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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 27, 2019

Share-based Payment Arrangement [Abstract]

Allocated Employee Stock-Based Compensation Expense

We allocated the stock-based compensation expense for our equity incentive plans and our 2000 Employee Stock Purchase Plan (ESPP) as follows (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2019				2018				2019				2018
Research and development	$	4,301			$	3,169			$	13,745			$	9,102
Selling, general and administrative	8,838				6,573				27,002				19,228
Total stock-based compensation	$	13,139			$	9,742			$	40,747			$	28,330

Weighted Average Grant-Date Fair Value of Stock Options and ESPP Purchases

The weighted average grant-date fair value per share of stock options and ESPP purchases were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2019				2018				2019				2018
Stock options	$	7.71			$	8.67			$	8.57			$	9.13
ESPP	$	5.39			$	6.19			$	4.93			$	6.96

Valuation Assumptions Used to Estimate Grant-Date Fair Value

The grant-date fair value of stock option grants and ESPP purchases was estimated using the following assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Stock options:
Risk-free interest rate	1.57	%		2.91	%		1.82	%		2.83	%
Dividend yield	—	%		—	%		—	%		—	%
Volatility	48	%		55	%		48	%		55	%
Expected life	4.0 years			4.4 years			4.4 years			4.4 years
ESPP:
Risk-free interest rate	2.09	%		2.11	%		2.34	%		1.74	%
Dividend yield	—	%		—	%		—	%		—	%
Volatility	43	%		51	%		52	%		52	%
Expected life	6 months			6 months			6 months			6 months

Stock Option Activity

Activity for stock options during the nine months ended September 30, 2019 was as follows (dollars in thousands, except per share amounts):

	Shares			Weighted Average Exercise Price Per Share				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Options outstanding at December 31, 2018	22,674,062			$	8.71
Granted	1,042,286			$	20.81
Exercised	(3,042,201	)		$	4.94
Forfeited	(160,241	)		$	16.76
Expired	(35,045	)		$	23.41
Options outstanding at September 30, 2019	20,478,861			$	9.80			3.4 years		$	186,407
Exercisable at September 30, 2019	15,860,131			$	7.02			2.8 years		$	181,542

RSU Activity

Activity for RSUs during the nine months ended September 30, 2019 was as follows (dollars in thousands, except per share amounts):

	Shares			Weighted Average Grant Date Fair Value Per Share				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
RSUs outstanding at December 31, 2018	4,857,334			$	18.42
Awarded	5,635,362			$	19.54
Vested and released	(484,731	)		$	12.33
Forfeited	(258,142	)		$	18.47
RSUs outstanding at September 30, 2019	9,749,823			$	19.37			2.2 years		$	175,448

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