.82 ​ ​ ​ ​ ​ ​ 26,038 ​ ​ ​ ​ ​ ​ 104,367 ​ ​ ​
​ ​ 2020 ​ ​ ​ ​ ​ 2,610,509 ​ ​ ​ ​ ​ ​ 5,331,974 ​ ​ ​ ​ ​ ​ 1,138,308 ​ ​ ​ ​ ​ ​ 1,483,327 ​ ​ ​ ​ ​ ​ 118.18 ​ ​ ​ ​ ​ ​ 132.76 ​ ​ ​ ​ ​ ​ (8,391) ​ ​ ​ ​ ​ ​ 66,873 ​ ​ ​
​
(1)
The PEO (principal executive officer) for each year presented was identified as Dr. Miller, the Company’s CEO.
​
(2)
The Non-PEO NEOs for each year presented were identified as Mr. Kiernan, Drs. Devasahayam and Porshnev, and Ms. Wilkerson.
​
(3)
A reconciliation of Total Compensation per the Summary Compensation Table to Compensation Actually Paid is as follows:
​
​ ​ ​ ​ ​ ​
2023
​ ​ ​
2022
​ ​ ​
2021
​ ​ ​
2020
​ ​
​ ​ ​ ​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​
​ ​
Total Compensation from SCT
​ ​ ​ ​ ​ 4,611,004 ​ ​ ​ ​ ​ ​ 1,295,109 ​ ​ ​ ​ ​ ​ 5,914,884 ​ ​ ​ ​ ​ ​ 1,769,683 ​ ​ ​ ​ ​ ​ 4,526,501 ​ ​ ​ ​ ​ ​ 1,514,852 ​ ​ ​ ​ ​ ​ 2,610,509 ​ ​ ​ ​ ​ ​ 1,138,308 ​ ​ ​
​ ​
Deduct: Amounts Reported Under “Stock Awards” and “Option Awards” columns in SCT
​ ​ ​ ​ ​ (3,531,188) ​ ​ ​ ​ ​ ​ (699,175) ​ ​ ​ ​ ​ ​ (4,741,020) ​ ​ ​ ​ ​ ​ (1,135,870) ​ ​ ​ ​ ​ ​ (3,122,580) ​ ​ ​ ​ ​ ​ (813,172) ​ ​ ​ ​ ​ ​ (1,121,618) ​ ​ ​ ​ ​ ​ (460,253) ​ ​ ​
​ ​
Add: Year-end value
of equity awards
granted in covered
year that were
outstanding and
unvested as of the
end of the covered
fiscal year(a)(b)
​ ​ ​ ​ ​ 5,828,750 ​ ​ ​ ​ ​ ​ 1,154,093 ​ ​ ​ ​ ​ ​ 2,517,420 ​ ​ ​ ​ ​ ​ 603,132 ​ ​ ​ ​ ​ ​ 4,362,540 ​ ​ ​ ​ ​ ​ 1,136,078 ​ ​ ​ ​ ​ ​ 2,140,579 ​ ​ ​ ​ ​ ​ 780,839 ​ ​ ​
​ ​
Add: The amount of
change in fair
values as of
year-end (from end
of the prior year)
of awards granted
in prior years and
outstanding at
year-end(a)(b)
​ ​ ​ ​ ​ 5,341,740 ​ ​ ​ ​ ​ ​ 1,348,802 ​ ​ ​ ​ ​ ​ (2,779,460) ​ ​ ​ ​ ​ ​ (737,886) ​ ​ ​ ​ ​ ​ 4,456,145 ​ ​ ​ ​ ​ ​ 828,795 ​ ​ ​ ​ ​ ​ 1,868,289 ​ ​ ​ ​ ​ ​ 56,706 ​ ​ ​
​ ​
Add: The amount of
change in fair
values as of the
vesting date (from
end of the prior
year) of awards
granted in any
prior fiscal year for
which vesting
conditions were
satisfied during the
covered fiscal
year (a)(b)
​ ​ ​ ​ ​ 874,573 ​ ​ ​ ​ ​ ​ 202,063 ​ ​ ​ ​ ​ ​ (17,073) ​ ​ ​ ​ ​ ​ (89,499) ​ ​ ​ ​ ​ ​ 2,879,634 ​ ​ ​ ​ ​ ​ 89,435 ​ ​ ​ ​ ​ ​ (165,785) ​ ​ ​ ​ ​ ​ (32,272) ​ ​ ​
​ ​
Compensation Actually Paid
​ ​ ​ ​ ​ 13,124,880 ​ ​ ​ ​ ​ ​ 3,300,891 ​ ​ ​ ​ ​ ​ 894,752 ​ ​ ​ ​ ​ ​ 409,560 ​ ​ ​ ​ ​ ​ 13,102,240 ​ ​ ​ ​ ​ ​ 2,755,988 ​ ​ ​ ​ ​ ​ 5,331,974 ​ ​ ​ ​ ​ ​ 1,483,327 ​ ​ ​
(a)
