Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2.2
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(in thousands) (in thousands)
Cost of net revenue $ 188  $ 151  $ 513  $ 468 
Research and development 10,635  7,692  30,294  22,121 
Selling, general and administrative 9,308  8,179  27,347  20,354 
$ 20,131  $ 16,022  $ 58,154  $ 42,943 
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 3,295  50.62 
  Vested (2,050) 35.47 
  Canceled (350) 32.43 
Outstanding at September 30, 2022 6,128  $ 34.97 
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)
654  60.53 
  Vested (701) 17.85 
  Canceled (8) 40.51 
Outstanding at September 30, 2022 1,950  $ 34.07 
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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:
Nine Months Ended September 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 (24) 14.27 
Outstanding at September 30, 2022 393  $ 17.22  2.68 $ 6,060 
Vested and expected to vest at September 30, 2022 393  $ 17.22  2.68 $ 6,060 
Exercisable at September 30, 2022 393  $ 17.22  2.68 $ 6,060