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Employee Benefits and Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 and 2022:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
| (In thousands)
Cost of product and service revenues | $ | 2,008 |  |  | $ | 2,244 |  |  |  |  |
Research and development | 1,606 |  |  | 2,264 |  |  |  |  |
Selling, general, and administrative | 10,428 |  |  | 11,700 |  |  |  |  |
Total share-based compensation expense | $ | 14,042 |  |  | $ | 16,208 |  |  |  |  |
Assumptions Used to Value ESPP Shares | The following assumptions were used to value shares under the ESPP for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Expected life, years | 0.5 - 2.0 |  | 0.5 - 2.0 |  |  |  |
Expected volatility, % | 31.7% - 63.9% |  | 28.8% - 45.6% |  |  |  |
Risk-free interest rate, % | 0.1% - 5.1% |  | 0.1% - 1.5% |  |  |  |
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, 2023. There were no stock options granted during the three months ended March 31, 2022.
|  |  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  | 2023
Expected life, years |  |  |  |  |  |  | 3.2
Expected volatility, % |  |  |  |  |  |  | 44.8 | %
Risk-free interest rate, % |  |  |  |  |  |  | 3.7 | %
Estimated forfeiture rate, % |  |  |  |  |  |  | 10.0 | %
Dividend yield, % |  |  |  |  |  |  | — | %
Summary of Share Option Activity | The following table summarizes the stock option activity under the 2009 Plan during the three months ended March 31, 2023:
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Years |  | Aggregate Intrinsic Value
| (In thousands, except per share data)
Outstanding at December 31, 2022 | 2,434 |  |  | $ | 68.65 |  |  | 6.1 |  | $ | 7,887 |
Granted | 200 |  |  | 55.60 |  |  |  |  |
Exercised | (65) |  |  | 35.74 |  |  |  |  |
Expired | (12) |  |  | 75.27 |  |  |  |  |
Forfeited | (41) |  |  | 80.43 |  |  |  |  |
Outstanding at March 31, 2023 | 2,516 |  |  | $ | 68.24 |  |  | 5.7 |  | $ | 13,054 |
Exercisable at March 31, 2023 | 1,899 |  |  | $ | 65.73 |  |  | 5.5 |  | $ | 12,440 |
Vested and expected to vest at March 31, 2023 and thereafter | 2,466 |  |  | $ | 68.12 |  |  | 5.7 |  | $ | 12,986 |
Summary of Restricted Stock Unit Activity | The following table summarizes the RSU activity under the 2009 Plan during the three months ended March 31, 2023:
| 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, 2022 | 1,117 |  |  | $ | 115.75 |  |  | 1.6 |  | $ | 56,297 |
Granted (Awarded) | 74 |  |  | 55.41 |  |  |  |  |
Vested (Released) | (63) |  |  | 128.15 |  |  |  |  |
Forfeited | (116) |  |  | 117.91 |  |  |  |  |
Outstanding and unvested at March 31, 2023 | 1,012 |  |  | $ | 110.36 |  |  | 1.5 |  | $ | 59,372 |
Summary of Restricted Stock Awards Activity | The following table summarizes the RSA activity under the 2009 Plan during the three months ended March 31, 2023:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
| (In thousands, except per share data)
Outstanding at December 31, 2022 | 13 |  |  | $ | 109.39 |
Granted (Awarded) | — |  |  | — |
Vested (Released) | — |  |  | — |
Outstanding and unvested at March 31, 2023 | 13 |  |  | $ | 109.39 |
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, 2023:
| Number of Shares |  | Weighted-Average Grant Date Fair Value Per Unit
| (In thousands, except per share data)
Outstanding at December 31, 2022 | 135 |  |  | $ | 147.42 |
Granted | — |  |  | — |
Vested | (10) |  |  | 164.48 |
Forfeited | (63) |  |  | 153.89 |
Outstanding and unvested at March 31, 2023 | 62 |  |  | $ | 138.00 |
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, 2023:
| Number of Shares
| (In thousands)
Stock options outstanding | 2,516 |
Non-vested restricted stock awards | 1,087 |
Shares authorized for future issuance | 1,433 |
ESPP shares available for future issuance | 394 |
Total shares reserved for future issuance | 5,430 |

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