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Employee Benefits and Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020:

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
			(In thousands)
Cost of product and service revenues			$	2,044					$	2,130					$	3,981					$	3,900
Research and development			1,731						1,854						3,431						3,622
Selling, general, and administrative			9,264						7,367						17,399						14,488
Total share-based compensation expense			$	13,039					$	11,351					$	24,811					$	22,010

Assumptions Used to Value ESPP Shares

The following assumptions were used to value shares under the ESPP for the three and six months ended June 30, 2021 and 2020:

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Expected life, years			0.5 - 2.0						0.5 - 2.0						0.5 - 2.0						0.5 - 2.0
Expected volatility, %			27.4% - 53.5%						30.4% - 39.9%						27.4% - 53.5%						30.4% - 39.9%
Risk-free interest rate, %			0.1% - 2.6%						1.4% - 2.7%						0.1% - 2.6%						1.4% - 2.7%
Dividend yield, %			—		%				—		%				—		%				—		%

Assumptions Used to Value Stock Options Granted

The following assumptions were used to value stock options granted pursuant to the Company’s 2009 Equity Incentive Plan (as amended, the “2009 Plan”) for the three months ended June 30, 2020, and the six months ended June 30, 2021 and 2020. There were no stock options granted during the three months ended June 30, 2021.

									Three Months Ended June 30,						Six Months Ended June 30,
									2020						2021						2020
Expected life, years									4.7						4.9						4.7
Expected volatility, %									42.2		%				30.1		%				37.9		%
Risk-free interest rate, %									0.5		%				0.6		%				0.9		%
Estimated forfeiture rate, %									5.7		%				7.9		%				5.7		%
Dividend yield, %									—		%				—		%				—		%

Summary of Share Option Activity

The following table summarizes the stock options activity during the six months ended June 30, 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			(395)						58.20
Expired			(8)						68.18
Forfeited			(120)						73.01
Outstanding at June 30, 2021			3,559						$	65.28					7.3						$	306,648
Exercisable at June 30, 2021			1,634						$	49.45					5.9						$	166,665
Vested and expected to vest at June 30, 2021 and thereafter			3,381						$	64.38					7.3						$	294,384

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock units activity under the 2009 Plan during the six months ended June 30, 2021:

			Number of Shares						Weighted-Average Grant Date Fair Value						Weighted-Average Remaining Years						Aggregate Intrinsic Value
			(In thousands, except per share data)
Outstanding at December 31, 2020			580						$	72.87					1.6						$	69,670
Granted (Awarded)			165						134.00
Vested (Released)			(86)						75.56
Forfeited			(36)						71.92
Outstanding and unvested at June 30, 2021			623						$	88.75					1.5						$	94,403

Summary of Restricted Stock Awards Activity

The following table summarizes the restricted stock awards activity under the 2009 Plan during the six months ended June 30, 2021:

			Number of Shares						Weighted-Average Grant Date Fair Value
			(In thousands, except per share data)
Outstanding at December 31, 2020			21						$	68.11
Granted (Awarded)			10						135.86
Vested (Released)			(21)						68.11
Outstanding and unvested at June 30, 2021			10						$	135.86

Summary of Performance-Based Restricted Stock Activity

The following table summarizes the performance-based restricted stock units activity under the 2009 Plan during the six months ended June 30, 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			(41)						70.60
Forfeited			(6)						63.20
Outstanding and unvested at June 30, 2021			159						$	102.21

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 June 30, 2021:

			Number of Shares
			(In thousands)
Share options outstanding			3,559
Non-vested restricted stock awards			792
Shares authorized for future issuance			1,902
ESPP shares available for future issuance			1,050
Total shares reserved for future issuance			7,303

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