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Stock-Based Compensation (Tables)

6 Months Ended

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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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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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.

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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.

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Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares.

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