Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

The following table presents stock-based compensation expense included in the Company’s consolidated statements of comprehensive income:


(In thousands)	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Cost of product revenue	$	60	$	46	$	166	$	136
Research and development		91		62		250		174
Selling, general and administrative		830		425		2,252		1,076

Total	$	981	$	533	$	2,668	$	1,386

Summary of Option Activity

Information regarding option activity for the nine months ended September 30, 2015 under the Plans is summarized below:


	Options Outstanding			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at January 1, 2015		1,225,117		$	8.31
Granted		270,532			16.57
Exercised		(171,893	)		5.24
Forfeited/Cancelled		(71,400	)		9.12

Options outstanding at September 30, 2015		1,252,356		$	10.47		7.08	$	22,287

Options exercisable at September 30, 2015		504,326		$	6.33		4.87	$	10,853

Vested and expected to vest at September 30, 2015 (1)		1,186,665		$	10.47		7.04	$	21,146

⁽¹⁾

Represents the number of vested options as of September 30, 2015 plus the number of unvested options expected to vest as of September 30, 2015 based on the unvested outstanding options at September 30, 2015 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.