Stock-Based Awards (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
Summary of Activity Under Stock Option Plans Including 2011 Plan and 2014 Plan |
Stock Option Activity
The following table summarizes activity under the Company’s stock option plans, including the 2011 Plan, the 2014 Plan, the assumed equity awards from the Dimension plans and related information:
|
|
Options Outstanding |
|
|
|
Number of Options |
|
|
Weighted- Average Exercise Price |
|
|
Weighted-Average Remaining Contractual Term (Years) |
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Outstanding — December 31, 2015 |
|
|
3,826,963 |
|
|
$ |
56.36 |
|
|
|
8.58 |
|
|
$ |
217,386 |
|
Options granted |
|
|
1,435,995 |
|
|
|
67.00 |
|
|
|
|
|
|
|
|
|
Options exercised |
|
|
(425,922 |
) |
|
|
21.21 |
|
|
|
|
|
|
|
|
|
Options cancelled |
|
|
(407,564 |
) |
|
|
70.87 |
|
|
|
|
|
|
|
|
|
Outstanding — December 31, 2016 |
|
|
4,429,472 |
|
|
$ |
61.85 |
|
|
|
8.22 |
|
|
$ |
79,135 |
|
Options granted |
|
|
1,328,860 |
|
|
|
71.99 |
|
|
|
|
|
|
|
|
|
Options assumed |
|
|
639,897 |
|
|
|
27.97 |
|
|
|
|
|
|
|
|
|
Options exercised |
|
|
(478,470 |
) |
|
|
16.25 |
|
|
|
|
|
|
|
|
|
Options cancelled |
|
|
(520,349 |
) |
|
|
78.70 |
|
|
|
|
|
|
|
|
|
Outstanding — December 31, 2017 |
|
|
5,399,410 |
|
|
$ |
62.75 |
|
|
|
7.40 |
|
|
$ |
37,687 |
|
Options granted |
|
|
1,479,451 |
|
|
|
55.54 |
|
|
|
|
|
|
|
|
|
Options exercised |
|
|
(713,263 |
) |
|
|
36.21 |
|
|
|
|
|
|
|
|
|
Options cancelled |
|
|
(812,474 |
) |
|
|
74.80 |
|
|
|
|
|
|
|
|
|
Outstanding — December 31, 2018 |
|
|
5,353,124 |
|
|
$ |
62.46 |
|
|
|
7.22 |
|
|
$ |
23,243 |
|
Vested and exercisable — December 31, 2018 |
|
|
2,870,804 |
|
|
$ |
62.10 |
|
|
|
6.09 |
|
|
$ |
22,555 |
|
Vested and expected to vest — December 31,
2018 |
|
|
5,134,594 |
|
|
$ |
62.53 |
|
|
|
7.16 |
|
|
$ |
23,191 |
|
|
Summary of Stock-Based Compensation Expense |
Total stock-based compensation recognized was as follows (in thousands):
|
|
Year Ended December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
Cost of sales |
|
$ |
146 |
|
|
$ |
— |
|
|
$ |
— |
|
Research and development |
|
|
45,572 |
|
|
|
38,212 |
|
|
|
29,412 |
|
Selling, general and administrative |
|
|
34,389 |
|
|
|
29,802 |
|
|
|
18,897 |
|
Total stock-based compensation expense |
|
$ |
80,107 |
|
|
$ |
68,014 |
|
|
$ |
48,309 |
|
|
Fair Value of Stock Option Awards Granted Estimated Using Black-Scholes Option-Pricing Model |
The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions:
|
|
Year Ended December 31, |
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
Expected term (years) |
|
6.23 |
|
|
6.23 |
|
|
6.23 |
|
Expected volatility |
|
62% |
|
|
65% |
|
|
65% |
|
Risk-free interest rate |
|
2.7% |
|
|
2.1% |
|
|
1.5% |
|
Expected dividend rate |
|
0.0% |
|
|
0.0% |
|
|
0.0% |
|
|
Restricted Stock Units |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
Summary of Activity Under Stock Units from 2014 Plan |
The following table summarizes activity under the Company’s Restricted Stock Units (RSUs) from the 2014 Plan and related information:
|
RSUs Outstanding |
|
|
Number
of Shares |
|
|
Weighted- Average Grant Date Fair Value |
|
Unvested — December 31, 2015 |
|
197,151 |
|
|
$ |
87.24 |
|
RSUs granted |
|
477,816 |
|
|
|
66.83 |
|
RSUs released |
|
(52,273 |
) |
|
|
82.59 |
|
RSUs cancelled |
|
(48,950 |
) |
|
|
78.04 |
|
Unvested — December 31, 2016 |
|
573,744 |
|
|
$ |
71.45 |
|
RSUs granted |
|
516,161 |
|
|
|
71.58 |
|
RSUs released |
|
(156,021 |
) |
|
|
71.93 |
|
RSUs cancelled |
|
(112,324 |
) |
|
|
76.78 |
|
Unvested — December 31, 2017 |
|
821,560 |
|
|
$ |
70.71 |
|
RSUs granted |
|
555,905 |
|
|
|
56.01 |
|
RSUs released |
|
(235,913 |
) |
|
|
71.01 |
|
RSUs cancelled |
|
(187,475 |
) |
|
|
65.37 |
|
Unvested — December 31, 2018 |
|
954,077 |
|
|
$ |
63.12 |
|
|
Performance Stock Units |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
Summary of Activity Under Stock Units from 2014 Plan |
The following table summarizes activity under the Company’s PSUs from the 2014 Plan and related information:
|
PSUs Outstanding |
|
|
Number
of Shares |
|
|
Weighted- Average Grant Date Fair Value |
|
Unvested — December 31, 2016 |
|
— |
|
|
$ |
— |
|
PSUs granted |
|
508,850 |
|
|
|
48.03 |
|
Unvested — December 31, 2017 |
|
508,850 |
|
|
$ |
48.03 |
|
PSUs granted |
|
71,725 |
|
|
|
59.67 |
|
PSUs cancelled |
|
(97,375 |
) |
|
|
48.58 |
|
Unvested — December 31, 2018 |
|
483,200 |
|
|
$ |
49.65 |
|
|