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Stock-Based Compensation (Tables)

3 Months Ended

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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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.

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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.

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