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Stock Plan (Tables)

12 Months Ended

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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