Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity for the nine months ended September 30, 2023 (number of units and aggregate intrinsic value in thousands):

	Number of	Weighted Average		Aggregate
	Units	Grant-Date Fair Value		Intrinsic Value
Units outstanding, beginning of year	1,565	$	145.38
Granted	464		203.71
Released	(371)		118.04
Forfeited	(104)		155.25
Units outstanding, end of period	1,554		168.67	$	309,283

Summary of Performance Stock Unit Activity

The following table summarizes PSU activity, inclusive of XSUs, for the nine months ended September 30, 2023 (number of units and aggregate intrinsic value in thousands):

	Number of	Weighted Average		Aggregate
	Units	Grant-Date Fair Value		Intrinsic Value
Units outstanding, beginning of year	1,369	$	43.43
Granted	171		187.74
Released	(1,222)		36.60
Forfeited	(43)		27.52
Units outstanding, end of period	275		166.05	$	54,768

Summary of the Company's Stock Options Activity

The following table summarizes stock option activity for the nine months ended September 30, 2023 (number of options and aggregate intrinsic value in thousands):

				Weighted
		Weighted		Average
	Number	Average		Remaining
	of	Exercise		Contractual	Aggregate
	Options	Price		Life (years)	Intrinsic Value
Options outstanding, beginning of year	2,438	$	28.58
Granted	—		—
Exercised	(1,907)		28.58
Expired / terminated	—		—
Options outstanding and exercisable, end of period	531		28.58	4.41	$	90,476

Reported Share-Based Compensation

The following table summarizes the composition of stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of product sales and service sales	$	1,687	$	1,157	$	4,685	$	3,331
Sales, general and administrative expenses		12,886		14,268		43,232		35,860
Research and development expenses		15,414		12,779		48,311		35,263
Total stock-based compensation expense	$	29,987	$	28,204	$	96,228	$	74,454