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Employee Benefits and Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Estimate of Fair Value of Share-Based Awards, Stock Options
The following assumptions were used to value share options and ESPP shares granted pursuant to our equity incentive
plans:
 
Year Ended
 
December 31,
2016
 
December 31,
2015
 
December 31,
2014
Stock Option Plans
 
 
 
 
 
Risk-free interest rate
1.5
%
 
1.7
%
 
1.6
%
Dividend yield
%
 
%
 
%
Expected volatility
30.6
%
 
32.0
%
 
34.9
%
Expected life (in years)
4.9 years

 
5.0 years

 
4.8 years

Estimate of Fair Value of Share-Based Awards, Employee Stock Purchase Plan
 
Year Ended
 
December 31,
2016
 
December 31,
2015
 
December 31,
2014
Employee Stock Purchase Plan
 
 
 
 
 
Risk-free interest rate
0.34% - 0.79%

 
0.03% - 0.79%

 
0.03% - 0.53%

Dividend yield
%
 
%
 
%
Expected volatility
25.8% - 34.8%

 
25.7% - 37.5%

 
29.5% - 42.1%

Expected life (in years)
0.5 - 2.0

 
0.5 - 2.0

 
0.5 - 2.0

Share-Based Compensation Expense Recognized in Consolidate Statements of Income
The following table sets forth the total share-based compensation expense recognized in the Company's Consolidated Statements of Income:
 
Year Ended
 
December 31,
2016
 
December 31,
2015
 
December 31,
2014
 
(In thousands)
Cost of product and service revenues
$
2,596

 
$
2,111

 
$
1,456

Research and development
3,128

 
2,060

 
1,655

Selling, general and administrative
13,776

 
10,750

 
9,674

Total share-based compensation expense
$
19,500

 
$
14,921

 
$
12,785

Stock Option Activity under the 2009 Plan
A summary of the stock option activity under the 2009 Plan is presented below:
 
Number of
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining Years
 
Aggregate
Intrinsic Value
 
(In thousands, except per share data)
Outstanding at December 31, 2015
2,688

 
$
22.89

 
6.9
 
 
Granted (Awarded)
1,055

 
32.11

 
 
 
 
Exercised (Released)
(406
)
 
19.58

 
 
 
 
Expired
(8
)
 
30.43

 
 
 
 
Forfeited
(115
)
 
30.19

 
 
 
 
Outstanding at December 31, 2016
3,214

 
26.06

 
7.3
 
$
26,331

Exercisable at December 31, 2016
1,487

 
20.23

 
5.4
 
20,459

Vested and expected to vest at December 31, 2016 and thereafter
3,007

 
25.66

 
7.2
 
$
25,778

Restricted Stock Units Activity under the 2009 Plan
Summaries of the restricted stock activity under the 2009 Plan are presented below:
 
Number of
Shares
 
Weighted-Average
Grant Date Fair Value
 
Weighted-Average
Remaining Years
 
Aggregate
Intrinsic Value
 
(In thousands, except per share data)
Restricted Stock Units
 
 
 
 
 
 
 
Non-vested at December 31, 2015
417

 
$
28.49

 
1.6
 
 
Granted (Awarded)
289

 
32.58

 
 
 
 
Vested (Released)
(179
)
 
26.83

 
 
 
 
Forfeited
(22
)
 
28.37

 
 
 
 
Non-vested at December 31, 2016
505

 
31.42

 
1.6
 
$
17,135

Restricted Stock Units Award under the 2009 Plan
 
Number of
Shares
 
Weighted-Average
Grant Date Fair Value
 
(In thousands, except per share data)
Restricted Stock Awards
 
 
 
Non-vested at December 31, 2015
31

 
$
35.97

Granted (Awarded)
34

 
31.59

Vested (Released)
(35
)
 
35.45

Forfeited



Non-vested at December 31, 2016
30

 
$
31.57

Performance Shares Restricted Stock Activity under the 2009 Plan
A summary of the performance-based restricted stock activity under the 2009 Plan is presented below:
 
Number of
Shares
 
Weighted-Average
Grant Date Fair Value Per Unit
 
(In thousands, except per share data)
Non-vested at December 31, 2015
151

 
$
23.33

Granted (Awarded)
123

 
24.66

Vested (Released)
(90
)
 
21.95

Forfeited

 

Nov-vested at December 31, 2016
184

 
$
24.89

Schedule of Share-based Compensation, Future Issuance of Shares
The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of December 31, 2016:
 
 
Number of Shares
 
 
(In thousands)
Share options outstanding
 
3,214

Non-vested restricted stock awards
 
719

Shares authorized for future issuance
 
3,143

ESPP shares available for future issuance
 
2,831

Total shares reserved for future issuance
 
9,907