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Employee Benefits and Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation Expense Recognized in Consolidate Statements of Income

The following table sets forth the total share-based compensation expense recognized in our Condensed Consolidated Statements of Operations:

	Three Months Ended								Six Months Ended
	June 30, 2015				June 30, 2014				June 30, 2015				June 30, 2014
	(In thousands)
Cost of product and service revenues	$	532			$	264			$	1,049			$	532
Research and development	451				380				885				749
Selling, general and administrative	2,653				2,076				5,367				4,168
Total share-based compensation expense	$	3,636			$	2,720			$	7,301			$	5,449

Estimate of Fair Value of Share-Based Awards, Employee Stock Purchase Plan

The following weighted average assumptions are used to value share options and Employee Stock Purchase Plan ("ESPP") shares issued pursuant to our equity incentive plans for the three and six months ended June 30, 2015 and June 30, 2014:

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(In thousands)
Stock Option Plans
Expected life, years	5.04			4.77			5.04			4.79
Expected volatility, %	29.3	%		35.9	%		32.2	%		35.4	%
Risk free interest rate, %	1.51	%		1.62	%		1.58	%		1.52	%
Estimated forfeiture rate %	2.5	%		2.5	%		2.5	%		2.5	%
Dividend yield, %	—	%		—	%		—	%		—	%

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(In thousands)
Employee Stock Purchase Plan
Expected life, years	0.5-2.0			0.5-2.0			0.5-2.0			0.5-2.0
Expected volatility, %	28.52%-37.53%			29.56%-39.84%			23.75%-35.67%			29.56%-39.84%
Risk free interest rate, %	0.03%-0.72%			0.03%-0.53%			0.03%-0.72%			0.03%-0.53%
Estimated forfeiture rate %	—	%		—	%		—	%		—	%
Dividend yield, %	—	%		—	%		—	%		—	%

Estimate of Fair Value of Share-Based Awards, Stock Options

The following weighted average assumptions are used to value share options and Employee Stock Purchase Plan ("ESPP") shares issued pursuant to our equity incentive plans for the three and six months ended June 30, 2015 and June 30, 2014:

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(In thousands)
Stock Option Plans
Expected life, years	5.04			4.77			5.04			4.79
Expected volatility, %	29.3	%		35.9	%		32.2	%		35.4	%
Risk free interest rate, %	1.51	%		1.62	%		1.58	%		1.52	%
Estimated forfeiture rate %	2.5	%		2.5	%		2.5	%		2.5	%
Dividend yield, %	—	%		—	%		—	%		—	%

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(In thousands)
Employee Stock Purchase Plan
Expected life, years	0.5-2.0			0.5-2.0			0.5-2.0			0.5-2.0
Expected volatility, %	28.52%-37.53%			29.56%-39.84%			23.75%-35.67%			29.56%-39.84%
Risk free interest rate, %	0.03%-0.72%			0.03%-0.53%			0.03%-0.72%			0.03%-0.53%
Estimated forfeiture rate %	—	%		—	%		—	%		—	%
Dividend yield, %	—	%		—	%		—	%		—	%

Stock Option Activity under the 2009 Plan

The following table summarizes the share option activity under the Company’s equity incentive plans during the six months ended June 30, 2015:

	Number of Shares			Weighted-Average Exercise Price				Weighted-Average Remaining Years		Aggregate Intrinsic Value(1)
	(In thousands, except per share data)
Stock Options
Outstanding at December 31, 2014	2,672			$	19.02			6.5
Granted	200			34.10
Exercised	(340	)		15.54
Expired	(2	)		15.57
Forfeited	(67	)		23.30
Outstanding at June 30, 2015	2,463			$	20.60			6.5		$	42,138
Exercisable at June 30, 2015	1,425			$	16.46			4.9		$	30,277
Vested and expected to vest at June 30, 2015	2,435			$	20.50			6.4		$	41,919

_________________________________________________

⁽¹⁾  Intrinsic value is calculated as the difference between the market value or closing price of our common stock as of the last trading day of the year as reported by the NASDAQ Global Select Market, and the exercise price of the option.

Restricted Stock Units Activity under the 2009 Plan

Restricted stock activity under the Company’s equity incentive plans in the six months ended June 30, 2015 is as follows:

	Number of Shares			Weighted-Average Grant Date Fair Value				Weighted-Average Remaining Years		Aggregate Intrinsic Value
	(In thousands, except per share data)
Restricted Stock Units (RSUs)
Outstanding at December 31, 2014	399			$	24.00			1.5
Granted	65			34.19
Vested	(77	)		21.57
Forfeited	(23	)		22.35
Outstanding and unvested at June 30, 2015	364			$	26.45			1.3		$	13,714
Expected to vest at June 30, 2015	353							1.3		$	13,329

Restricted Stock Units Award under the 2009 Plan

	Number of Shares			Weighted-Average Grant Date Fair Value
	(In thousands, except per share data)
Restricted Stock Awards (RSAs)
Outstanding at December 31, 2014	36			$	26.47
Granted	37			36.05
Vested	(41	)		26.47
Forfeited	(1	)		27.65
Outstanding and unvested at June 30, 2015	31			$	35.95

Performance Shares Restricted Stock Activity under the 2009 Plan

Performance-based restricted stock activity under the Company’s equity incentive plans in the six months ended June 30, 2015 is as follows:

	Number of Shares			Weighted-Average Grant Date Fair Value Per Unit
	(In thousands, except per share data)
Performance-based Restricted Stock Units (PSUs)
Outstanding at December 31, 2014	233			$	17.96
Granted	60			29.56
Vested	(70	)		18.91
Forfeited	(27	)		14.69
Outstanding and unvested at June 30, 2015	196			$	21.63

Shares Reserved for Future Issuance

We had the following ordinary shares reserved for future issuance under its equity incentive plans as of June 30, 2015:

	Number of Shares
	(In thousands)
Share options outstanding	2,463
Restricted share awards outstanding	559
Shares authorized for future issuance	4,637
ESPP shares available for future issuance	3,393
Total shares reserved for future issuance as of June 30, 2015	11,052

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