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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity:
Shares
(in thousands)
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic Value
(in thousands)
Outstanding as of December 31, 20217,610 $49.38 
Granted1,418 59.63 
Exercised(365)33.58 
Forfeited or expired(196)58.90 
Outstanding as of December 31, 20228,467 $51.56 6.13$31,327 
Exercisable as of December 31, 20224,596 $44.71 4.94$31,025 
Options vested or expected to vest as of 
 December 31, 2022 (1)
8,038 $51.10 6.01$31,224 
(1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted
The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions:
 Year Ended December 31,
 202220212020
Risk-free rate2.2 %1.3 %1.4 %
Expected dividend yield0.44 %0.27 %0.41 %
Expected volatility37 %39 %37 %
Expected term (in years)5.56.06.0
Nonvested Restricted Stock Shares Activity
The following table summarizes the Company's RSUs activity:
Shares
(in thousands)
Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2021823 $65.26 
Granted715 58.06 
Vested(192)61.96 
Forfeited or expired(77)64.65 
Nonvested as of December 31, 20221,269 $61.74 
Schedule of Performance Restricted Stock Units
Performance Restricted Stock Units (PRSUs)
The following table summarizes the Company's PRSUs activity:
Shares
(in thousands)
Weighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2021— $— 
Granted33 62.49 
Vested— — 
Forfeited or expired— — 
Nonvested as of December 31, 202233 $62.49 
Stock-Based Compensation Expense
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
 Year Ended December 31,
 202220212020
Cost of revenue$2,016 $1,345 $1,365 
Research, development, and engineering17,693 13,535 13,387 
Selling, general, and administrative34,796 28,894 27,909 
$54,505 $43,774 $42,661