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Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of the impact of stock-based compensation expense

The following presents the impact of stock-based compensation expense on our consolidated statements of income (in millions):

 

 

2023

 

 

2022

 

 

2021

 

Stock options

 

$

1.6

 

 

$

1.5

 

 

$

1.3

 

Restricted stock units

 

 

16.0

 

 

 

14.1

 

 

 

13.2

 

Employee Stock Purchase Plan

 

 

0.8

 

 

 

0.1

 

 

 

—

 

Total stock-based compensation

 

$

18.4

 

 

$

15.7

 

 

$

14.5

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

2022

 

 

2021

 

Cost of product revenue

 

$

1.4

 

 

$

1.1

 

 

$

2.2

 

Selling, general and administrative

 

 

15.1

 

 

 

13.3

 

 

 

10.1

 

Research and development

 

 

1.9

 

 

 

1.3

 

 

 

2.2

 

Total stock-based compensation

 

$

18.4

 

 

$

15.7

 

 

$

14.5

 
Schedule of stock option activity

Stock option activity for the year ended December 31, 2023, is as follows:

 

 

Number of
Options

 

 

Weighted-
Average Price
Per Share

 

 

Weighted -
Average
Remaining
Contractual
Term (in Years)

 

 

Aggregate
Intrinsic Value
(in millions) (a)

 

Outstanding at December 31, 2022

 

 

1,173,625

 

 

$

34.81

 

 

 

3.7

 

 

$

40.8

 

Granted

 

 

77,719

 

 

 

69.37

 

 

 

 

 

 

 

Exercised

 

 

(285,030

)

 

 

34.05

 

 

 

 

 

 

 

Forfeited/Expired

 

 

1,246

 

 

 

—

 

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

967,560

 

 

$

37.78

 

 

 

3.7

 

 

$

35.5

 

Exercisable at December 31, 2023

 

 

763,544

 

 

$

29.78

 

 

 

3.0

 

 

$

33.8

 

Exercisable and expected to vest at
   December 31, 2023 (b)

 

 

965,990

 

 

$

37.77

 

 

 

3.7

 

 

$

35.4

 
a)
Represents the number of vested options at December 31, 2023, plus the number of unvested options at December 31, 2023, that are ultimately expected to vest based on our estimated forfeiture rate.
b)
The aggregate intrinsic value is calculated as the positive difference between the exercise price of the underlying options and the quoted price of our common stock on December 31, 2023.
Schedule of Unvested restricted stock unit activity

Restricted stock unit activity is presented below:

 

 

Shares
Subject to
Restriction

 

 

Weighted-
Average Grant
Date Fair
Value Per
Share

 

Outstanding at December 31, 2022

 

 

635,868

 

 

$

60.23

 

Granted

 

 

354,265

 

 

 

66.20

 

Vested

 

 

(266,395

)

 

 

56.14

 

Forfeited

 

 

(21,691

)

 

 

63.54

 

Outstanding at December 31, 2023

 

 

702,047

 

 

$

64.68