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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2018

STOCK-BASED COMPENSATION

Schedule of valuation assumptions

		Three Months Ended
		March 31,
		2018		2017
Option Plan Shares
Risk-free interest rates		2.79%		2.13%
Expected term (in years)		6.44		6.59
Expected volatility		61.8%		62.9%
Dividend yield		0%		0%
Weighted average fair value per share of options granted during the period		$26.84		$13.20

Summary of stock option activity under the Stock Plans

							Weighted
				Weighted			Average
				Average			Remaining		Aggregate
				Exercise			Contractual		Intrinsic
Options		Shares		Price			Term (Years)		Value(1)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 2018		3,360,461		$	11.89		6.4
Granted		343,566			44.37
Exercised		(420,129)			3.31
Forfeited		—			—
Outstanding, March 31, 2018		3,283,898		$	16.39		7.0		$	80,098
Exercisable, March 31, 2018		1,757,384		$	10.80		5.4		$	51,901

(1) The aggregate intrinsic value of options outstanding, exercisable and vested and expected to vest is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s common stock for options that had exercise prices that were lower than the $40.33 market price of the Company’s common stock at March 31, 2018.  The total intrinsic value of options exercised during the three months ended March 31, 2018 and 2017 was $19.1 million and $0.2 million, respectively.

Summary of restricted stock and restricted stock unit activity under the Stock Plans

				Weighted
		Restricted		Average Grant
		Shares		Date Fair Value
Outstanding, January 1, 2018		6,148,778		$	15.76
Granted		1,079,223			45.16
Released		(880,022)			17.67
Forfeited		(33,307)			26.37
Outstanding, March 31, 2018		6,314,672		$	20.36

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options and employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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