Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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 June 30, Six Months Ended June 30,
2022 2021 2022 2021
(in thousands) (in thousands)
Cost of net revenue $ 162  $ 148  $ 325  $ 317 
Research and development 9,983  7,267  19,659  14,429 
Selling, general and administrative 9,324  6,551  18,039  12,175 
$ 19,469  $ 13,966  $ 38,023  $ 26,921 
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 1,697  60.58 
  Vested (1,814) 36.60 
  Canceled (214) 29.06 
Outstanding at June 30, 2022 4,902  $ 33.00 
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 (4) 35.73 
Outstanding at June 30, 2022 1,676  $ 33.04 
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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 for the latest ESPP offering period were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Three Months Ended June 30,
2022 2021
Weighted-average grant date fair value per share $ 14.25  $ 10.85 
Risk-free interest rate 1.54  % 0.04  %
Dividend yield —  % —  %
Expected life (in years) 0.50 0.50
Volatility 69.74  % 61.10  %
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 (18) 14.47 
Outstanding at June 30, 2022 399  $ 17.16  2.89 $ 16,449 
Vested and expected to vest at June 30, 2022 399  $ 17.16  2.89 $ 16,449 
Exercisable at June 30, 2022 392  $ 17.14  2.89 $ 16,170