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Employee Benefits and Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2020
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 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(In thousands)
Cost of product and service revenues$1,758 $1,316 $5,658 $4,194 
Research and development1,577 1,652 5,199 4,938 
Selling, general, and administrative7,689 5,537 22,177 16,043 
Total share-based compensation expense$11,024 $8,505 $33,034 $25,175 
Assumptions Used to Value Stock Options Granted
The following assumptions were used to value stock options and Employee Stock Purchase Plan (“ESPP”) shares granted pursuant to the Company’s equity incentive plans for the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Stock options
Expected life, years 4.74.34.74.4
Expected volatility, % 41.2 %34.7 %39.0 %33.7 %
Risk-free interest rate, % 0.3 %1.6 %0.7 %2.1 %
Estimated forfeiture rate, %5.7 %7.2 %5.7 %7.2 %
Dividend yield, % — %— %— %— %
Assumptions Used to Value ESPP Shares Granted
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Employee stock purchase plan shares
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
30.4% - 53.5%
28.9% - 39.9%
30.4% - 53.5%
28.2% - 39.9%
Risk-free interest rate, %
0.1% - 2.7%
1.4% - 2.7%
0.1% - 2.7%
1.3% - 2.7%
Dividend yield, % — %— %— %— %
Summary of Share Option Activity
The following table summarizes the share option activity under the Company’s equity incentive plans during the nine months ended September 30, 2020:
Number of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20193,902 $52.75 7.7$113,198 
Granted1,065 75.92 
Exercised(446)38.10 
Expired(11)59.08 
Forfeited(356)65.84 
Outstanding at September 30, 20204,154 $59.12 7.6$72,331 
Exercisable at September 30, 20201,763 $43.38 6.0$55,936 
Vested and expected to vest at September 30, 2020 and thereafter3,973 $58.49 7.5$71,456 
Summary of Restricted Stock Unit Activity
Summaries of the restricted stock activity under the Company’s 2009 Equity Incentive Plan, as amended (the “2009 Plan”) are presented below for the nine months ended September 30, 2020:
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, 2019544 $66.65 1.6$44,492 
Granted (Awarded)285 72.10 
Vested (Released)(107)56.60 
Forfeited(104)66.12 
Outstanding and unvested at September 30, 2020618 $71.00 1.6$46,114 
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, 201917 $81.92 
Granted (Awarded)21 68.11 
Vested (Released)(17)81.92 
Outstanding and unvested at September 30, 202021 $68.11 
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 nine months ended September 30, 2020:
Number of
Shares		Weighted-Average
Grant Date Fair Value Per Unit
(In thousands, except per share data)
Outstanding at December 31, 2019134 $55.82 
Granted63 82.41 
Vested(44)54.25 
Forfeited(5)81.72 
Outstanding and unvested at September 30, 2020148 $66.69 
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 September 30, 2020:
Number of Shares
(In thousands)
Share options outstanding4,154 
Non-vested restricted stock awards787 
Shares authorized for future issuance1,553 
ESPP shares available for future issuance1,206 
Total shares reserved for future issuance7,700