v3.3.1.900
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Stock-Based Compensation  
Schedule of exercise prices for stock options outstanding and exercisable

 

 

 

Options Outstanding

 

Options Exercisable

 

Price Range

 

Number
Outstanding
as of
December
31, 2015

 

Weighted-
Average
Remaining
Contractual Term
(In Years)

 

Weighted-
Average
Exercise
Price

 

Number
Exercisable
as of
December
31, 2015

 

Weighted-
Average
Remaining
Contractual Term
(In Years)

 

Weighted-
Average
Exercise
Price

 

$0.00 - $10.00

 

686 

 

1

 

$

2.12 

 

686 

 

1

 

$

2.12 

 

$10.01 - $15.00

 

84,329 

 

3

 

$

14.83 

 

84,329 

 

3

 

$

14.83 

 

$15.01 - $20.00

 

246,524 

 

4

 

$

18.96 

 

246,524 

 

4

 

$

18.96 

 

$20.01 - $25.00

 

496,947 

 

4

 

$

20.29 

 

480,947 

 

4

 

$

20.25 

 

$25.01 - $30.00

 

305,415 

 

4

 

$

28.12 

 

227,415 

 

3

 

$

28.64 

 

$30.01 - $35.00

 

403,001 

 

7

 

$

34.04 

 

349,001 

 

6

 

$

34.02 

 

$35.01 - $40.00

 

2,378,839 

 

6

 

$

37.90 

 

1,440,839 

 

6

 

$

37.70 

 

$40.01 and above

 

1,977,500 

 

9

 

$

49.42 

 

252,500 

 

8

 

$

48.09 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,893,241 

 

7

 

$

38.38 

 

3,082,241 

 

5

 

$

32.61 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of stock option activity

 

 

 

 

For the Years Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

Options

 

Weighted-
Average
Exercise
Price

 

Options

 

Weighted-
Average
Exercise
Price

 

Options

 

Weighted-
Average
Exercise
Price

 

Total options outstanding, beginning of period

 

6,669,614

 

$

34.02

 

6,271,058

 

$

30.43

 

7,908,300

 

$

27.21

 

Granted

 

929,000

 

$

51.59

 

1,161,000

 

$

47.84

 

1,190,000

 

$

38.75

 

Exercised

 

(894,071

)

$

27.78

 

(697,544

)

$

24.87

 

(2,494,893

)

$

24.65

 

Forfeited and cancelled

 

(811,302

)

$

29.45

 

(64,900

)

$

32.65

 

(332,349

)

$

27.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total options outstanding, end of period

 

5,893,241

 

$

38.38

 

6,669,614

 

$

34.02

 

6,271,058

 

$

30.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance-based options outstanding, end of period (1)

 

 

$

 

623,100

 

$

25.27

 

629,300

 

$

25.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

3,082,241

 

$

32.61

 

3,013,114

 

$

29.66

 

2,712,891

 

$

28.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

These stock options are included in the caption “Total options outstanding, end of period.”  See discussion of the 2005 LTIP below.

 

Schedule of restricted stock unit activity

 

 

 

 

For the Years Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

Restricted
Stock
Units

 

Weighted-
Average
Grant Date
Fair Value

 

Restricted
Stock
Units

 

Weighted-
Average
Grant Date
Fair Value

 

Restricted
Stock
Units

 

Weighted-
Average
Grant Date
Fair Value

 

Total restricted stock units outstanding, beginning of period

 

96,768

 

$

29.29

 

121,877

 

$

29.93

 

151,683

 

$

30.18

 

Granted

 

100,000

 

$

50.00

 

 

$

 

 

$

 

Vested

 

(83,992

)

$

45.72

 

(22,877

)

$

33.08

 

(22,876

)

$

33.08

 

Forfeited and cancelled

 

(55,448

)

$

27.01

 

(2,232

)

$

25.51

 

(6,930

)

$

24.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total restricted stock units outstanding, end of period

 

57,328

 

$

42.31

 

96,768

 

$

29.29

 

121,877

 

$

29.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Performance Units outstanding, end of period

 

33,334

 

$

50.00

 

55,448

 

$

27.00

 

57,680

 

$

26.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of allocated non-cash, stock-based compensation expense for all employees

 

 

 

For the Years Ended December 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

Research and development expenses

 

$

4,570 

 

$

2,403 

 

$

3,478 

 

Selling, general and administrative expenses

 

17,269 

 

12,280 

 

14,875 

 

 

 

 

 

 

 

 

 

Total stock-based compensation

 

$

21,839 

 

$

14,683 

 

$

18,353 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of assumptions of Black-Scholes option valuation model

 

 

 

For the Years Ended December 31,

 

Assumptions:

 

2015

 

2014

 

2013

 

Risk-free interest rate

 

1.38% - 1.80%

 

1.72% - 1.85%

 

0.99% - 1.54%

 

Volatility factor

 

27.16% - 27.85%

 

29.05% - 35.02%

 

37.54% - 42.23%

 

Expected term of options in years

 

5.3 - 5.4

 

5.2 - 5.3

 

5.4 - 5.5

 

Weighted-average grant-date fair value

 

$12.25 - $15.05

 

$13.79 - $17.21

 

$15.59 - $17.20