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Employee Benefits and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 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 Consolidated Statements of Operations:
Year Ended December 31,
202020192018
(In thousands)
Cost of product and service revenues$7,469 $5,648 $4,634 
Research and development6,497 6,604 5,746 
Selling, general, and administrative30,731 21,797 18,505 
Total share-based compensation expense$44,697 $34,049 $28,885 
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, 2020, 2019, and 2018:
Year Ended December 31,
202020192018
Stock options
Expected life, years4.74.44.8
Expected volatility, %39.4 %33.7 %31.1 %
Risk-free interest rate, %0.7 %2.0 %2.8 %
Estimated forfeiture rate, %5.7 %7.2 %6.9 %
Dividend yield, %— %— %— %
Assumptions Used to Value ESPP Shares Granted
Year Ended December 31,
202020192018
Employee stock purchase plan shares
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
30.4% - 53.5%
28.2% - 39.9%
28.1% - 33.8%
Risk-free interest rate, %
0.1% - 2.7%
1.3% - 2.7%
0.8% - 2.7%
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, 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 
Granted1,351 78.83 
Exercised(891)42.67 
Expired(19)59.65 
Forfeited(411)66.65 
Outstanding at December 31, 20203,932 $62.50 7.8$226,160 
Exercisable at December 31, 20201,556 $45.49 6.2$115,949 
Vested and expected to vest at December 31, 2020 and thereafter3,755 $61.86 7.7$218,379 
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, 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)343 74.52 
Vested (Released)(183)61.30 
Forfeited(124)67.16 
Outstanding and unvested at December 31, 2020580 $72.87 1.6$69,670 
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 December 31, 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 year ended December 31, 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 
Granted99 82.17 
Vested(73)50.54 
Forfeited(5)81.72 
Outstanding and unvested at December 31, 2020155 $74.26 
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, 2020:
Number of Shares
(In thousands)
Share options outstanding3,932 
Non-vested restricted stock awards756 
Shares authorized for future issuance1,250 
ESPP shares available for future issuance1,206 
Total shares reserved for future issuance7,144