Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense The Company recognizes stock-based compensation in the consolidated statements of income, based on the department to which the related employee reports, as follows:
Three Months Ended March 31,
2022 2021
(in thousands)
Cost of net revenue $ 163  $ 169 
Research and development 9,676  7,162 
Selling, general and administrative 8,715  5,624 
$ 18,554  $ 12,955 
Summary of Restricted Stock Unit Activity 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, 2021 5,233  $ 25.14 
  Granted 1,502  63.44 
  Vested (730) 56.13 
  Canceled (108) 25.66 
Outstanding at March 31, 2022 5,897  $ 31.05 
Summary of Performance-Based Restricted Stock Unit Activity
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, 2021 2,005  $ 19.80 
  Granted(1)
376  75.40 
  Vested (701) 17.85 
  Canceled (1) 35.57 
Outstanding at March 31, 2022 1,679  $ 33.05 
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(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Employee Stock Purchase Plan, Valuation Assumptions 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:
Three Months Ended March 31,
2022 2021
Weighted-average grant date fair value per share $ 18.82  $ 8.66 
Risk-free interest rate 0.06  % 0.12  %
Dividend yield —  % —  %
Expected life (in years) 0.50 0.50
Volatility 43.83  % 59.72  %
Summary of Stock Option Activity A summary of the Company’s stock options 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, 2021 417  $ 17.05 
Exercised (6) 13.42 
Outstanding at March 31, 2022 411  $ 17.10  3.07 $ 16,947 
Vested and expected to vest at March 31, 2022 411  $ 17.10  3.07 $ 16,947 
Exercisable at March 31, 2022 383  $ 17.00  3.04 $ 15,831