Each NEO received time-based restricted stock awards in each of the periods presented. The fair value of time-based restricted stock awards is dependent on the Company’s stock price. The Company’s closing stock price as of the dates listed are as follows:
​
​ ​
Date
​ ​ ​
Stock Price
​ ​
​ ​ 12/31/2019 ​ ​ ​ ​ $ 14.69 ​ ​ ​
​ ​ 12/31/2020 ​ ​ ​ ​ $ 17.36 ​ ​ ​
​ ​ 12/31/2021 ​ ​ ​ ​ $ 28.47 ​ ​ ​
​ ​ 12/31/2022 ​ ​ ​ ​ $ 18.58 ​ ​ ​
​ ​ 12/31/2023 ​ ​ ​ ​ $ 31.03 ​ ​ ​
​
(b)
Our NEOs received PRSUs during each of the periods presented, that are subject to the achievement of designated performance criteria, based on three-year total shareholder return. These PRSUs are valued based upon the Monte Carlo simulation method. Please see below for the per share fair value as of each respective date:
​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Per Share Fair Value at…
​ ​ ​
​ ​ ​ ​
Award
​ ​ ​
Grant Date
​ ​ ​
Grant Date
​ ​ ​
12/31/2019
​ ​ ​
12/31/2020
​ ​ ​
12/31/2021
​ ​ ​
12/31/2022
​ ​ ​
12/31/2023
​ ​ ​
​
2018 PRSU(c)
​ ​ ​ ​ ​ 10/1/2018 ​ ​ ​ ​ ​ $ 15.58 ​ ​ ​ ​ ​ $ 25.01 ​ ​ ​ ​ ​ $ 31.99 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2019 PRSU(d)
​ ​ ​ ​ ​ 3/14/2019 ​ ​ ​ ​ ​ $ 14.46 ​ ​ ​ ​ ​ $ 20.36 ​ ​ ​ ​ ​ $ 24.81 ​ ​ ​ ​ ​ $ 56.29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2020 PRSU(d)
​ ​ ​ ​ ​ 3/17/2020 ​ ​ ​ ​ ​ $ 10.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18.92 ​ ​ ​ ​ ​ $ 43.47 ​ ​ ​ ​ ​ $ 29.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2021 PRSU(e)
​ ​ ​ ​ ​ 3/12/2021 ​ ​ ​ ​ ​ $ 27.81 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 40.60 ​ ​ ​ ​ ​ $ 24.76 ​ ​ ​ ​ ​ $ 60.39 ​ ​ ​ ​
​
2022 PRSU(e)
​ ​ ​ ​ ​ 3/17/2022 ​ ​ ​ ​ ​ $ 45.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 22.27 ​ ​ ​ ​ ​ $ 48.42 ​ ​ ​ ​
​
2023 PRSU(e)
​ ​ ​ ​ ​ 3/13/2023 ​ ​ ​ ​ ​ $ 32.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 55.03 ​ ​ ​ ​
​
(c)
Granted to Dr. Miller only.
​
(d)
Granted to Drs. Miller, Devasahayam, and Porshnev, and Mr. Kiernan.
​
(e)
Granted to Drs. Miller, Devasahayam, and Porshnev, Mr. Kiernan, and Ms. Wilkerson.
​
(4)
The values disclosed in this TSR column represent the measurement period value of an investment of $100 in respective stock or index as of December 31, 2019, and then valued again on each of December 31, 2020, 2021, 2022, and 2023.
                 
Company Selected Measure Name Adjusted Operating Income                    
Named Executive Officers, Footnote
(1)
The PEO (principal executive officer) for each year presented was identified as Dr. Miller, the Company’s CEO.
