STOCK PLANS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
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Schedule of Information About the Plans |
The following tables contain information about the Company’s stock incentive plans at December 31, 2022: | | | | | | | | | | | | | | | | | | | | | Stock Incentive Plan | | Awards Reserved For Issuance | | Awards Issued | | Awards Available For Grant | 2011 Plan | | 14,431,701 | | | 13,858,585 | | | 573,116 | | 2014 Inducement Plan | | 175,000 | | | 36,076 | | | 138,924 | | Total | | 14,606,701 | | | 13,894,661 | | | 712,040 | | | | | | | | | Employee Stock Purchase Plan | | Shares Reserved For Purchase | | Shares Purchased | | Shares Available For Purchase | ESPP | | 1,000,000 | | | 480,350 | | | 519,650 | |
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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, | | | 2022 | | 2021 | | 2020 | Cost of goods sold | | $ | 5,967 | | | $ | 5,891 | | | $ | 5,589 | | Research and development | | 6,594 | | | 5,465 | | | 5,211 | | Selling, general and administrative | | 35,531 | | | 30,890 | | | 29,120 | | Total | | $ | 48,092 | | | $ | 42,246 | | | $ | 39,920 | | | | | | | | | Stock-based compensation from: | | | | | | | Stock options | | $ | 26,800 | | | $ | 25,980 | | | $ | 26,749 | | RSUs | | 20,310 | | | 15,335 | | | 12,266 | | ESPP | | 982 | | | 931 | | | 905 | | Total | | $ | 48,092 | | | $ | 42,246 | | | $ | 39,920 | | | | | | | | | Related income tax benefit | | $ | 10,219 | | | $ | 8,989 | | | $ | 8,578 | |
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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, 2019 | 6,706,378 | | | $ | 42.80 | | | 7.05 | | $ | 50,652 | | Granted | 1,502,803 | | | 47.50 | | | | | | Exercised | (1,428,111) | | | 31.67 | | | | | $ | 34,227 | | Forfeited | (426,925) | | | 42.08 | | | | | | Expired | (119,027) | | | 71.71 | | | | | | Outstanding at December 31, 2020 | 6,235,118 | | | 45.98 | | | 6.97 | | $ | 102,955 | | Granted | 890,277 | | | 60.27 | | | | | | Exercised | (732,117) | | | 32.56 | | | | | $ | 23,967 | | Forfeited | (278,233) | | | 46.46 | | | | | | Expired | (64,505) | | | 80.31 | | | | | | Outstanding at December 31, 2021 | 6,050,540 | | | 49.32 | | | 6.59 | | $ | 81,407 | | Granted | 1,061,630 | | | 59.99 | | | | | | Exercised | (689,464) | | | 35.37 | | | | | $ | 23,983 | | Forfeited | (113,506) | | | 54.97 | | | | | | Expired | (36,206) | | | 79.90 | | | | | | Outstanding at December 31, 2022 | 6,272,994 | | | $ | 52.38 | | | 6.28 | | $ | 2,011 | | Exercisable at December 31, 2022 | 4,224,921 | | | $ | 50.51 | | | 5.17 | | $ | 1,997 | | Vested and expected to vest as of December 31, 2022 | 6,272,994 | | | $ | 52.38 | | | 6.28 | | $ | 2,011 | |
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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 Assumption | | 2022 | | 2021 | | 2020 | Expected dividend yield | | None | | None | | None | Risk-free interest rate | | 1.37% - 4.17% | | 0.43% - 1.21% | | 0.22% - 1.60% | Expected volatility | | 45.1% | | 49.1% | | 53.5% | Expected term of options | | 4.92 years | | 5.36 years | | 5.36 years |
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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, 2019 | 631,141 | | | $ | 41.87 | | | $ | 28,591 | | Granted | 665,476 | | | 48.70 | | | | Vested | (239,085) | | | 41.91 | | | | Forfeited | (100,079) | | | 44.43 | | | | Unvested at December 31, 2020 | 957,453 | | | 46.34 | | | $ | 57,294 | | Granted | 446,450 | | | 60.81 | | | | Vested | (309,779) | | | 45.16 | | | | Forfeited | (138,847) | | | 50.67 | | | | Unvested at December 31, 2021 | 955,277 | | | 52.85 | | | $ | 57,479 | | Granted | 621,149 | | | 60.11 | | | | Vested | (331,196) | | | 50.25 | | | | Forfeited | (95,768) | | | 56.00 | | | | Unvested and expected to vest as of December 31, 2022 | 1,149,462 | | | $ | 57.26 | | | $ | 44,381 | |
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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 Assumption | | 2022 | | 2021 | | 2020 | ESPP share option fair value | | $15.26 - $15.86 | | $15.16 - $15.23 | | $11.02 - $17.54 | Expected dividend yield | | None | | None | | None | Risk-free interest rate | | 0.22% - 2.52% | | 0.50% - 0.90% | | 0.14% - 1.57% | Expected volatility | | 39.5% | | 37.0% | | 44.9% | Expected term of ESPP share options | | 6 months | | 6 months | | 6 months |
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