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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation
Stock-based compensation is included in the following financial statement captions: 
 Year Ended December 31,
 202020192018
Cost of sales$10,392 $9,249 $6,535 
Sales and marketing4,395 3,815 2,550 
Research and development9,122 7,690 6,410 
General and administrative11,749 12,824 12,532 
Total stock-based compensation35,658 33,578 28,027 
Tax benefit recognized(7,498)(5,114)(6,632)
Net stock-based compensation$28,160 $28,464 $21,395 
Summary of Stock Option Valuation Assumptions The assumptions used in the Black-Scholes model for the calculation of the options were as follows for the years ended December 31:
20192018
Expected term
4.3 - 5.1 years
4.1 - 4.9 years
Volatility
37% - 38%
31% - 36%
Risk-free rate of return
1.66% - 2.55%
2.54% - 3.01%
Dividend yield0.25%0.25%
Forfeiture rate—%—%
Summary of Option Activity
The following table summarizes the option activity for the years ended December 31:
Number of Options
Weighted-Average Exercise Price
Weighted-Average Remaining Contractual Life
Aggregate Intrinsic Value
   (In years)(In thousands)
Outstanding — January 1, 20181,797,493 $73.95 
Granted257,111 232.26 
Exercised(282,720)58.94 
Forfeited(24,810)131.36 
Outstanding — December 31, 20181,747,074 98.93 5.80$58,084 
Granted334,740 153.78 
Exercised(192,533)56.58 
Forfeited(46,839)149.64 
Outstanding — December 31, 20191,842,442 112.03 5.73$85,110 
Granted— 
Exercised(533,716)70.17 
Forfeited(36,103)179.85 
Outstanding — December 31, 20201,272,623 $127.74 5.47$125,550 
Unvested — December 31, 2020382,729 $171.98 7.57$21,386 
Exercisable — December 31, 2020889,894 $108.71 4.57$104,164 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSUs activity for the years ended December 31:
Number of Shares
Weighted-Average Grant-Date Fair Value
Weighted-Average Remaining Contractual Life
Aggregate Intrinsic Value
   (In years)(In thousands)
Outstanding — January 1, 2018378,261 $96.23 
Granted80,254 227.45 
Vested(97,997)91.62 
Canceled(9,497)121.37 
Outstanding — December 31, 2018351,021 126.93 2.62$39,767 
Granted120,090 151.94 
Vested(147,606)120.58 
Canceled(16,667)139.73 
Outstanding — December 31, 2019306,838 139.09 2.57$44,467 
Granted198,606 145.10 
Vested(168,733)115.77 
Canceled(16,025)157.36 
Outstanding — December 31, 2020320,686 $154.29 1.33$71,766 
Summary of Performance Units Fair Value Assessment
The weighted-average fair value of TSR PSUs was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions:
202020192018
Performance term3.0 years3.0 years3.0 years
Volatility
19% - 44%
18% - 40%
13% - 32%
Risk-free rate of return1.39%2.48%2.41%
Dividend yield—%—%—%
Weighted-average fair value per share$169.28$192.46$284.78
The weighted-average fair value of the OCF PSUs was determined using the Black-Scholes model incorporating the following assumptions:
2020
Performance term3.0 years
Volatility—%
Risk-free rate of return1.39%
Dividend yield0.10%
Weighted-average fair value per share$143.51
Summary of Performance Stock Unit Activity
The following table summarizes TSR PSUs activity for the years ended December 31:
Number of Shares
Weighted-Average Grant-Date Fair Value
Weighted-Average Remaining Contractual Life
Aggregate Intrinsic Value
   (In years)(In thousands)
Outstanding — January 1, 201875,949 $119.45 
Granted33,706 238.12 
Vested— 
Canceled— 
Outstanding — December 31, 2018109,655 146.96 1.77$12,423 
Granted34,989 190.83 
Vested(43,594)128.54 
Canceled(1,208)228.68 
Outstanding — December 31, 201999,842 162.34 1.84$14,469 
Granted18,411 170.42 
Vested(48,659)106.03 
Canceled(1,769)204.01 
Outstanding — December 31, 202067,825 $206.21 1.28$15,179 
The following table summarizes OCF PSUs activity for the year ended December 31:
Number of Shares
Weighted-Average Grant-Date Fair Value
Weighted-Average Remaining Contractual Life
Aggregate Intrinsic Value
  (In years)(In thousands)
Outstanding — January 1, 2020$— 
Granted24,817 $143.51 
Vested— 
Canceled(716)143.51 
Outstanding — December 31, 202024,101 $143.51 2.16$5,394