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Stockholders’ Equity and Share-Based Compensation (Tables) - Amended and Restated 2010 Incentive Plan

12 Months Ended

Dec. 31, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-Based Compensation Expense Recorded In Operating Income

The table below summarizes share-based compensation expense recorded in operating income (in thousands):

	Year Ended December 31,
	2021		2020		2019
Selling, general and administrative	$	17,255	$	14,550	$	8,361
Research and development and engineering		2,294		3,301		497
Cost of revenue		3,008		4,684		482
Restructuring and acquisition related costs		3,049		584		—
Total share-based compensation expense	$	25,606	$	23,119	$	9,340

Restricted Stock Units and Deferred Stock Units Issued and Outstanding

The table below summarizes activities during 2021 relating to restricted and deferred stock units issued and outstanding under the Amended and Restated 2010 Incentive Plan:

	Restricted and Deferred Stock Units (In thousands)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Period (In years)	Aggregate Intrinsic Value ⁽¹⁾ (In thousands)
Unvested at December 31, 2020		625		$	58.79
Granted		176		$	137.90
Vested		(487	)	$	51.38
Forfeited		(22	)	$	104.98
Unvested at December 31, 2021		292		$	115.42	0.95 years	$	51,442
Expected to vest as of December 31, 2021		277		$	115.17	0.95 years	$	48,822

⁽¹⁾

The aggregate intrinsic value is calculated based on the fair value of $176.33 per share of the Company’s common stock on December 31, 2021 due to the fact that the restricted stock units carry a $0 purchase price.

Performance-Based Stock Awards Issued and Outstanding

The table below summarizes activities during 2021 relating to performance-based stock awards issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan:

	Performance Stock Units ⁽¹⁾ (In thousands)			Weighted Average Grant Date Fair Value		Weighted Average Remaining Vesting Period (In years)	Aggregate Intrinsic Value ⁽²⁾ (In thousands)
Unvested at December 31, 2020		142		$	88.99
Granted		67		$	150.89
Performance adjustment ⁽³⁾		28		$	67.72
Vested		(75	)	$	64.25
Forfeited		—		$	—
Unvested at December 31, 2021		162		$	122.26	1.55 years	$	28,461
Expected to vest as of December 31, 2021		197		$	130.33	1.55 years	$	34,749

⁽¹⁾

The unvested PSUs are shown in this table at target. The number of shares vested reflects the number of shares earned and issued during the year. As of December 31, 2021, the maximum number of PSUs available to be earned was approximately 286 thousand.

⁽²⁾

The aggregate intrinsic value is calculated based on the fair value of $176.33 per share of the Company’s common stock on December 31, 2021 due to the fact that the performance stock units carry a $0 purchase price.

⁽³⁾

The amount shown represents performance adjustments for performance-based awards granted on February 22, 2018. These awards vested at 160% of target number of shares during 2021 based on the achievement of cumulative Non-GAAP EPS and applicable relative TSR performance conditions during the performance period of fiscal years 2018 through 2020.

Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The fair value of the TSR-PSUs at the date of grant was estimated using the Monte-Carlo valuation model with the following assumptions:

	Year Ended
	December 31, 2021
Grant-date stock price	$	138.23
Expected volatility		42.44	%
Risk-free interest rate		0.22	%
Expected annual dividend yield		—
Weighted average fair value	$	166.64

Stock Options Outstanding and Exercisable

The following table shows stock options that were outstanding and exercisable as of December 31, 2021 and the related weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value:

Number of Shares

(In thousands)

Weighted

Average Exercise Price

Weighted Average Remaining Contractual Term (In years)

Aggregate

Intrinsic

Value ⁽¹⁾

(In thousands)

Stock options outstanding

14.13

4.25

9,753

Stock options exercisable

14.13

4.25

9,753

⁽¹⁾

The aggregate intrinsic value is calculated as the difference between the closing market price of $176.33 per share of the Company’s common stock on December 31, 2021 and the exercise price of the stock options.