Stock-Based Compensation and Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Share-based Payment Arrangement [Abstract] |
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| Stock-Based Compensation |
The Company recognizes stock-based compensation expense in the consolidated statements of operations, based on the department to which the related employee reports, as follows:
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Years Ended December 31, |
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2020 |
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2019 |
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2018 |
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(in thousands) |
| Cost of net revenue |
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$ |
577 |
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$ |
557 |
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$ |
489 |
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| Research and development |
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22,252 |
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16,545 |
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17,953 |
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| Selling, general and administrative |
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24,172 |
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14,938 |
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13,279 |
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| Restructuring expense |
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596 |
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— |
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— |
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$ |
47,597 |
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$ |
32,040 |
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$ |
31,721 |
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| Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] |
A summary of the Company’s restricted stock unit activity is as follows:
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Number of Shares
(in thousands) |
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Weighted-Average Grant-Date Fair Value per Share |
| Outstanding at December 31, 2019 |
2,924 |
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$ |
21.72 |
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| Granted |
4,601 |
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18.96 |
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| Vested |
(1,197) |
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20.57 |
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| Canceled |
(496) |
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18.44 |
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| Outstanding at December 31, 2020 |
5,832 |
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20.05 |
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| Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] |
A summary of the Company’s performance-based restricted stock unit activity is as follows:
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Number of Shares
(in thousands) |
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Weighted-Average Grant-Date Fair Value per Share |
| Outstanding at December 31, 2019 |
445 |
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$ |
22.21 |
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Granted(1)
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1,416 |
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11.67 |
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| Vested |
(21) |
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22.21 |
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| Canceled |
(118) |
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15.98 |
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| Outstanding at December 31, 2020 |
1,722 |
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13.97 |
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________________
(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
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| Fair Value of Employee Stock Purchase Rights |
The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
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Years Ended December 31, |
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2020 |
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2019 |
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2018 |
| Weighted-average grant date fair value per share |
$6.41 - $8.66 |
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$5.48 - $6.61 |
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$5.01 - $5.37 |
| Risk-free interest rate |
0.12% - 0.15% |
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1.59% - 2.43% |
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2.09% - 2.51% |
| Dividend yield |
— |
% |
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— |
% |
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— |
% |
| Expected term (in years) |
0.5 |
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0.5 |
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0.5 |
| Volatility |
59.72% - 93.25% |
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40.47% - 43.14% |
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38.82% - 46.17% |
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| Share-based Payment Arrangement, Option, Activity [Table Text Block] |
A summary of the Company’s stock option activity is as follows:
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Number of Options
(in thousands) |
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Weighted-Average Exercise Price |
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Weighted-Average Contractual Term
(in years) |
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Aggregate Intrinsic Value
(in thousands) |
| Outstanding at December 31, 2019 |
1,337 |
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$ |
13.05 |
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| Exercised |
(496) |
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9.78 |
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| Canceled |
(44) |
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20.85 |
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| Outstanding at December 31, 2020 |
797 |
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$ |
14.67 |
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2.7 |
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$ |
18,757 |
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| Vested and expected to vest at December 31, 2020 |
797 |
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$ |
14.67 |
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2.7 |
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$ |
18,757 |
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| Exercisable at December 31, 2020 |
664 |
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$ |
13.90 |
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2.4 |
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$ |
16,123 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The fair values of stock options granted in 2018 were estimated using the Black-Scholes option pricing model on the grant date using the following assumptions:
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December 31, |
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2018 |
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| Weighted-average grant date fair value per share |
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$ |
8.14 |
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| Risk-free interest rate |
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2.76 |
% |
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| Dividend yield |
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— |
% |
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| Expected term (in years) |
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5.50 |
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| Volatility |
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44.30 |
% |
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