​
(2)
The Non-PEO NEOs for each year presented were identified as Mr. Kiernan, Drs. Devasahayam and Porshnev, and Ms. Wilkerson.
                   
PEO Total Compensation Amount $ 4,611,004 $ 5,914,884 $ 4,526,501 $ 2,610,509              
PEO Actually Paid Compensation Amount $ 13,124,880 894,752 13,102,240 5,331,974              
Adjustment To PEO Compensation, Footnote
(3)
A reconciliation of Total Compensation per the Summary Compensation Table to Compensation Actually Paid is as follows:
​
​ ​ ​ ​ ​ ​
2023
​ ​ ​
2022
​ ​ ​
2021
​ ​ ​
2020
​ ​
​ ​ ​ ​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​
​ ​
Total Compensation from SCT
​ ​ ​ ​ ​ 4,611,004 ​ ​ ​ ​ ​ ​ 1,295,109 ​ ​ ​ ​ ​ ​ 5,914,884 ​ ​ ​ ​ ​ ​ 1,769,683 ​ ​ ​ ​ ​ ​ 4,526,501 ​ ​ ​ ​ ​ ​ 1,514,852 ​ ​ ​ ​ ​ ​ 2,610,509 ​ ​ ​ ​ ​ ​ 1,138,308 ​ ​ ​
​ ​
Deduct: Amounts Reported Under “Stock Awards” and “Option Awards” columns in SCT
​ ​ ​ ​ ​ (3,531,188) ​ ​ ​ ​ ​ ​ (699,175) ​ ​ ​ ​ ​ ​ (4,741,020) ​ ​ ​ ​ ​ ​ (1,135,870) ​ ​ ​ ​ ​ ​ (3,122,580) ​ ​ ​ ​ ​ ​ (813,172) ​ ​ ​ ​ ​ ​ (1,121,618) ​ ​ ​ ​ ​ ​ (460,253) ​ ​ ​
​ ​
Add: Year-end value
of equity awards
granted in covered
year that were
outstanding and
unvested as of the
end of the covered
fiscal year(a)(b)
​ ​ ​ ​ ​ 5,828,750 ​ ​ ​ ​ ​ ​ 1,154,093 ​ ​ ​ ​ ​ ​ 2,517,420 ​ ​ ​ ​ ​ ​ 603,132 ​ ​ ​ ​ ​ ​ 4,362,540 ​ ​ ​ ​ ​ ​ 1,136,078 ​ ​ ​ ​ ​ ​ 2,140,579 ​ ​ ​ ​ ​ ​ 780,839 ​ ​ ​
​ ​
Add: The amount of
change in fair
values as of
year-end (from end
of the prior year)
of awards granted
in prior years and
outstanding at
year-end(a)(b)
​ ​ ​ ​ ​ 5,341,740 ​ ​ ​ ​ ​ ​ 1,348,802 ​ ​ ​ ​ ​ ​ (2,779,460) ​ ​ ​ ​ ​ ​ (737,886) ​ ​ ​ ​ ​ ​ 4,456,145 ​ ​ ​ ​ ​ ​ 828,795 ​ ​ ​ ​ ​ ​ 1,868,289 ​ ​ ​ ​ ​ ​ 56,706 ​ ​ ​
​ ​
Add: The amount of
change in fair
values as of the
vesting date (from
end of the prior
year) of awards
granted in any
prior fiscal year for
which vesting
conditions were
satisfied during the
covered fiscal
year (a)(b)
​ ​ ​ ​ ​ 874,573 ​ ​ ​ ​ ​ ​ 202,063 ​ ​ ​ ​ ​ ​ (17,073) ​ ​ ​ ​ ​ ​ (89,499) ​ ​ ​ ​ ​ ​ 2,879,634 ​ ​ ​ ​ ​ ​ 89,435 ​ ​ ​ ​ ​ ​ (165,785) ​ ​ ​ ​ ​ ​ (32,272) ​ ​ ​
​ ​
Compensation Actually Paid
