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Employee Benefits and Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Expense
The following table sets forth the total share-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Cost of product and service revenues$2,160 $2,044 $4,404 $3,981 
Research and development2,594 1,731 4,858 3,431 
Selling, general, and administrative12,459 9,264 24,159 17,399 
Total share-based compensation expense$17,213 $13,039 $33,421 $24,811 
Assumptions Used to Value ESPP Shares
The following assumptions were used to value shares under the ESPP for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Expected life, years
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility, %
28.8% - 45.6%
27.4% - 53.5%
28.8% - 45.6%
27.4% - 53.5%
Risk-free interest rate, %
0.1% - 1.5%
0.1% - 2.6%
0.1% - 1.5%
0.1% - 2.6%
Dividend yield, % — %— %— %— %
Assumptions Used to Value Stock Options Granted
The following assumptions were used to value stock options granted pursuant to the Company’s 2009 Equity Incentive Plan, as amended, (the “2009 Plan”) for the six months ended June 30, 2021. There were no stock options granted during the three and six months ended June 30, 2022, and the three months ended June 30, 2021.
Six Months Ended June 30,
2021
Expected life, years 4.9
Expected volatility, % 30.1 %
Risk-free interest rate, % 0.6 %
Estimated forfeiture rate, %7.9 %
Dividend yield, % — %
Summary of Share Option Activity
The following table summarizes the stock option activity during the six months ended June 30, 2022:
Number of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 20212,954 $67.35 6.9$334,119 
Granted— — 
Exercised(184)51.25 
Expired(4)73.01 
Forfeited(69)85.82 
Outstanding at June 30, 20222,697 $67.96 6.5$125,696 
Exercisable at June 30, 20221,813 $60.51 5.9$97,069 
Vested and expected to vest at June 30, 2022 and thereafter2,625 $67.46 6.4$123,496 
Summary of Restricted Stock Unit Activity
The following table summarizes the RSU activity under the 2009 Plan during the six months ended June 30, 2022:
Number of
Shares		Weighted-Average
Grant Date Fair Value		Weighted-Average
Remaining Years		Aggregate
Intrinsic Value
(In thousands, except per share data)
Outstanding at December 31, 2021763 $119.93 1.6$137,696 
Granted (Awarded)571 119.58 
Vested (Released)(111)96.01 
Forfeited(53)125.46 
Outstanding and unvested at June 30, 20221,170 $121.78 1.7$133,143 
Summary of Restricted Stock Awards Activity
The following table summarizes the RSA activity under the 2009 Plan during the six months ended June 30, 2022:
Number of
Shares		Weighted-Average
Grant Date Fair Value
(In thousands, except per share data)
Outstanding at December 31, 202111 $137.36 
Granted (Awarded)13 109.39 
Vested (Released)(11)137.36 
Outstanding and unvested at June 30, 202213 $109.39 
Summary of Performance-Based Restricted Stock Activity
The following table summarizes the PSU activity under the 2009 Plan during the six months ended June 30, 2022:
Number of
Shares		Weighted-Average
Grant Date Fair Value Per Unit
(In thousands, except per share data)
Outstanding at December 31, 2021144 $118.71 
Granted78 155.27 
Additional granted based on performance achievement51 156.79 
Vested(84)117.37 
Forfeited(1)178.81 
Outstanding and unvested at June 30, 2022188 $144.76 
Ordinary Shares Reserved for Future Issuance Under Equity Incentive Plans
The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of June 30, 2022:
Number of Shares
(In thousands)
Share options outstanding2,697 
Non-vested restricted stock awards1,371 
Shares authorized for future issuance1,467 
ESPP shares available for future issuance744 
Total shares reserved for future issuance6,279