Stock-Based Compensation and Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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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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2019 |
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2018 |
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2017 |
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(in thousands) |
Cost of net revenue |
$ |
577 |
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$ |
489 |
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$ |
332 |
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Research and development |
16,545 |
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|
17,953 |
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|
16,190 |
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Selling, general and administrative |
14,938 |
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|
13,279 |
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|
11,016 |
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Restructuring expense |
— |
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— |
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|
5,130 |
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$ |
32,060 |
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$ |
31,721 |
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$ |
32,668 |
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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, 2018 |
3,263 |
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$ |
20.23 |
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Granted |
1,580 |
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|
23.23 |
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Vested |
(1,541 |
) |
|
20.16 |
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Canceled |
(378 |
) |
|
21.52 |
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Outstanding at December 31, 2019 |
2,924 |
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|
21.72 |
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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, 2018 |
— |
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$ |
— |
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Granted(1)
|
445 |
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|
22.21 |
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Outstanding at December 31, 2019 |
445 |
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|
22.21 |
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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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2019 |
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2018 |
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2017 |
Weighted-average grant date fair value per share |
$5.48 - 6.61 |
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$5.01 - $5.37 |
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$6.20 - $7.46 |
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Risk-free interest rate |
1.59 - 2.43% |
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2.09 - 2.51% |
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0.60 - 1.39% |
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Dividend yield |
— |
% |
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— |
% |
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— |
% |
Expected term (in years) |
0.5 |
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0.5 |
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0.38 - 0.50 |
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Volatility |
40.47 - 43.14% |
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38.82 - 46.17% |
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29.56 - 49.94% |
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| Share-based Payment Arrangement, Option, Activity [Table Text Block] |
A summary of the Company’s stock option activity is as follows:
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Number of Options
(in thousands)
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Weighted-Average Exercise Price |
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Weighted-Average Contractual Term
(in years)
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Aggregate Intrinsic Value
(in thousands)
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Outstanding at December 31, 2018 |
2,659 |
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$ |
10.27 |
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Exercised |
(1,300 |
) |
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7.28 |
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Canceled |
(22 |
) |
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18.09 |
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Outstanding at December 31, 2019 |
1,337 |
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$ |
13.05 |
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|
2.56 |
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$ |
11,259 |
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Vested and expected to vest at December 31, 2019 |
1,329 |
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$ |
13.02 |
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2.55 |
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$ |
11,239 |
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Exercisable at December 31, 2019 |
1,094 |
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$ |
11.87 |
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|
1.93 |
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$ |
10,549 |
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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 and 2017 were estimated using the Black-Scholes option pricing model on the grant date using the following assumptions:
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Years Ended December 31, |
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2018 |
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2017(1)
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Weighted-average grant date fair value per share |
$ |
8.14 |
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8.77 - 21.04 |
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Risk-free interest rate |
2.76 |
% |
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1.29% - 1.99% |
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Dividend yield |
— |
% |
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— |
% |
Expected term (in years) |
5.50 |
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1.6 - 6.0 |
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Volatility |
44.30 |
% |
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45.39% - 50.32% |
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