​ ​ ​ ​ ​ 13,124,880 ​ ​ ​ ​ ​ ​ 3,300,891 ​ ​ ​ ​ ​ ​ 894,752 ​ ​ ​ ​ ​ ​ 409,560 ​ ​ ​ ​ ​ ​ 13,102,240 ​ ​ ​ ​ ​ ​ 2,755,988 ​ ​ ​ ​ ​ ​ 5,331,974 ​ ​ ​ ​ ​ ​ 1,483,327 ​ ​ ​
(a)
Each NEO received time-based restricted stock awards in each of the periods presented. The fair value of time-based restricted stock awards is dependent on the Company’s stock price. The Company’s closing stock price as of the dates listed are as follows:
​
​ ​
Date
​ ​ ​
Stock Price
​ ​
​ ​ 12/31/2019 ​ ​ ​ ​ $ 14.69 ​ ​ ​
​ ​ 12/31/2020 ​ ​ ​ ​ $ 17.36 ​ ​ ​
​ ​ 12/31/2021 ​ ​ ​ ​ $ 28.47 ​ ​ ​
​ ​ 12/31/2022 ​ ​ ​ ​ $ 18.58 ​ ​ ​
​ ​ 12/31/2023 ​ ​ ​ ​ $ 31.03 ​ ​ ​
(b)
Our NEOs received PRSUs during each of the periods presented, that are subject to the achievement of designated performance criteria, based on three-year total shareholder return. These PRSUs are valued based upon the Monte Carlo simulation method. Please see below for the per share fair value as of each respective date:
​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Per Share Fair Value at…
​ ​ ​
​ ​ ​ ​
Award
​ ​ ​
Grant Date
​ ​ ​
Grant Date
​ ​ ​
12/31/2019
​ ​ ​
12/31/2020
​ ​ ​
12/31/2021
​ ​ ​
12/31/2022
​ ​ ​
12/31/2023
​ ​ ​
​
2018 PRSU(c)
​ ​ ​ ​ ​ 10/1/2018 ​ ​ ​ ​ ​ $ 15.58 ​ ​ ​ ​ ​ $ 25.01 ​ ​ ​ ​ ​ $ 31.99 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2019 PRSU(d)
​ ​ ​ ​ ​ 3/14/2019 ​ ​ ​ ​ ​ $ 14.46 ​ ​ ​ ​ ​ $ 20.36 ​ ​ ​ ​ ​ $ 24.81 ​ ​ ​ ​ ​ $ 56.29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2020 PRSU(d)
​ ​ ​ ​ ​ 3/17/2020 ​ ​ ​ ​ ​ $ 10.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18.92 ​ ​ ​ ​ ​ $ 43.47 ​ ​ ​ ​ ​ $ 29.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2021 PRSU(e)
​ ​ ​ ​ ​ 3/12/2021 ​ ​ ​ ​ ​ $ 27.81 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 40.60 ​ ​ ​ ​ ​ $ 24.76 ​ ​ ​ ​ ​ $ 60.39 ​ ​ ​ ​
​
2022 PRSU(e)
​ ​ ​ ​ ​ 3/17/2022 ​ ​ ​ ​ ​ $ 45.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 22.27 ​ ​ ​ ​ ​ $ 48.42 ​ ​ ​ ​
​
2023 PRSU(e)
​ ​ ​ ​ ​ 3/13/2023 ​ ​ ​ ​ ​ $ 32.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 55.03 ​ ​ ​ ​
​
(c)
Granted to Dr. Miller only.
​
(d)
Granted to Drs. Miller, Devasahayam, and Porshnev, and Mr. Kiernan.
​
(e)
Granted to Drs. Miller, Devasahayam, and Porshnev, Mr. Kiernan, and Ms. Wilkerson.
