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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation.

Schedule summarizing stock option activity under the 2001 Stock Plan, 2011 Stock Plan and 2015 Stock Plan

Stock Options

The following table summarizes stock option activity under the 2011 Stock Plan and 2015 Stock Plan:

​	​	​	​	​	​	​	​	​	​	​	​
​		Number of		​		​	Weighted-		​		​
​	​	shares	​	Weighted-		​	average	​	Aggregate		​
​	​	underlying	​	average		​	remaining	​	intrinsic		​
​	​	options	​	exercise price		​	contractual	​	value (in		​
​	​	(in thousands)	​	per share			life (in years)	​	thousands)		​
Outstanding at December 31, 2018		6,307	​	$	21.36	​	7.3	​	$	69,555
Granted		186	​	​	68.10	​	​	​	​	​	​
Replacement Awards	​	803	​	​	13.64	​	​	​	​	​	​
Exercised		(696)	​	​	21.53	​	​	​	​	33,132	​
Canceled/forfeited/expired		(17)	​	​	42.75	​	​	​	​	​	​
Outstanding at December 31, 2019		6,583	​	$	23.91	​	6.1	​	$	204,062	​
Granted		880	​	​	38.15	​	​	​	​	​	​
Exercised		(1,403)	​	​	14.42	​	​	​	​	50,093	​
Canceled/forfeited/expired		(76)	​	​	42.13	​	​	​	​	​	​
Outstanding at December 31, 2020		5,984	​	$	27.59	​	5.7	​	$	285,366	​
Granted	​	50	​	​	60.74	​	​	​	​	​	​
Adjustments to certain prior year grants	​	(47)	​	​	33.38	​	​	​	​	​	​
Exercised	​	(1,303)	​	​	20.07	​	​	​	​	68,162	​
Canceled/forfeited/expired	​	(142)	​	​	52.15	​	​	​	​	​	​
Outstanding at December 31, 2021	​	4,542	​	$	29.30	​	5.0	​	$	74,039	​
Vested and expected to vest at December 31, 2021	​	5,316	(i)	$	22.92	​	3.8	​	$	119,428	​
Exercisable at December 31, 2021	​	3,942	​	$	27.39	​	4.5	​	$	70,336	​

(i) Included in the outstanding balance at December 31, 2021 are 276 performance-based options.

Schedule of the weighted-average assumptions used to estimate the fair value of options granted to employees

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	Year ended
​	​	​	December 31,
​	​	​	2021	​	​	2020	​	​	2019
Risk-free interest rate		​	0.98	%	​	0.71	%	​	2.17	%
Expected dividend yield		​	0.0	%	​	0.0	%	​	0.0	%
Expected volatility		​	43.4	%	​	48.8	%	​	46.8	%
Expected term (in years)		​	5.71	​	​	6.01	​	​	6.01	​

Schedule summarizing restricted stock unit activity

​

​	​	​	​	​	​	​	​
​	​	​	​	​	Weighted-		​
​	​	​	Number of	​	average		​
​	​	​	shares	​	grant date		​
​	​		(in thousands)		fair value		​
Unvested at December 31, 2019	​	​	695	​	$	54.40	​
Granted	​	​	674	​	​	33.69	​
Vested	​	​	(310)	​	​	55.96	​
Canceled/forfeited	​	​	(71)	​	​	39.03	​
Unvested at December 31, 2020		​	988	​	$	40.82	​
Granted	​	​	683	​	​	58.20	​
Vested	​	​	(360)	​	​	41.12	​
Canceled/forfeited	​	​	(126)	​	​	52.93	​
Unvested at December 31, 2021	​	​	1,185	(i)	$	49.65	​

(i) Included in the unvested balance at December 31, 2021 are 176 performance-based RSU awards.

Schedule summarizing the allocation of stock-based compensation

The following table summarizes the allocation of stock-based compensation related to stock options and RSUs and includes Replacement Awards, as well as cash-settled stock options in the accompanying consolidated statements of operations (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
​	​	2021		​	2020		​	2019
​	​	​	​		​	​	​	​	​	​
Cost of sales		$	1,739	​	$	2,440		$	1,127	​
Selling, general & administrative	​	​	21,665	​		32,072	​		31,801	​
Research and development	​	​	6,742	​		8,793	​		6,553	​
Total		$	30,146	​	$	43,305	​	$	39,481	​

(i) Of the total stock-based compensation amount of $43.3 million as of December 31, 2020 above, $13.0 million related to the value attributable to the pre-combination services associated with Replacement Awards and a $(3.2) million fair value adjustment was recorded related to cash-settled stock options, and the remainder of the liability of $2.2 million related to the cash-settled options that was previously included in accrued liabilities was, as a result of the modification, reclassified to additional paid-in capital.

(ii) Of the total stock-based compensation amount of $39.5 million as of December 31, 2019 above, $4.5 million related to the value attributable to the pre-combination services associated with Replacement Awards and $3.1 million relates to cash-settled stock options included in accrued liabilities within the consolidated balance sheet.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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