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Employee Benefits and Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2018
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 the Company's Condensed Consolidated Statements of Operations:
 
Three months ended
 
March 31, 2018
 
March 31, 2017
 
(In thousands)
Cost of product and service revenues
$
1,019

 
$
982

Research and development
1,234

 
897

Selling, general and administrative
4,275

 
3,632

Total share-based compensation expense
$
6,528

 
$
5,511

Estimate of Fair Value of Share-Based Awards, Share Options
The following assumptions were used to value share options and Employee Stock Purchase Plan ("ESPP") shares granted pursuant to the Company's equity incentive plans for the three months ended March 31, 2018 and 2017:
 
Three months ended
 
March 31, 2018
 
March 31, 2017
Stock Option Plans
 
 
 
Expected life, years
4.79

 
4.67

Expected volatility, %
32.2
%
 
31.1
%
Risk free interest rate, %
2.57
%
 
1.89
%
Estimated forfeiture rate %
6.9
%
 
7.7
%
Dividend yield, %
%
 
%
Estimate of Fair Value of Share-Based Awards, Employee Stock Purchase Plan
 
Three months ended
 
March 31, 2018
 
March 31, 2017
Employee Stock Purchase Plan
 
 
 
Expected life, years
0.5-2.0

 
0.5-2.0

  Expected volatility, %
27.7-33.8%

 
25.8-32.8%

  Risk free interest rate, %
0.70-2.25%

 
0.52-1.31%

  Dividend yield, %
%
 
%
Stock Option Activity under the Equity Incentive Plans
The following table summarizes the share option activity under the Company’s equity incentive plans during the three months ended March 31, 2018:
 
Number of
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining Years
 
Aggregate
Intrinsic Value
 
(In thousands, except per share data)
Stock Options
 
 
 
 
 
 
 
Outstanding at December 31, 2017
3,323

 
$
32.72

 
7.6
 
$
53,953

Granted
482

 
44.38

 
 
 
 
Exercised
(87
)
 
22.50

 
 
 
 
Expired
(1
)
 
24.09

 
 
 
 
Forfeited
(43
)
 
37.14

 
 
 
 
Outstanding at March 31, 2018
3,674

 
$
34.45

 
7.3
 
$
37,607

Exercisable at March 31, 2018
1,474

 
$
25.36

 
5.3
 
$
26,596

Vested and expected to vest at March 31, 2018 and thereafter
3,456

 
$
33.94

 
7.2
 
$
36,818

Restricted Stock Units Activity under the Stock Option Activity under the Equity Incentive Plans
Summaries of restricted stock activity under the Company's 2009 Equity Incentive Plan, as amended (the "2009 Plan") are presented below:    
 
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, 2017
501

 
$
38.90

 
1.5
 
$
24,293

Granted
71

 
44.32

 
 
 
 
Vested
(50
)
 
33.70

 
 
 
 
Forfeited
(14
)
 
39.05

 
 
 
 
Outstanding and unvested at March 31, 2018
508

 
$
40.16

 
1.5
 
$
22,041

Restricted Stock Units Award under the Stock Option Activity under the Equity Incentive Plans
 
Number of
Shares
 
Weighted-Average
Grant Date Fair Value
 
(In thousands, except per share data)
Restricted Stock Awards ("RSAs")
 
 
 
Outstanding at December 31, 2017
23

 
$
41.07

Granted

 

Vested

 

Forfeited

 

Outstanding and unvested at March 31, 2018
23

 
$
41.08

Performance Shares Restricted Stock Activity under the Stock Option Activity under the Equity Incentive Plans
A summary of the performance-based restricted stock activity under the 2009 Plan during the three months ended March 31, 2018 is presented below:
 
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, 2017
225

 
$
31.18

Granted
110

 
38.03

Vested
(32
)
 
32.37

Forfeited
(1
)
 
43.20

Outstanding and unvested at March 31, 2018
302

 
$
33.51

Shares Reserved for Future Issuance under the Stock Option Activity under the Equity Incentive Plans
The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of March 31, 2018:
 
Number of Shares
 
(In thousands)
Share options outstanding
3,674

Non-vested restricted share awards
833

Shares authorized for future issuance
730

ESPP shares available for future issuance
2,077

Total shares reserved for future issuance
7,314