Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

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,
	2017		2016		2017		2016
Cost of product revenue	$	197	$	116	$	491	$	260
Research and development		127		177		338		362
Selling, general and administrative		1,493		989		4,016		2,719

Total	$	1,817	$	1,282	$	4,845	$	3,341

Summary of Option Activity

Information regarding option activity for the nine-month period ended September 30, 2017 under the Plans is summarized below:


	Options Outstanding			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		(in thousands) Aggregate Intrinsic Value
Options outstanding at December 31, 2016		882,748		$	16.88
Granted		101,844			33.38
Exercised		(201,966	)		10.08
Forfeited/cancelled		(32,957	)		20.31

Options outstanding at September 30, 2017		749,669		$	20.84		6.72	$	13,205

Options exercisable at September 30, 2017		423,217		$	15.86		5.53	$	9,602

Vested and expected to vest at September 30, 2017 ⁽¹⁾		739,381		$	20.74		6.70	$	13,065

⁽¹⁾

Represents the number of vested options as of September 30, 2017 plus the number of unvested options expected to vest as of September 30, 2017 based on the unvested outstanding options at September 30, 2017 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

Restricted Stock Units and Performance Stock Units

Summary of Restricted Stock Unit and Performance Stock Unit Activity

Information regarding restricted stock unit and performance stock unit activity for the nine-month period ended September 30, 2017 under the Plans is summarized below:


	Units Outstanding			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		(in thousands) Aggregate Intrinsic Value
Restricted stock units outstanding at December 31, 2016		353,838		$	—
Granted		279,054			—
Exercised		(100,221	)		—
Forfeited/cancelled		(17,203	)		—

Restricted stock units outstanding at September 30, 2017		515,468		$	—		2.80	$	19,753

Vested and expected to vest at September 30, 2017 ⁽¹⁾		488,104		$	—		2.66	$	18,704

⁽¹⁾

Represents the number of vested restricted stock units as of September 30, 2017 plus the number of unvested restricted stock units expected to vest as of September 30, 2017 based on the unvested outstanding restricted stock units at September 30, 2017 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.