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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