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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2016
Text Block [Abstract]  
Number of Reserved and Authorized Shares Under the Equity Incentive Plans

As of December 31, 2016, the number of Reserved and Authorized Shares under the Equity Incentive Plans is as detailed below:

 

     2016  

Stock Options outstanding

     12,578  

RSU outstanding

     937  

PSU outstanding

     195  

Ordinary shares available for issuance under the Equity Incentive Plans

     2,887  
  

 

 

 

Total Reserved and Authorized Shares as of December 31, 2016

     16,597  
  

 

 

Summary of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information is as follows:

 

     Options in
thousands
     Weighted
average
exercise
price
     Aggregate
intrinsic
value
 
     2016  

Outstanding at beginning of year

     12,739      $ 57.69      $ 305,810  

Granted

     2,710      $ 80.74     

Exercised

     (2,781)      $ 40.16     

Forfeited

     (90)      $ 57.15     
  

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2016

     *)12,578      $ 66.54      $ 225,384  
  

 

 

    

 

 

    

 

 

 

Exercisable at December 31, 2016

     7,326      $ 60.27      $ 177,235  
  

 

 

    

 

 

    

 

 

 

 

  *) As of December 31, 2016, approximately 12.5 million options are vested and expected to vest. Options expected to vest reflect an estimated forfeiture rate for purposes of determining related compensation expense.
Summary of Options Outstanding by Exercise Price Range

The options outstanding as of December 31, 2016, have been separated into ranges of exercise price, as follows:

 

    Outstanding     Exercisable  
Exercise price   Number of
options

(in
thousands)
    Weighted
average
remaining
contractual
life

(years)
    Weighted
average
exercise price
    Number of
options

(in thousands)
     Weighted
average
remaining
contractual
life

(years)
     Weighted
average
exercise
price
 
$               $                   $  
29.49     84       0.49       29.49       84        0.49        29.49  
43.95-49.50     1,799       3.44       49.40       1,469        3.43        49.39  
51.98-55.95     3,219       2.11       53.82       3,048        2.09        53.71  
64.03-74.51     3,180       4.76       67.18       1,371        4.35        65.35  
80.67-84.77     4,295       5.83       83.50       1,353        5.66        83.60  
 

 

 

       

 

 

       
29.49-84.77     12,577       4.23       66.54       7,325        3.42        60.27  
 

 

 

       

 

 

       
Summary of Restricted Stock Units Activity

A summary of the Company’s RSUs activity is as follows:

 

     Year ended
December 31,
 
     2016  
     Number in thousands  

Outstanding at beginning of year

     812  

Granted

     528  

Vested

     (280

Forfeited

     (123
  

 

 

 

Outstanding as of December 31,

     937  
  

 

 

 

 

Summary of Performance Stock Units Activity

A summary of the Company’s PSUs activity is as follows:

 

     Year ended
December 31,
 
     2016  
     Number in thousands  

Outstanding at beginning of year

     156  

Granted

     102  

Vested

     (37

Forfeited

     (26
  

 

 

 

Outstanding as of December 31,

     195  
  

 

 

Stock-based Compensation Expense Related to Stock Options, RSUs and PSUs

Stock-based compensation expense related to stock options, RSUs and PSUs is included in the consolidated statements of operations as follows (in thousands):

 

     Year ended
December 31,
 
     2016      2015      2014  

Cost of revenues

   $ 2,153      $ 1,585      $ 1,090  

Research and development

     12,718        11,544        9,284  

Selling and marketing

     19,168        16,351        13,339  

General and administrative

     48,693        46,822        39,456  
  

 

 

    

 

 

    

 

 

 
   $ 82,732      $ 76,302      $ 63,169