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Stock Plans (Tables)
12 Months Ended
Dec. 31, 2019
Stock Plans  
Schedule of share-based compensation expense

For the year ended December 31,

    

2019

    

2018

    

2017

(in thousands)

Cost of sales

 

$

1,903

 

$

1,885

 

$

2,505

Research and development

3,340

3,611

2,957

Selling, general, and administrative

9,630

9,417

12,851

Restructuring

397

1,161

1,880

Acquisition costs

 

 

 

4,203

Total

$

15,270

$

16,074

$

24,396

Summary of unrecognized share-based compensation costs

    

Unrecognized

    

Weighted

Share-Based

Average Period

Compensation

Expected to be

Costs

Recognized

(in thousands)

(in years)

Stock option awards

 

$

Restricted stock units

1,884

2.4

Restricted stock awards

 

15,431

2.5

Performance share units

 

5,464

1.8

Total unrecognized share-based compensation cost

 

$

22,779

2.3

Schedule of options, vested and expected to vest

Weighted

Number

Weighted

Average

Aggregate

of

Average

Remaining

Intrinsic

    

Shares

    

Exercise Price

    

Contractual Life

    

Value

(in thousands)

(in years)

(in thousands)

Vested

1,119

$

34.88

2.0

Expected to vest

 

Total

1,119

34.88

2.0

Summary of stock option activity

Weighted 

Number of

Average

    

Shares

    

Exercise Price

(in thousands)

Balance - December 31, 2016

1,576

$

35.18

Exercised

(18)

 

30.03

Expired or forfeited

(164)

 

37.47

Balance - December 31, 2017

1,394

34.97

Expired or forfeited

(172)

 

36.21

Balance - December 31, 2018

1,222

34.80

Expired or forfeited

(103)

33.97

Balance - December 31, 2019

1,119

34.88

Summary of information about stock option information

Options Outstanding and Exercisable

    

    

    

Weighted

    

Aggregate

Average

Weighted

Intrinsic

Remaining

Average

Range of Exercise Prices

Shares

Value

Contractual Life

Exercise Price

(in thousands)

(in thousands)

(in years)

$20.00 - $30.00

 

20

$

2.6

$

27.83

$30.01 - $40.00

969

2.1

32.81

$40.01 - $50.00

 

10

 

 

0.8

 

46.14

$50.01 - $60.00

 

120

 

1.4

 

51.70

 

1,119

$

2.0

34.88

Summary of information on options exercised

Year ended December 31,

    

2019

    

2018

    

2017

(in thousands)

Cash received from options exercised

$

$

$

431

Intrinsic value of options exercised

$

$

$

51

Summary of non-vested restricted and performance shares activity

    

    

Weighted

Average

Number of

Grant Date

Shares

Fair Value

(in thousands)

Balance - December 31, 2016

 

1,949

$

23.85

Granted

 

674

29.22

Performance award adjustments

(25)

20.95

Assumed from Ultratech

338

31.75

Vested

 

(831)

27.67

Forfeited

(225)

26.29

Balance - December 31, 2017

1,880

25.41

Granted

1,257

17.37

Performance award adjustments

(5)

32.67

Vested

(523)

26.39

Forfeited

(391)

24.66

Balance - December 31, 2018

2,218

20.74

Granted

1,107

11.53

Performance award adjustments

(25)

28.91

Vested

(768)

21.77

Forfeited

(275)

18.48

Balance - December 31, 2019

2,257

16.20

Summary of valuation assumptions for performance awards

Year ended December 31,

2019

    

2018

    

Weighted average fair value

$

16.45

$

15.58

Dividend yield

0

%  

0

%  

Expected volatility factor(1)

53

%  

49

%  

Risk-free interest rate(2)

2.37

%  

2.88

%  

Expected life (in years)(3)

2.8

 

3.0

 

(1)Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.
(2)The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.
(3)The expected life is the number of years the Company estimates that the awards will be outstanding prior to exercise.
Summary of valuation assumptions for employee stock purchase plan

Year ended December 31,

 

2019

    

2018

    

2017

 

Weighted average fair value

$

2.96

$

4.94

$

7.09

Dividend yield

0

%  

0

%  

0

%

Expected volatility factor(1)

60

%  

62

%  

36

%

Risk-free interest rate(2)

2.41

%  

1.81

%  

0.99

%

Expected life (in years)(3)

0.5

 

0.5

 

0.5

(1)Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term.
(2)The risk-free rate for periods within the contractual term is based on the U.S. Treasury yield curve in effect at the time of grant.
(3)The expected life is the number of years the Company estimates that the purchase rights will be outstanding prior to exercise.