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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | The Company recognizes stock-based compensation in the consolidated statements of income, based on the department to which the related employee reports, as follows:
| Three Months Ended March 31, |  |  |  |  |  |
| 2022 |  | 2021 |  |  |  |  |  |  |  |  |  |
| (in thousands) |  |  |  |
Cost of net revenue | $ | 163 |  |  | $ | 169 |  |  |  |  |  |  |  |  |  |  |
Research and development | 9,676 |  |  | 7,162 |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative | 8,715 |  |  | 5,624 |  |  |  |  |  |  |  |  |  |  |
| $ | 18,554 |  |  | $ | 12,955 |  |  |  |  |  |  |  |  |  |  |
Summary of Restricted Stock Unit Activity | A summary of the Company’s restricted stock unit activity is as follows:
| Number of Shares (in thousands) |  | Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2021 | 5,233 |  |  | $ | 25.14 |
Granted | 1,502 |  |  | 63.44 |
Vested | (730) |  |  | 56.13 |
Canceled | (108) |  |  | 25.66 |
Outstanding at March 31, 2022 | 5,897 |  |  | $ | 31.05 |
Summary of Performance-Based Restricted Stock Unit Activity | A summary of the Company’s performance-based restricted stock unit activity is as follows:
| Number of Shares (in thousands) |  | Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2021 | 2,005 |  |  | $ | 19.80 |
Granted(1) | 376 |  |  | 75.40 |
Vested | (701) |  |  | 17.85 |
Canceled | (1) |  |  | 35.57 |
Outstanding at March 31, 2022 | 1,679 |  |  | $ | 33.05 |
________________ (1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Employee Stock Purchase Plan, Valuation Assumptions | The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
| Three Months Ended March 31,
| 2022 |  | 2021
Weighted-average grant date fair value per share | $ | 18.82 |  |  | $ | 8.66 |
Risk-free interest rate | 0.06 | % |  | 0.12 | %
Dividend yield | — | % |  | — | %
Expected life (in years) | 0.50 |  | 0.50
Volatility | 43.83 | % |  | 59.72 | %
Summary of Stock Option Activity | A summary of the Company’s stock options activity is as follows:
| Number of Options (in thousands) |  | Weighted-Average Exercise Price |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021 | 417 |  |  | $ | 17.05 |  |  |  |  |
Exercised | (6) |  |  | 13.42 |  |  |  |  |
Outstanding at March 31, 2022 | 411 |  |  | $ | 17.10 |  |  | 3.07 |  | $ | 16,947 |
Vested and expected to vest at March 31, 2022 | 411 |  |  | $ | 17.10 |  |  | 3.07 |  | $ | 16,947 |
Exercisable at March 31, 2022 | 383 |  |  | $ | 17.00 |  |  | 3.04 |  | $ | 15,831 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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