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Employee Benefits and Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2022 and 2021:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Cost of product and service revenues | $ | 2,203 |  |  | $ | 1,909 |  |  | $ | 6,607 |  |  | $ | 5,890 |
Research and development | 3,054 |  |  | 1,998 |  |  | 7,912 |  |  | 5,429 |
Selling, general, and administrative | 12,053 |  |  | 9,759 |  |  | 36,212 |  |  | 27,158 |
Total share-based compensation expense | $ | 17,310 |  |  | $ | 13,666 |  |  | $ | 50,731 |  |  | $ | 38,477 |
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, 2022 and 2021:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Expected life, years | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0
Expected volatility, % | 28.8% - 44.8% |  | 27.4% - 46.6% |  | 28.8% - 45.6% |  | 27.4% - 53.5%
Risk-free interest rate, % | 0.1% - 3.2% |  | 0.1% - 1.5% |  | 0.1% - 3.2% |  | 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 nine months ended September 30, 2021. There were no stock options granted during the three and nine months ended September 30, 2022, and the three months ended September 30, 2021.
|  |  |  |  | Nine Months Ended September 30,
|  |  |  |  |  |  | 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 nine months ended September 30, 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 | (341) |  |  | 53.24 |  |  |  |  |
Expired | (6) |  |  | 74.37 |  |  |  |  |
Forfeited | (109) |  |  | 85.49 |  |  |  |  |
Outstanding at September 30, 2022 | 2,498 |  |  | $ | 68.47 |  |  | 6.3 |  | $ | 53,660 |
Exercisable at September 30, 2022 | 1,792 |  |  | $ | 62.36 |  |  | 5.8 |  | $ | 47,120 |
Vested and expected to vest at September 30, 2022 and thereafter | 2,446 |  |  | $ | 68.08 |  |  | 6.3 |  | $ | 53,202 |
Summary of Restricted Stock Unit Activity | The following table summarizes the RSU activity under the 2009 Plan during the nine months ended September 30, 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) | 663 |  |  | 117.63 |  |  |  |  |
Vested (Released) | (197) |  |  | 107.82 |  |  |  |  |
Forfeited | (90) |  |  | 124.71 |  |  |  |  |
Outstanding and unvested at September 30, 2022 | 1,139 |  |  | $ | 120.30 |  |  | 1.7 |  | $ | 99,156 |
Summary of Restricted Stock Awards Activity | The following table summarizes the RSA activity under the 2009 Plan during the nine months ended September 30, 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) | 13 |  |  | 109.39 |
Vested (Released) | (11) |  |  | 137.36 |
Outstanding and unvested at September 30, 2022 | 13 |  |  | $ | 109.39 |
Summary of Performance-Based Restricted Stock Activity | The following table summarizes the PSU activity under the 2009 Plan during the nine months ended September 30, 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 | 78 |  |  | 155.27 |
Additional granted based on performance achievement | 51 |  |  | 156.79 |
Vested | (87) |  |  | 119.09 |
Forfeited | (14) |  |  | 145.80 |
Outstanding and unvested at September 30, 2022 | 172 |  |  | $ | 144.30 |
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, 2022:
| Number of Shares
| (In thousands)
Share options outstanding | 2,498 |
Non-vested restricted stock awards | 1,324 |
Shares authorized for future issuance | 1,433 |
ESPP shares available for future issuance | 603 |
Total shares reserved for future issuance | 5,858 |

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