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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30, |  |  |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |  |  |
| (in thousands) |  | (in thousands) |  |
Cost of net revenue | $ | 162 |  |  | $ | 148 |  |  | $ | 325 |  |  | $ | 317 |  |  |  |  |  |  |
Research and development | 9,983 |  |  | 7,267 |  |  | 19,659 |  |  | 14,429 |  |  |  |  |  |  |
Selling, general and administrative | 9,324 |  |  | 6,551 |  |  | 18,039 |  |  | 12,175 |  |  |  |  |  |  |
| $ | 19,469 |  |  | $ | 13,966 |  |  | $ | 38,023 |  |  | $ | 26,921 |  |  |  |  |  |  |
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 | 1,697 |  |  | 60.58 |
Vested | (1,814) |  |  | 36.60 |
Canceled | (214) |  |  | 29.06 |
Outstanding at June 30, 2022 | 4,902 |  |  | $ | 33.00 |
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 | (4) |  |  | 35.73 |
Outstanding at June 30, 2022 | 1,676 |  |  | $ | 33.04 |
________________ (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 for the latest ESPP offering period were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
| Three Months Ended June 30, |  |  |
| 2022 |  | 2021 |  |  |  |  |
Weighted-average grant date fair value per share | $ | 14.25 |  |  | $ | 10.85 |  |  |  |  |  |
Risk-free interest rate | 1.54 | % |  | 0.04 | % |  |  |  |  |
Dividend yield | — | % |  | — | % |  |  |  |  |
Expected life (in years) | 0.50 |  | 0.50 |  |  |  |  |
Volatility | 69.74 | % |  | 61.10 | % |  |  |  |  |
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 | (18) |  |  | 14.47 |  |  |  |  |
Outstanding at June 30, 2022 | 399 |  |  | $ | 17.16 |  |  | 2.89 |  | $ | 16,449 |
Vested and expected to vest at June 30, 2022 | 399 |  |  | $ | 17.16 |  |  | 2.89 |  | $ | 16,449 |
Exercisable at June 30, 2022 | 392 |  |  | $ | 17.14 |  |  | 2.89 |  | $ | 16,170 |

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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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