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Employee Benefits and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Expense
The following table sets forth the total share-based compensation expense recognized in the Company’s Consolidated Statements of Operations:
Year Ended December 31,
201920182017
(In thousands)
Cost of product and service revenues$5,648  $4,634  $3,478  
Research and development6,604  5,746  3,590  
Selling, general, and administrative21,797  18,505  14,789  
Total share-based compensation expense$34,049  $28,885  $21,857  
Assumptions Used to Value Stock Options Granted
The following assumptions were used to value stock options and ESPP shares granted pursuant to the Company’s equity incentive plans for the years ended December 31, 2019, 2018, and 2017:
Year Ended December 31,
201920182017
Stock options
Expected life, years4.44.84.7
Expected volatility, %33.7 %31.1 %29.6 %
Risk-free interest rate, %2.0 %2.8 %1.9 %
Estimated forfeiture rate, %7.2 %6.9 %7.7 %
Dividend yield, %— %— %— %
Assumptions Used to Value ESPP Shares Granted
Year Ended December 31,
201920182017
Employee stock purchase plan shares
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
28.2% - 39.9%
28.1% - 33.8%
25.8% - 32.8%
Risk-free interest rate, %
1.3% - 2.7%
0.8% - 2.7%
0.5% - 1.4%
Dividend yield, %— %— %— %
Summary of Share Option Activity
The following table summarizes the share option activity under the Company’s 2009 Plan during the year ended December 31, 2019:
Number of
Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining Years
Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20183,748  $41.27  7.6$78,365  
Granted1,169  76.44  
Exercised(744) 33.83  
Expired(10) 37.79  
Forfeited(261) 48.57  
Outstanding at December 31, 20193,902  $52.75  7.7$113,198  
Exercisable at December 31, 20191,580  $36.48  6.2$71,485  
Vested and expected to vest at December 31, 2019 and thereafter3,677  $51.83  7.7$110,048  
Summary of Restricted Stock Unit Activity
Summaries of the restricted stock activity under the 2009 Plan are presented below for the year ended December 31, 2019:
Number of
Shares
Weighted-Average
Grant Date Fair Value
Weighted-Average
Remaining Years
Aggregate
Intrinsic Value
(In thousands, except per share data)
Restricted stock units
Outstanding at December 31, 2018538  $51.52  1.6$32,935  
Granted (Awarded)277  78.49  
Vested (Released)(216) 48.88  
Forfeited(55) 48.40  
Outstanding and unvested at December 31, 2019544  $66.65  1.6$44,492  
Summary of Restricted Stock Awards Activity
Number of
Shares
Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Restricted stock awards
Outstanding at December 31, 201821  $46.60  
Granted (Awarded)17  81.86  
Vested (Released)(21) 46.96  
Outstanding and unvested at December 31, 201917  $81.92  
Summary of Performance-Based Restricted Stock Activity
A summary of the performance-based restricted stock activity under the 2009 Plan is presented below for the year ended December 31, 2019:
Number of
Shares
Weighted-Average
Grant Date Fair Value Per Unit
(In thousands, except per share data)
Outstanding at December 31, 2018197  $34.83  
Granted71  73.38  
Vested(101) 34.37  
Forfeited(33) 33.84  
Outstanding and unvested at December 31, 2019134  $55.82  
Ordinary Shares Reserved for Future Issuance Under Equity Incentive Plans
The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of December 31, 2019:
Number of Shares
(In thousands)
Share options outstanding3,902  
Non-vested restricted stock awards696  
Shares authorized for future issuance2,873  
ESPP shares available for future issuance1,539  
Total shares reserved for future issuance  9,010