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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Schedule of the impact of stock-based compensation expense | The following presents the impact of stock-based compensation expense on our consolidated statements of income (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Stock options |  | $ | 1.9 |  |  | $ | 1.6 |  |  | $ | 1.5 |
Restricted stock units |  |  | 18.6 |  |  |  | 16.0 |  |  |  | 14.1 |
Employee Stock Purchase Plan |  |  | 1.2 |  |  |  | 0.8 |  |  |  | 0.1 |
Total stock-based compensation |  | $ | 21.7 |  |  | $ | 18.4 |  |  | $ | 15.7 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of product revenue |  | $ | 1.9 |  |  | $ | 1.4 |  |  | $ | 1.1 |
Selling, general and administrative |  |  | 17.1 |  |  |  | 15.1 |  |  |  | 13.3 |
Research and development |  |  | 2.7 |  |  |  | 1.9 |  |  |  | 1.3 |
Total stock-based compensation |  | $ | 21.7 |  |  | $ | 18.4 |  |  | $ | 15.7 |
Schedule of stock option activity | Stock option activity for the year ended December 31, 2024, is as follows:
|  | Number of Options |  |  | Weighted- Average Price Per Share |  |  | Weighted - Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value (in millions) (b) |
Outstanding at December 31, 2023 |  |  | 967,560 |  |  | $ | 37.78 |  |  |  | 3.7 |  |  | $ | 35.5 |
Granted |  |  | 128,099 |  |  |  | 66.40 |  |  |  |  |  |  |
Exercised (c) |  |  | (208,700 | ) |  |  | 22.22 |  |  |  |  |  |  |
Forfeited/Expired |  |  | 266 |  |  |  | — |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 887,225 |  |  | $ | 45.58 |  |  |  | 3.7 |  |  | $ | 16.0 |
Exercisable at December 31, 2024 |  |  | 643,705 |  |  | $ | 36.93 |  |  |  | 2.8 |  |  | $ | 16.0 |
Exercisable and expected to vest at December 31, 2024 (a) |  |  | 886,693 |  |  | $ | 45.58 |  |  |  | 3.7 |  |  | $ | 16.0 |
(a) Represents the number of vested options at December 31, 2024, plus the number of unvested options at December 31, 2024, that are ultimately expected to vest based on our estimated forfeiture rate. (b) The aggregate intrinsic value is calculated as the positive difference between the exercise price of the underlying options and the quoted price of our common stock on December 31, 2024. (c) The total intrinsic value of options exercised was $12.0 million, $9.4 million and $10.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Unvested restricted stock unit activity | Restricted stock unit activity is presented below:
|  | Shares Subject to Restriction |  |  | Weighted- Average Grant Date Fair Value Per Share |
Outstanding at December 31, 2023 |  |  | 702,047 |  |  | $ | 64.68 |
Granted |  |  | 453,762 |  |  |  | 63.61 |
Vested (a) |  |  | (271,477 | ) |  |  | 62.21 |
Forfeited |  |  | (31,094 | ) |  |  | 65.59 |
Outstanding at December 31, 2024 |  |  | 853,238 |  |  | $ | 64.91 |
The total fair value of restricted stock vested for the years ended December 31, 2024, 2023 and 2022 was $16.9 million, $17.8 million and $17.7 million, respectively.

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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