Employee Benefits and Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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