XML 44 R35.htm IDEA: XBRL DOCUMENT v3.22.2.2
Employee Benefits and Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022 and 2021:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In thousands)
Cost of product and service revenues$2,203 $1,909 $6,607 $5,890 
Research and development3,054 1,998 7,912 5,429 
Selling, general, and administrative12,053 9,759 36,212 27,158 
Total share-based compensation expense$17,310 $13,666 $50,731 $38,477 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares under the ESPP for the three and nine months ended September 30, 2022 and 2021:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
28.8% - 44.8%
27.4% - 46.6%
28.8% - 45.6%
27.4% - 53.5%
Risk-free interest rate, %
0.1% - 3.2%
0.1% - 1.5%
0.1% - 3.2%
0.1% - 2.6%
Dividend yield, % — %— %— %— %
Assumptions Used to Value Stock Options Granted
The following assumptions were used to value stock options granted pursuant to the Company’s 2009 Equity Incentive Plan, as amended, (the “2009 Plan”) for the nine months ended September 30, 2021. There were no stock options granted during the three and nine months ended September 30, 2022, and the three months ended September 30, 2021.
Nine Months Ended September 30,
2021
Expected life, years 4.9
Expected volatility, % 30.1 %
Risk-free interest rate, % 0.6 %
Estimated forfeiture rate, %7.9 %
Dividend yield, % — %
Summary of Share Option Activity
The following table summarizes the stock option activity during the nine months ended September 30, 2022:
Number of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20212,954 $67.35 6.9$334,119 
Granted— — 
Exercised(341)53.24 
Expired(6)74.37 
Forfeited(109)85.49 
Outstanding at September 30, 20222,498 $68.47 6.3$53,660 
Exercisable at September 30, 20221,792 $62.36 5.8$47,120 
Vested and expected to vest at September 30, 2022 and thereafter2,446 $68.08 6.3$53,202 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the nine months ended September 30, 2022:
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, 2021763 $119.93 1.6$137,696 
Granted (Awarded)663 117.63 
Vested (Released)(197)107.82 
Forfeited(90)124.71 
Outstanding and unvested at September 30, 20221,139 $120.30 1.7$99,156 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the nine months ended September 30, 2022:
Number of
Shares		Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 202111 $137.36 
Granted (Awarded)13 109.39 
Vested (Released)(11)137.36 
Outstanding and unvested at September 30, 202213 $109.39 
Summary of Performance-Based Restricted Stock Activity
The following table summarizes the PSU activity under the 2009 Plan during the nine months ended September 30, 2022:
Number of
Shares		Weighted-Average
Grant Date Fair Value Per Unit
(In thousands, except per share data)
Outstanding at December 31, 2021144 $118.71 
Granted78 155.27 
Additional granted based on performance achievement51 156.79 
Vested(87)119.09 
Forfeited(14)145.80 
Outstanding and unvested at September 30, 2022172 $144.30 
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, 2022:
Number of Shares
(In thousands)
Share options outstanding2,498 
Non-vested restricted stock awards1,324 
Shares authorized for future issuance1,433 
ESPP shares available for future issuance603 
Total shares reserved for future issuance5,858