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Employee Benefits and Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020:

			Three Months Ended March 31,
			2021						2020
			(In thousands)
Cost of product and service revenues			$	1,937					$	1,770
Research and development			1,700						1,768
Selling, general, and administrative			8,135						7,121
Total share-based compensation expense			$	11,772					$	10,659

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 months ended March 31, 2021 and 2020:

			Three Months Ended March 31,
			2021						2020
Stock options
Expected life, years			4.9						4.7
Expected volatility, %			30.1		%				33.6		%
Risk-free interest rate, %			0.6		%				1.4		%
Estimated forfeiture rate, %			7.9		%				5.7		%
Dividend yield, %			—		%				—		%

Assumptions Used to Value ESPP Shares Granted

			Three Months Ended March 31,
			2021						2020
Employee stock purchase plan shares
Expected life, years			0.5 - 2.0						0.5 - 2.0
Expected volatility, %			27.4% - 53.5%						30.4% - 39.9%
Risk-free interest rate, %			0.1% - 2.6%						1.4% - 2.7%
Dividend yield, %			—		%				—		%

Summary of Share Option Activity

The following table summarizes the share option activity under the Company’s 2009 Equity Incentive Plan (the “2009 Plan”), as amended, during the three months ended March 31, 2021:

			Number of Shares						Weighted-Average Exercise Price						Weighted-Average Remaining Years						Aggregate Intrinsic Value
			(In thousands, except per share data)
Outstanding at December 31, 2020			3,932						$	62.50					7.8						$	226,160
Granted			150						125.80
Exercised			(196)						58.49
Expired			(6)						78.32
Forfeited			(60)						72.27
Outstanding at March 31, 2021			3,820						$	65.02					7.5						$	247,796
Exercisable at March 31, 2021			1,608						$	47.83					5.8						$	131,946
Vested and expected to vest at March 31, 2021 and thereafter			3,598						$	64.01					7.4						$	237,072

Summary of Restricted Stock Unit Activity

Summaries of the restricted stock activity under the 2009 Plan are presented below for the three months ended March 31, 2021:

			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, 2020			580						$	72.87					1.6						$	69,670
Granted (Awarded)			96						129.97
Vested (Released)			(37)						72.71
Forfeited			(17)						70.59
Outstanding and unvested at March 31, 2021			622						$	81.79					1.6						$	80,723

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, 2020			21						$	68.11
Granted (Awarded)			—						—
Vested (Released)			—						—
Outstanding and unvested at March 31, 2021			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 three months ended March 31, 2021:

			Number of Shares						Weighted-Average Grant Date Fair Value Per Unit
			(In thousands, except per share data)
Outstanding at December 31, 2020			155						$	74.26
Granted			51						156.79
Vested			(17)						82.35
Forfeited			(6)						63.20
Outstanding and unvested at March 31, 2021			183						$	96.94

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 March 31, 2021:

			Number of Shares
			(In thousands)
Share options outstanding			3,820
Non-vested restricted stock awards			826
Shares authorized for future issuance			872
ESPP shares available for future issuance			1,050
Total shares reserved for future issuance			6,568

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