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Employee Benefits and Share-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(In thousands)
Cost of product and service revenues			$	1,909					$	1,758					$	5,890					$	5,658
Research and development			1,998						1,577						5,429						5,199
Selling, general, and administrative			9,759						7,689						27,158						22,177
Total share-based compensation expense			$	13,666					$	11,024					$	38,477					$	33,034

Assumptions Used to Value ESPP Shares

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

			Three Months Ended September 30,												Nine Months Ended September 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% - 46.6%						30.4% - 53.5%						27.4% - 53.5%						30.4% - 53.5%
Risk-free interest rate, %			0.1% - 1.5%						0.1% - 2.7%						0.1% - 2.6%						0.1% - 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 September 30, 2020, and the nine months ended September 30, 2021 and 2020. There were no stock options granted during the three months ended September 30, 2021.

									Three Months Ended September 30,						Nine Months Ended September 30,
									2020						2021						2020
Expected life, years									4.7						4.9						4.7
Expected volatility, %									41.2		%				30.1		%				39.0		%
Risk-free interest rate, %									0.3		%				0.6		%				0.7		%
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 nine months ended September 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			(648)						55.70
Expired			(11)						60.64
Forfeited			(180)						74.79
Outstanding at September 30, 2021			3,243						$	66.11					7.1						$	266,946
Exercisable at September 30, 2021			1,640						$	51.96					5.8						$	158,170
Vested and expected to vest at September 30, 2021 and thereafter			3,104						$	65.35					7.0						$	257,873

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock units activity under the 2009 Plan during the nine months ended September 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)			409						145.44
Vested (Released)			(157)						72.39
Forfeited			(54)						74.75
Outstanding and unvested at September 30, 2021			778						$	111.00					1.7						$	115,456

Summary of Restricted Stock Awards Activity

The following table summarizes the restricted stock awards activity under the 2009 Plan during the nine months ended September 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)			11						137.36
Vested (Released)			(21)						68.11
Outstanding and unvested at September 30, 2021			11						$	137.36

Summary of Performance-Based Restricted Stock Activity

The following table summarizes the performance-based restricted stock units activity under the 2009 Plan during the nine months ended September 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)						70.68
Forfeited			(7)						64.06
Outstanding and unvested at September 30, 2021			158						$	102.29

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, 2021:

			Number of Shares
			(In thousands)
Share options outstanding			3,243
Non-vested restricted stock awards			947
Shares authorized for future issuance			1,514
ESPP shares available for future issuance			919
Total shares reserved for future issuance			6,623

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