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Employee Benefits and Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

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

Share-Based Compensation Expense Recognized in Consolidated Statements of Income

The following table sets forth the total share-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017:

	Three months ended								Six months ended
	June 30, 2018				June 30, 2017				June 30, 2018				June 30, 2017
	(In thousands)
Cost of product and service revenues	$	1,177			$	845			$	2,196			$	1,827
Research and development	1,437				810				2,671				1,707
Selling, general, and administrative	4,624				3,890				8,899				7,522
Total share-based compensation expense	$	7,238			$	5,545			$	13,766			$	11,056

Stock Option Plans, Valuation Assumptions

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 and six months ended June 30, 2018 and 2017:

	Three months ended						Six months ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Stock option plans
Expected life, years	4.8			4.7			4.8			4.7
Expected volatility, %	30.6	%		28.3	%		31.4	%		29.7	%
Risk free interest rate, %	2.8	%		1.8	%		2.7	%		1.8	%
Estimated forfeiture rate, %	6.9	%		7.7	%		6.9	%		7.7	%
Dividend yield, %	—	%		—	%		—	%		—	%

Employee Stock Purchase Plan, Valuation Assumptions

	Three months ended						Six months ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
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, %	27.7-33.8%			25.8-32.8%			27.7-33.8%			25.8-32.8%
Risk free interest rate, %	0.7-2.3%			0.5-1.3%			0.7-2.3%			0.5-1.3%
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 six months ended June 30, 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	720			44.73
Exercised	(356	)		24.15
Expired	(6	)		21.92
Forfeited	(172	)		38.13
Outstanding at June 30, 2018	3,509			$	35.80			7.6		$	58,487
Exercisable at June 30, 2018	1,338			$	26.29			5.6		$	35,014
Vested and expected to vest at June 30, 2018 and thereafter	3,303			$	35.34			7.5		$	56,583

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 for the six months ended June 30, 2018:

	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	113			44.38
Vested	(104	)		34.42
Forfeited	(44	)		38.33
Outstanding and unvested at June 30, 2018	466			$	41.28			1.5		$	24,423

Restricted Stock Awards Activity 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	21			46.60
Vested	(23	)		41.07
Forfeited	—			—
Outstanding and unvested at June 30, 2018	21			$	46.60

Performance-Based Restricted Stock Units 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 six months ended June 30, 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	(67	)		30.46
Forfeited	(32	)		34.47
Outstanding and unvested at June 30, 2018	236			$	34.13

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 June 30, 2018:

	Number of Shares
	(In thousands)
Share options outstanding	3,509
Non-vested restricted share awards	723
Shares authorized for future issuance	3,306
ESPP shares available for future issuance	2,077
Total shares reserved for future issuance	9,615

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