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Employee Benefits and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
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,
202120202019
(In thousands)
Cost of product and service revenues$7,994 $7,469 $5,648 
Research and development7,663 6,497 6,604 
Selling, general, and administrative37,503 30,731 21,797 
Total share-based compensation expense$53,160 $44,697 $34,049 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares granted under the ESPP for the years ended December 31, 2021, 2020, and 2019:
Year Ended December 31,
202120202019
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
27.4% - 53.5%
30.4% - 53.5%
28.2% - 39.9%
Risk-free interest rate, %
0.1% - 2.6%
0.1% - 2.7%
1.3% - 2.7%
Dividend yield, %— %— %— %
Assumptions Used to Value Stock Options Granted
The following assumptions were used to value stock options granted pursuant to the 2009 Plan for the years ended December 31, 2021, 2020, and 2019:
Year Ended December 31,
202120202019
Expected life, years4.94.74.4
Expected volatility, %31.5 %39.4 %33.7 %
Risk-free interest rate, %0.9 %0.7 %2.0 %
Estimated forfeiture rate, %7.9 %5.7 %7.2 %
Dividend yield, %— %— %— %
Summary of Share Option Activity
The following table summarizes the stock option activity under the 2009 Plan during the year ended December 31, 2021:
Number of
Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining Years
Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20203,932 $62.50 7.8$226,160 
Granted160 129.21 
Exercised(901)54.99 
Expired(14)62.58 
Forfeited(223)76.57 
Outstanding at December 31, 20212,954 $67.35 6.9$334,119 
Exercisable at December 31, 20211,636 $55.13 6.0$204,949 
Vested and expected to vest at December 31, 2021 and thereafter2,845 $66.67 6.9$323,666 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the year ended December 31, 2021:
Number of
Shares
Weighted-Average
Grant Date Fair Value
Weighted-Average
Remaining Years
Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 2020580 $72.87 1.6$69,670 
Granted (Awarded)481 149.65 
Vested (Released)(224)74.50 
Forfeited(74)81.79 
Outstanding and unvested at December 31, 2021763 $119.93 1.6$137,696 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the year ended December 31, 2021:
Number of
Shares
Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 202021 $68.11 
Granted (Awarded)11 137.36 
Vested (Released)(21)68.11 
Outstanding and unvested at December 31, 202111 $137.36 
Summary of Performance-Based Restricted Stock Activity
The following table summarizes the PSU activity under the 2009 Plan during the year ended December 31, 2021:
Number of
Shares
Weighted-Average
Grant Date Fair Value Per Unit
(In thousands, except per share data)
Outstanding at December 31, 2020155 $74.26 
Granted68 162.16 
Vested(66)67.66 
Forfeited(13)72.89 
Outstanding and unvested at December 31, 2021144 $118.71 
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, 2021:
Number of Shares
(In thousands)
Share options outstanding2,954 
Non-vested restricted stock awards918 
Shares authorized for future issuance1,637 
ESPP shares available for future issuance919 
Total shares reserved for future issuance6,428