                   
Non-PEO NEO Average Total Compensation Amount $ 1,295,109 1,769,683 1,514,852 1,138,308              
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,300,891 409,560 2,755,988 1,483,327              
Adjustment to Non-PEO NEO Compensation Footnote
(3)
A reconciliation of Total Compensation per the Summary Compensation Table to Compensation Actually Paid is as follows:
​
​ ​ ​ ​ ​ ​
2023
​ ​ ​
2022
​ ​ ​
2021
​ ​ ​
2020
​ ​
​ ​ ​ ​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​ ​
PEO ($)
​ ​ ​
Average for
Non-
PEO
NEOs
($)
​ ​
​ ​
Total Compensation from SCT
​ ​ ​ ​ ​ 4,611,004 ​ ​ ​ ​ ​ ​ 1,295,109 ​ ​ ​ ​ ​ ​ 5,914,884 ​ ​ ​ ​ ​ ​ 1,769,683 ​ ​ ​ ​ ​ ​ 4,526,501 ​ ​ ​ ​ ​ ​ 1,514,852 ​ ​ ​ ​ ​ ​ 2,610,509 ​ ​ ​ ​ ​ ​ 1,138,308 ​ ​ ​
​ ​
Deduct: Amounts Reported Under “Stock Awards” and “Option Awards” columns in SCT
​ ​ ​ ​ ​ (3,531,188) ​ ​ ​ ​ ​ ​ (699,175) ​ ​ ​ ​ ​ ​ (4,741,020) ​ ​ ​ ​ ​ ​ (1,135,870) ​ ​ ​ ​ ​ ​ (3,122,580) ​ ​ ​ ​ ​ ​ (813,172) ​ ​ ​ ​ ​ ​ (1,121,618) ​ ​ ​ ​ ​ ​ (460,253) ​ ​ ​
​ ​
Add: Year-end value
of equity awards
granted in covered
year that were
outstanding and
unvested as of the
end of the covered
fiscal year(a)(b)
​ ​ ​ ​ ​ 5,828,750 ​ ​ ​ ​ ​ ​ 1,154,093 ​ ​ ​ ​ ​ ​ 2,517,420 ​ ​ ​ ​ ​ ​ 603,132 ​ ​ ​ ​ ​ ​ 4,362,540 ​ ​ ​ ​ ​ ​ 1,136,078 ​ ​ ​ ​ ​ ​ 2,140,579 ​ ​ ​ ​ ​ ​ 780,839 ​ ​ ​
​ ​
Add: The amount of
change in fair
values as of
year-end (from end
of the prior year)
of awards granted
in prior years and
outstanding at
year-end(a)(b)
​ ​ ​ ​ ​ 5,341,740 ​ ​ ​ ​ ​ ​ 1,348,802 ​ ​ ​ ​ ​ ​ (2,779,460) ​ ​ ​ ​ ​ ​ (737,886) ​ ​ ​ ​ ​ ​ 4,456,145 ​ ​ ​ ​ ​ ​ 828,795 ​ ​ ​ ​ ​ ​ 1,868,289 ​ ​ ​ ​ ​ ​ 56,706 ​ ​ ​
​ ​
Add: The amount of
change in fair
values as of the
vesting date (from
end of the prior
year) of awards
granted in any
prior fiscal year for
which vesting
conditions were
satisfied during the
covered fiscal
year (a)(b)
​ ​ ​ ​ ​ 874,573 ​ ​ ​ ​ ​ ​ 202,063 ​ ​ ​ ​ ​ ​ (17,073) ​ ​ ​ ​ ​ ​ (89,499) ​ ​ ​ ​ ​ ​ 2,879,634 ​ ​ ​ ​ ​ ​ 89,435 ​ ​ ​ ​ ​ ​ (165,785) ​ ​ ​ ​ ​ ​ (32,272) ​ ​ ​
​ ​
Compensation Actually Paid
​ ​ ​ ​ ​ 13,124,880 ​ ​ ​ ​ ​ ​ 3,300,891 ​ ​ ​ ​ ​ ​ 894,752 ​ ​ ​ ​ ​ ​ 409,560 ​ ​ ​ ​ ​ ​ 13,102,240 ​ ​ ​ ​ ​ ​ 2,755,988 ​ ​ ​ ​ ​ ​ 5,331,974 ​ ​ ​ ​ ​ ​ 1,483,327 ​ ​ ​
(a)
Each NEO received time-based restricted stock awards in each of the periods presented. The fair value of time-based restricted stock awards is dependent on the Company’s stock price. The Company’s closing stock price as of the dates listed are as follows:
​
​ ​
Date
​ ​ ​
Stock Price
​ ​
​ ​ 12/31/2019 ​ ​ ​ ​ $ 14.69 ​ ​ ​
​ ​ 12/31/2020 ​ ​ ​ ​ $ 17.36 ​ ​ ​
​ ​ 12/31/2021 ​ ​ ​ ​ $ 28.47 ​ ​ ​
​ ​ 12/31/2022 ​ ​ ​ ​ $ 18.58 ​ ​ ​
​ ​ 12/31/2023 ​ ​ ​ ​ $ 31.03 ​ ​ ​
(b)
Our NEOs received PRSUs during each of the periods presented, that are subject to the achievement of designated performance criteria, based on three-year total shareholder return. These PRSUs are valued based upon the Monte Carlo simulation method. Please see below for the per share fair value as of each respective date:
