Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation and Employee Benefit Plans (Tables)

v3.20.4
Stock-Based Compensation and Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
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:
Years Ended December 31,
2020 2019 2018
(in thousands)
Cost of net revenue $ 577  $ 557  $ 489 
Research and development 22,252  16,545  17,953 
Selling, general and administrative 24,172  14,938  13,279 
Restructuring expense 596  —  — 
$ 47,597  $ 32,040  $ 31,721 
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:
Number of Shares
(in thousands)
Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2019 2,924  $ 21.72 
  Granted 4,601  18.96 
  Vested (1,197) 20.57 
  Canceled (496) 18.44 
Outstanding at December 31, 2020 5,832  20.05 
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:
Number of Shares
(in thousands)
Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2019 445  $ 22.21 
  Granted(1)
1,416  11.67 
  Vested (21) 22.21 
  Canceled (118) 15.98 
Outstanding at December 31, 2020 1,722  13.97 
________________
(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
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:
Years Ended December 31,
2020 2019 2018
Weighted-average grant date fair value per share
$6.41 - $8.66
$5.48 - $6.61
$5.01 - $5.37
Risk-free interest rate
0.12% - 0.15%
1.59% - 2.43%
2.09% - 2.51%
Dividend yield —  % —  % —  %
Expected term (in years) 0.5 0.5 0.5
Volatility
59.72% - 93.25%
40.47% - 43.14%
38.82% - 46.17%
Share-based Payment Arrangement, Option, Activity [Table Text Block]
A summary of the Company’s stock option activity is as follows:
Number of Options
(in thousands)
Weighted-Average Exercise Price Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 2019 1,337  $ 13.05 
Exercised (496) 9.78 
Canceled (44) 20.85 
Outstanding at December 31, 2020 797  $ 14.67  2.7 $ 18,757 
Vested and expected to vest at December 31, 2020 797  $ 14.67  2.7 $ 18,757 
Exercisable at December 31, 2020 664  $ 13.90  2.4 $ 16,123 
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:
December 31,
2018
Weighted-average grant date fair value per share $ 8.14 
Risk-free interest rate 2.76  %
Dividend yield —  %
Expected term (in years) 5.50
Volatility 44.30  %