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Employee Benefits and Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:

			Three Months Ended March 31,
			2022						2021
			(In thousands)
Cost of product and service revenues			$	2,244					$	1,937
Research and development			2,264						1,700
Selling, general, and administrative			11,700						8,135
Total share-based compensation expense			$	16,208					$	11,772

Assumptions Used to Value ESPP Shares

The following assumptions were used to value shares under the ESPP for the three months ended March 31, 2022 and 2021:

			Three Months Ended March 31,
			2022						2021
Expected life, years			0.5 - 2.0						0.5 - 2.0
Expected volatility, %			28.8% - 45.6%						27.4% - 53.5%
Risk-free interest rate, %			0.1% - 1.5%						0.1% - 2.6%
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 March 31, 2021. There were no stock options granted during the three months ended March 31, 2022.

									Three Months Ended March 31,
									2021
Expected life, years									4.9
Expected volatility, %									30.1		%
Risk-free interest rate, %									0.6		%
Estimated forfeiture rate, %									7.9		%
Dividend yield, %									—		%

Summary of Share Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2022:

			Number of Shares						Weighted-Average Exercise Price						Weighted-Average Remaining Years						Aggregate Intrinsic Value
			(In thousands, except per share data)
Outstanding at December 31, 2021			2,954						$	67.35					6.9						$	334,119
Granted			—						—
Exercised			(141)						51.47
Expired			(1)						68.74
Forfeited			(33)						80.32
Outstanding at March 31, 2022			2,779						$	68.00					6.8						$	171,505
Exercisable at March 31, 2022			1,699						$	58.65					6.0						$	120,394
Vested and expected to vest at March 31, 2022 and thereafter			2,683						$	67.36					6.7						$	167,177

Summary of Restricted Stock Unit Activity

The following table summarizes the RSU activity under the 2009 Plan during the three months ended March 31, 2022:

			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, 2021			763						$	119.93					1.6						$	137,696
Granted (Awarded)			150						147.90
Vested (Released)			(43)						84.74
Forfeited			(26)						119.49
Outstanding and unvested at March 31, 2022			844						$	126.70					1.6						$	109,317

Summary of Restricted Stock Awards Activity

The following table summarizes the RSA activity under the 2009 Plan during the three months ended March 31, 2022:

			Number of Shares						Weighted-Average Grant Date Fair Value
			(In thousands, except per share data)
Outstanding at December 31, 2021			11						$	137.36
Granted (Awarded)			—						—
Vested (Released)			—						—
Outstanding and unvested at March 31, 2022			11						$	137.36

Summary of Performance-Based Restricted Stock Activity

The following table summarizes the PSU activity under the 2009 Plan during the three months ended March 31, 2022:

			Number of Shares						Weighted-Average Grant Date Fair Value Per Unit
			(In thousands, except per share data)
Outstanding at December 31, 2021			144						$	118.71
Granted			75						156.82
Additional granted based on performance achievement			51						156.79
Vested			(57)						119.09
Forfeited			(1)						178.81
Outstanding and unvested at March 31, 2022			212						$	141.05

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, 2022:

			Number of Shares
			(In thousands)
Share options outstanding			2,779
Non-vested restricted stock awards			1,067
Shares authorized for future issuance			1,154
ESPP shares available for future issuance			744
Total shares reserved for future issuance			5,744

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