​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Per Share Fair Value at…
​ ​ ​
​ ​ ​ ​
Award
​ ​ ​
Grant Date
​ ​ ​
Grant Date
​ ​ ​
12/31/2019
​ ​ ​
12/31/2020
​ ​ ​
12/31/2021
​ ​ ​
12/31/2022
​ ​ ​
12/31/2023
​ ​ ​
​
2018 PRSU(c)
​ ​ ​ ​ ​ 10/1/2018 ​ ​ ​ ​ ​ $ 15.58 ​ ​ ​ ​ ​ $ 25.01 ​ ​ ​ ​ ​ $ 31.99 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2019 PRSU(d)
​ ​ ​ ​ ​ 3/14/2019 ​ ​ ​ ​ ​ $ 14.46 ​ ​ ​ ​ ​ $ 20.36 ​ ​ ​ ​ ​ $ 24.81 ​ ​ ​ ​ ​ $ 56.29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2020 PRSU(d)
​ ​ ​ ​ ​ 3/17/2020 ​ ​ ​ ​ ​ $ 10.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18.92 ​ ​ ​ ​ ​ $ 43.47 ​ ​ ​ ​ ​ $ 29.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
2021 PRSU(e)
​ ​ ​ ​ ​ 3/12/2021 ​ ​ ​ ​ ​ $ 27.81 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 40.60 ​ ​ ​ ​ ​ $ 24.76 ​ ​ ​ ​ ​ $ 60.39 ​ ​ ​ ​
​
2022 PRSU(e)
​ ​ ​ ​ ​ 3/17/2022 ​ ​ ​ ​ ​ $ 45.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 22.27 ​ ​ ​ ​ ​ $ 48.42 ​ ​ ​ ​
​
2023 PRSU(e)
​ ​ ​ ​ ​ 3/13/2023 ​ ​ ​ ​ ​ $ 32.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 55.03 ​ ​ ​ ​
​
(c)
Granted to Dr. Miller only.
​
(d)
Granted to Drs. Miller, Devasahayam, and Porshnev, and Mr. Kiernan.
​
(e)
Granted to Drs. Miller, Devasahayam, and Porshnev, Mr. Kiernan, and Ms. Wilkerson.
                   
Compensation Actually Paid vs. Total Shareholder Return
The graph below reflects the relationships between the PEO and Average Non-PEO NEO Compensation Actually Paid (“CAP”), and the Company’s cumulative indexed Total Shareholder Return, or TSR (assuming an initial fixed investment of $100), and our Peer Group TSR (assuming an initial fixed investment of $100), for the fiscal years ended December 31, 2020, 2021, 2022, and 2023:
[MISSING IMAGE: lc_ceoneopay-4c.jpg]
                   
Compensation Actually Paid vs. Net Income [MISSING IMAGE: lc_relatpaynetin-4c.jpg]                    
Compensation Actually Paid vs. Company Selected Measure
The graph below reflects the relationships between the PEO and Average Non-PEO NEO Compensation Actually Paid (“CAP”) and the Company’s reported GAAP Net Income and Adjusted Operating Income for the fiscal years ended December 31, 2020, 2021, 2022, and 2023:
[MISSING IMAGE: lc_relatpaynetin-4c.jpg]
                   
Total Shareholder Return Vs Peer Group [MISSING IMAGE: lc_ceoneopay-4c.jpg]                    
Tabular List, Table
The Company’s most important performance measures for each of the PEO and non-PEO NEOs is discussed under the 2023 Management Bonus Plan (the “2023 Plan”) subsection of the Compensation Discussion and Analysis section of this proxy. As more fully described in this subsection, the 2023 Plan was based on the financial performance of the Company as measured by Adjusted Operating Income. This financial metric was selected because it closely aligns operating performance with earnings per share, a key driver of shareholder value. Under the 2023 Plan, 25% of each participant’s bonus was based on individual performance which, for each of the PEO and non-PEO NEOs, factored financial goals incorporating revenue, gross margin, bookings and expenses.
