v3.22.4
STOCK PLANS (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Information About the Plans The following tables contain information about the Company’s stock incentive plans at December 31, 2022:
Stock Incentive PlanAwards Reserved For IssuanceAwards
Issued
Awards Available For Grant
2011 Plan14,431,701 13,858,585 573,116 
2014 Inducement Plan175,000 36,076 138,924 
Total14,606,701 13,894,661 712,040 
Employee Stock Purchase PlanShares Reserved
For Purchase
Shares
Purchased
Shares Available
For Purchase
ESPP1,000,000 480,350 519,650 
Schedule of Recognized Stock-based Compensation in Consolidated Statements of Operations The Company recognized stock-based compensation expense in its consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 as follows (in thousands):
 Year Ended December 31,
 202220212020
Cost of goods sold$5,967 $5,891 $5,589 
Research and development6,594 5,465 5,211 
Selling, general and administrative35,531 30,890 29,120 
Total$48,092 $42,246 $39,920 
Stock-based compensation from:
Stock options$26,800 $25,980 $26,749 
RSUs20,310 15,335 12,266 
ESPP982 931 905 
Total$48,092 $42,246 $39,920 
Related income tax benefit$10,219 $8,989 $8,578 
Schedule of the Company's Stock Option Activity and Related Information The following table summarizes the Company’s stock option activity and related information for the period from December 31, 2019 to December 31, 2022:
Number of
Stock Options
Weighted
Average
Exercise Price (Per Share)
Weighted Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic Value
(in Thousands)
Outstanding at December 31, 20196,706,378 $42.80 7.05$50,652 
Granted1,502,803 47.50   
Exercised(1,428,111)31.67 $34,227 
Forfeited(426,925)42.08   
Expired(119,027)71.71   
Outstanding at December 31, 20206,235,118 45.98 6.97$102,955 
Granted890,277 60.27   
Exercised(732,117)32.56 $23,967 
Forfeited(278,233)46.46    
Expired(64,505)80.31    
Outstanding at December 31, 20216,050,540 49.32 6.59$81,407 
Granted1,061,630 59.99 
Exercised(689,464)35.37 $23,983 
Forfeited(113,506)54.97 
Expired(36,206)79.90 
Outstanding at December 31, 20226,272,994 $52.38 6.28$2,011 
Exercisable at December 31, 20224,224,921 $50.51 5.17$1,997 
Vested and expected to vest as of December 31, 20226,272,994 $52.38 6.28$2,011 
Schedule of Weighted Average Assumptions Used to Estimate the Fair Values of Each Option Grant Using the Black-Scholes Option Pricing Model The fair values of stock options granted were estimated using the Black-Scholes model with the following weighted average assumptions:
 Year Ended December 31,
Black-Scholes Weighted Average Assumption202220212020
Expected dividend yieldNoneNoneNone
Risk-free interest rate
1.37% - 4.17%
0.43% - 1.21%
0.22% - 1.60%
Expected volatility45.1%49.1%53.5%
Expected term of options4.92 years5.36 years5.36 years
Schedule of Share-based Compensation, Restricted Stock Units Award Activity The following table summarizes the Company’s RSU activity and related information for the period from December 31, 2019 to December 31, 2022:
 Number of
Restricted Stock Units
Weighted
Average Grant
Date Fair Value (Per Share)
Aggregate
Intrinsic Value
(in Thousands)
Unvested at December 31, 2019631,141 $41.87 $28,591 
Granted665,476 48.70 
Vested(239,085)41.91 
Forfeited(100,079)44.43 
Unvested at December 31, 2020957,453 46.34 $57,294 
Granted446,450 60.81 
Vested(309,779)45.16 
Forfeited(138,847)50.67 
Unvested at December 31, 2021955,277 52.85 $57,479 
Granted621,149 60.11 
Vested(331,196)50.25 
Forfeited(95,768)56.00 
Unvested and expected to vest as of December 31, 20221,149,462 $57.26 $44,381 
Schedule of Valuation Assumptions Used on ESPP Awards The fair values of the ESPP share options granted were estimated using the Black-Scholes model with the following weighted average assumptions:
Year Ended December 31,
Black-Scholes Weighted Average Assumption202220212020
ESPP share option fair value
$15.26 - $15.86
$15.16 - $15.23
$11.02 - $17.54
Expected dividend yieldNoneNoneNone
Risk-free interest rate
0.22% - 2.52%
0.50% - 0.90%
0.14% - 1.57%
Expected volatility39.5%37.0%44.9%
Expected term of ESPP share options6 months6 months6 months