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Employee Benefits and Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Share-Based Compensation Expense | 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, 2020 and 2019:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands)
Cost of product and service revenues | $ | 1,758 |  |  | $ | 1,316 |  |  | $ | 5,658 |  |  | $ | 4,194 |
Research and development | 1,577 |  |  | 1,652 |  |  | 5,199 |  |  | 4,938 |
Selling, general, and administrative | 7,689 |  |  | 5,537 |  |  | 22,177 |  |  | 16,043 |
Total share-based compensation expense | $ | 11,024 |  |  | $ | 8,505 |  |  | $ | 33,034 |  |  | $ | 25,175 |
Assumptions Used to Value Stock Options Granted | The following assumptions were used to value stock 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, 2020 and 2019:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Stock options |  |  |  |  |  |  |
Expected life, years | 4.7 |  | 4.3 |  | 4.7 |  | 4.4
Expected volatility, % | 41.2 | % |  | 34.7 | % |  | 39.0 | % |  | 33.7 | %
Risk-free interest rate, % | 0.3 | % |  | 1.6 | % |  | 0.7 | % |  | 2.1 | %
Estimated forfeiture rate, % | 5.7 | % |  | 7.2 | % |  | 5.7 | % |  | 7.2 | %
Dividend yield, % | — | % |  | — | % |  | — | % |  | — | %
Assumptions Used to Value ESPP Shares Granted |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Employee stock purchase plan shares |  |  |  |  |  |  |
Expected life, years | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0
Expected volatility, % | 30.4% - 53.5% |  | 28.9% - 39.9% |  | 30.4% - 53.5% |  | 28.2% - 39.9%
Risk-free interest rate, % | 0.1% - 2.7% |  | 1.4% - 2.7% |  | 0.1% - 2.7% |  | 1.3% - 2.7%
Dividend yield, % | — | % |  | — | % |  | — | % |  | — | %
Summary of Share Option Activity | The following table summarizes the share option activity under the Company’s equity incentive plans during the nine months ended September 30, 2020:
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Years |  | Aggregate Intrinsic Value
| (In thousands, except per share data)
Outstanding at December 31, 2019 | 3,902 |  |  | $ | 52.75 |  |  | 7.7 |  | $ | 113,198 |
Granted | 1,065 |  |  | 75.92 |  |  |  |  |
Exercised | (446) |  |  | 38.10 |  |  |  |  |
Expired | (11) |  |  | 59.08 |  |  |  |  |
Forfeited | (356) |  |  | 65.84 |  |  |  |  |
Outstanding at September 30, 2020 | 4,154 |  |  | $ | 59.12 |  |  | 7.6 |  | $ | 72,331 |
Exercisable at September 30, 2020 | 1,763 |  |  | $ | 43.38 |  |  | 6.0 |  | $ | 55,936 |
Vested and expected to vest at September 30, 2020 and thereafter | 3,973 |  |  | $ | 58.49 |  |  | 7.5 |  | $ | 71,456 |
Summary of Restricted Stock Unit Activity | Summaries of the 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, 2020:
| 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 |  |  |  |  |  |  |
Outstanding at December 31, 2019 | 544 |  |  | $ | 66.65 |  |  | 1.6 |  | $ | 44,492 |
Granted (Awarded) | 285 |  |  | 72.10 |  |  |  |  |
Vested (Released) | (107) |  |  | 56.60 |  |  |  |  |
Forfeited | (104) |  |  | 66.12 |  |  |  |  |
Outstanding and unvested at September 30, 2020 | 618 |  |  | $ | 71.00 |  |  | 1.6 |  | $ | 46,114 |
Summary of Restricted Stock Awards Activity |
| Number of Shares |  | Weighted-Average Grant Date Fair Value
| (In thousands, except per share data)
Restricted stock awards |  |  |
Outstanding at December 31, 2019 | 17 |  |  | $ | 81.92 |
Granted (Awarded) | 21 |  |  | 68.11 |
Vested (Released) | (17) |  |  | 81.92 |
Outstanding and unvested at September 30, 2020 | 21 |  |  | $ | 68.11 |
Summary of Performance-Based Restricted Stock Activity | A summary of the performance-based restricted stock activity under the 2009 Plan is presented below for the nine months ended September 30, 2020:
| Number of Shares |  | Weighted-Average Grant Date Fair Value Per Unit
| (In thousands, except per share data)
Outstanding at December 31, 2019 | 134 |  |  | $ | 55.82 |
Granted | 63 |  |  | 82.41 |
Vested | (44) |  |  | 54.25 |
Forfeited | (5) |  |  | 81.72 |
Outstanding and unvested at September 30, 2020 | 148 |  |  | $ | 66.69 |
Ordinary Shares Reserved for Future Issuance Under Equity Incentive Plans | The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of September 30, 2020:
| Number of Shares
| (In thousands)
Share options outstanding | 4,154 |
Non-vested restricted stock awards | 787 |
Shares authorized for future issuance | 1,553 |
ESPP shares available for future issuance | 1,206 |
Total shares reserved for future issuance | 7,700 |

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