                   
Total Shareholder Return Amount $ 211.3 126.48 193.81 118.18              
Peer Group Total Shareholder Return Amount 38.89 36.09 81.82 132.76              
Net Income (Loss) $ (30,368,000) $ 166,942,000 $ 26,038,000 $ (8,391,000)              
Company Selected Measure Amount 122,410 116,577 104,367 66,873              
PEO Name Dr. Miller Dr. Miller Dr. Miller Dr. Miller              
Share Price | $ / shares $ 31.03 $ 18.58 $ 28.47 $ 17.36         $ 14.69    
Grand Date Value of Performance-Based Restricted Stock Units, Grant Date 10/1/2018 | $ / shares                     $ 15.58
Fair Value of Performance-Based Restricted Stock Units, Grant Date 10/1/2018 | $ / shares       31.99         25.01    
Grand Date Value of Performance-Based Restricted Stock Units, Grant Date 3/14/2019 | $ / shares                   $ 14.46  
Fair Value of Performance-Based Restricted Stock Units, Grant Date 3/14/2019 | $ / shares     56.29 24.81         $ 20.36    
Grand Date Value of Performance-Based Restricted Stock Units, Grant Date 3/17/2020 | $ / shares               $ 10.59      
Fair Value of Performance-Based Restricted Stock Units, Grant Date 3/17/2020 | $ / shares   29.82 43.47 $ 18.92              
Grand Date Value of Performance-Based Restricted Stock Units, Grant Date 3/12/2021 | $ / shares             $ 27.81        
Fair Value of Performance-Based Restricted Stock Units, Grant Date 3/12/2021 | $ / shares 60.39 24.76 $ 40.6                
Grand Date Value of Performance-Based Restricted Stock Units, Grant Date 3/17/2022 | $ / shares           $ 45.28          
Fair Value of Performance-Based Restricted Stock Units, Grant Date 3/17/2022 | $ / shares 48.42 $ 22.27                  
Grand Date Value of Performance-Based Restricted Stock Units, Grant Date 3/13/2023 | $ / shares         $ 32.25            
Fair Value of Performance-Based Restricted Stock Units, Grant Date 3/13/2023 | $ / shares $ 55.03                    
Measure:: 1                      
Pay vs Performance Disclosure                      
Name Adjusted Operating Income                    
PEO | Equity Awards Adjustments, Amounts Reported Under Stock Awards and Option Awards Columns in SCT [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount $ (3,531,188) $ (4,741,020) $ (3,122,580) $ (1,121,618)              
PEO | Equity Awards Adjustments, Year-end Value of Equity Awards Granted in Covered Year hat Were Outstanding and Unvested as of the End of the Covered Fiscal Year [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount 5,828,750 2,517,420 4,362,540 2,140,579              
PEO | Equity Awards Adjustments, Change in Fair Values as of Year-end (from End of the Prior year) of Awards Granted in Prior Years and Outstanding at Year-end [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount 5,341,740 (2,779,460) 4,456,145 1,868,289              
PEO | Equity Awards Adjustments, Change in Fair Values as of the Vesting Date (from End of the Prior Year) of Awards Granted in Any Prior Fiscal Year for Which Vesting Conditions were Satisfied During the Covered Fiscal Year [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount 874,573 (17,073) 2,879,634 (165,785)              
Non-PEO NEO | Equity Awards Adjustments, Amounts Reported Under Stock Awards and Option Awards Columns in SCT [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount (699,175) (1,135,870) (813,172) (460,253)              
Non-PEO NEO | Equity Awards Adjustments, Year-end Value of Equity Awards Granted in Covered Year hat Were Outstanding and Unvested as of the End of the Covered Fiscal Year [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount 1,154,093 603,132 1,136,078 780,839              
Non-PEO NEO | Equity Awards Adjustments, Change in Fair Values as of Year-end (from End of the Prior year) of Awards Granted in Prior Years and Outstanding at Year-end [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount 1,348,802 (737,886) 828,795 56,706              
Non-PEO NEO | Equity Awards Adjustments, Change in Fair Values as of the Vesting Date (from End of the Prior Year) of Awards Granted in Any Prior Fiscal Year for Which Vesting Conditions were Satisfied During the Covered Fiscal Year [Member]                      
Pay vs Performance Disclosure                      
Adjustment to Compensation, Amount $ 202,063 $ (89,499) $ 89,435 $ (32,272)