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Employee Benefits and Share-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2018 and 2017:

	Three months ended								Nine months ended
	September 30, 2018				September 30, 2017				September 30, 2018				September 30, 2017
	(In thousands)
Cost of product and service revenues	$	1,150			$	882			$	3,346			$	2,727
Research and development	1,397				915				4,068				2,651
Selling, general, and administrative	4,538				3,462				13,437				10,937
Total share-based compensation expense	$	7,085			$	5,259			$	20,851			$	16,315

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 nine months ended September 30, 2018 and 2017:

	Three months ended						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Stock option plans
Expected life, years	4.8			4.7			4.8			4.7
Expected volatility, %	30.4	%		28.1	%		31.1	%		29.2	%
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						Nine months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 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, %	28.1-33.8%			26.7-32.1%			27.7-33.8%			25.8-32.8%
Risk free interest rate, %	0.8-2.7%			0.6-1.4%			0.7-2.7%			0.5-1.4%
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 nine months ended September 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	937			47.36
Exercised	(584	)		24.63
Expired	(12	)		23.38
Forfeited	(228	)		38.85
Outstanding at September 30, 2018	3,436			$	37.71			7.7		$	117,493
Exercisable at September 30, 2018	1,247			$	27.44			5.7		$	55,462
Vested and expected to vest at September 30, 2018 and thereafter	3,240			$	37.24			7.6		$	112,292

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 nine months ended September 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	138			46.04
Vested	(131	)		34.34
Forfeited	(58	)		38.55
Outstanding and unvested at September 30, 2018	450			$	42.45			1.3		$	32,339

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 September 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 nine months ended September 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 September 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 September 30, 2018:

	Number of Shares
	(In thousands)
Share options outstanding	3,436
Non-vested restricted share awards	707
Shares authorized for future issuance	3,118
ESPP shares available for future issuance	1,913
Total shares reserved for future issuance	9,174

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