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Stock Plan (Tables) | 12 Months Ended
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Dec. 31, 2017
Stock Plans |
Schedule of share-based compensation expense |
|  | For the year ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (in thousands) |
Cost of sales |  | $ | 2,505 |  | $ | 1,956 |  | $ | 2,495 |
Research and development |  | 2,957 |  | 3,324 |  | 4,031 |
Selling, general, and administrative |  | 12,851 |  | 10,433 |  | 11,474 |
Restructuring |  | 1,880 |  | — |  | — |
Acquisition costs |  | 4,203 |  | — |  | — |
Total |  | $ | 24,396 |  | $ | 15,713 |  | $ | 18,000 |
Summary of unrecognized share-based compensation costs | Unrecognized share-based compensation costs at December 31, 2017 are summarized below:
|  | Unrecognized |  | Weighted |
|  | Share-Based |  | Average Period |
|  | Compensation |  | Expected to be |
|  | Costs |  | Recognized |
|  | (in thousands) |  | (in years) |
Stock option awards |  | $ | 12 |  | 0.3 |
Restricted stock units |  | 6,157 |  | 2.8 |
Restricted stock awards |  | 21,656 |  | 2.6 |
Performance share units |  | 4,685 |  | 2.1 |
Total unrecognized share-based compensation cost |  | $ | 32,510 |  | 2.7 |
Schedule of options, vested and expected to vest | At December 31, 2017, options outstanding that have vested and are expected to vest are as follows:
|  |  |  |  |  | Weighted |  |  |
|  | Number |  | Weighted |  | Average |  | Aggregate |
|  | of |  | Average |  | Remaining |  | Intrinsic |
|  | Shares |  | Exercise Price |  | Contractual Life |  | Value |
|  | (in thousands) |  |  |  | (in years) |  | (in thousands) |
Vested |  | 1,389 |  | $ 34.99 |  | 3.9 |  | — |
Expected to vest |  | 5 |  | 30.18 |  | 4.2 |  | — |
Total |  | 1,394 |  | $ 34.97 |  | 3.9 |  | — |
Summary of stock option activity |
|  | Number of Shares |  | Weighted Average Exercise Price |
|  | (in thousands) |  |  |
Balance - December 31, 2014 |  | 2,391 |  | $ | 31.65 |
Granted |  | 17 |  | 30.22 |
Exercised |  | (192 | ) | 12.95 |
Expired or forfeited |  | (152 | ) | 38.15 |
Balance - December 31, 2015 |  | 2,064 |  | 32.91 |
Granted |  | — |  | — |
Exercised |  | (194 | ) | 12.18 |
Expired or forfeited |  | (294 | ) | 34.44 |
Balance - December 31, 2016 |  | 1,576 |  | 35.18 |
Granted |  | — |  | — |
Exercised |  | (18 | ) | 30.03 |
Expired or forfeited |  | (164 | ) | 37.47 |
Balance - December 31, 2017 |  | 1,394 |  | $ | 34.97 |
Summary of information about stock option information | The following table summarizes stock option information at December 31, 2017:
|  | Options Outstanding |  | Options Exercisable |
|  |  |  |  |  | Weighted |  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  | Aggregate |  | Average |  | Weighted |  |  |  | Aggregate |  | Average |  | Weighted |
Range of |  |  |  | Intrinsic |  | Remaining |  | Average |  |  |  | Intrinsic |  | Remaining |  | Average |
Exercise Prices |  | Shares |  | Value |  | Contractual Life |  | Exercise Price |  | Shares |  | Value |  | Contractual Life |  | Exercise Price |
|  | (in thousands) |  | (in thousands) |  | (in years) |  |  |  | (in thousands) |  | (in thousands) |  | (in years) |  |  |
$20.00 – $30.00 |  | 25 |  | $ | — |  | 5.0 |  | $ | 28.13 |  | 23 |  | $ | — |  | 5.0 |  | $ | 28.03 |
$30.01 – $40.00 |  | 1,197 |  | — |  | 4.0 |  | 32.84 |  | 1,194 |  | — |  | 4.0 |  | 32.84 |
$40.01 – $50.00 |  | 39 |  | — |  | 1.3 |  | 48.05 |  | 39 |  | — |  | 1.3 |  | 48.05 |
$50.01 – $60.00 |  | 133 |  | — |  | 3.3 |  | 51.70 |  | 133 |  | — |  | 3.3 |  | 51.70 |
|  | 1,394 |  | — |  | 3.9 |  | $ | 34.97 |  | 1,389 |  | $ | — |  | 3.9 |  | $ | 34.99 |
Summary of valuation assumptions for stock option grants |
|  | Year ended December 31, |
|  | 2015 |
Weighted average fair value |  | $ | 10.58 |
Dividend yield |  | 0 | %
Expected volatility factor(1) |  | 44 | %
Risk-free interest rate(2) |  | 1.18 | %
Expected life (in years)(3) |  | 3.9 |
| (1) |  | Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term of the options and the implied volatility derived from the market prices of the Company’s traded options.
| (2) |  | The risk-free rate for periods within the contractual term of the stock options is based on the U.S. Treasury yield curve in effect at the time of grant.
| (3) |  | The expected life is the number of years the Company estimates that options will be outstanding prior to exercise. The Company’s computation of expected life was determined using a lattice-based model incorporating historical post vest exercise and employee termination behavior.
Summary of information on options exercised |
|  | Year ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (in thousands) |
Cash received from options exercised |  | $ | 431 |  | $ | 494 |  | $ | 2,233 |
Intrinsic value of options exercised |  | $ | 51 |  | $ | 1,165 |  | $ | 2,089 |
Summary of equity activity of non-vested restricted shares and performance shares |
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |
|  | (in thousands) |  |  |
Balance - December 31, 2014 |  | 1,237 |  | $ | 34.27 |
Granted |  | 672 |  | 30.33 |
Vested |  | (389 | ) | 35.65 |
Forfeited |  | (122 | ) | 34.46 |
Balance - December 31, 2015 |  | 1,398 |  | 31.97 |
Granted |  | 1,166 |  | 17.59 |
Vested |  | (349 | ) | 32.73 |
Forfeited |  | (266 | ) | 27.31 |
Balance - December 31, 2016 |  | 1,949 |  | 23.85 |
Granted |  | 674 |  | 29.22 |
Performance award adjustments |  | (25 | ) | 20.95 |
Assumed from Ultratech |  | 338 |  | 31.75 |
Vested |  | (831 | ) | 27.67 |
Forfeited |  | (225 | ) | 26.29 |
Balance - December 31, 2017 |  | 1,880 |  | $ | 25.41 |
Summary of valuation assumptions for employee stock purchase plan |
|  | Year ended December 31, |
|  | 2017 |  | 2016 |
Weighted average fair value |  | $ | 7.09 |  | $ | 4.45 |
Dividend yield |  | 0 | % | 0 | %
Expected volatility factor(1) |  | 36 | % | 43 | %
Risk-free interest rate(2) |  | 0.99 | % | 0.35 | %
Expected life (in years)(3) |  | 0.5 |  | 0.5 |
| (1) |  | Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term of the options and the implied volatility derived from the market prices of the Company’s traded options.
| (2) |  | The risk-free rate for periods within the contractual term of the stock options is based on the U.S. Treasury yield curve in effect at the time of grant.
| (3) |  | The expected life is the number of years the Company estimates that options will be outstanding prior to exercise. The Company’s computation of expected life was determined using a lattice-based model incorporating historical post vest exercise and employee termination behavior.

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