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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2014
Accounting Policies [Abstract] |
Short-term investments | Investments at December 31, 2014 and 2013 consist of the following (in thousands):
|  | Amortized |  | Unrealized |  | Aggregate Fair
Investment Classification |  | Cost |  | Gains |  | (Losses) |  | Market Value
December 31, 2014 |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 11,373 |  |  | $ | 4 |  |  | $ | (13 | ) |  | $ | 11,364 |
Corporate bonds |  | 228,799 |  |  | 14 |  |  | (41 | ) |  | 228,772 |
U.S. Government bonds |  | 5,999 |  |  | — |  |  | — |  |  | 5,999 |
|  | $ | 246,171 |  |  | $ | 18 |  |  | $ | (54 | ) |  | $ | 246,135 |
December 31, 2013 |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 11,358 |  |  | $ | 2 |  |  | $ | (16 | ) |  | $ | 11,344 |
Corporate bonds |  | 190,738 |  |  | 33 |  |  | (48 | ) |  | 190,723 |
U.S. Government bonds |  | 3,074 |  |  | — |  |  | — |  |  | 3,074 |
Convertible notes |  | 4,300 |  |  | — |  |  | — |  |  | 4,300 |
|  | $ | 209,470 |  |  | $ | 35 |  |  | $ | (64 | ) |  | $ | 209,441 |
Assets and liabilities carried at fair value measured on a recurring basis | The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2014 (in thousands):
|  |  |  | Fair Value Measurements, Using
|  | Total carrying value as of December 31, 2014 |  | Quoted prices in active markets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Cash equivalents |  | $ | 970 |  |  | $ | 970 |  |  | $ | — |  |  | $ | — |
Short-term investments |  | 243,088 |  |  | 243,088 |  |  | — |  |  | — |
Long-term investments |  | 3,047 |  |  | 3,047 |  |  | — |  |  | — |
The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2013 (in thousands):
|  |  |  | Fair Value Measurements, Using
|  | Total carrying value as of December 31, 2013 |  | Quoted prices in active markets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Cash equivalents |  | $ | 7,600 |  |  | $ | 7,600 |  |  | $ | — |  |  | $ | — |
Short-term investments |  | 202,024 |  |  | 202,024 |  |  | — |  |  | — |
Long-term investments |  | 7,417 |  |  | 3,117 |  |  | — |  |  | 4,300 |
Reconciliation of the changes in fair value of the Company's investments in convertible notes | The following table is a reconciliation of the changes in fair value of the Company’s investments in convertible notes for the years ended December 31, 2014 and 2013, which had been classified in Level 3 in the fair value hierarchy (in thousands):
|  | Year Ended December 31,
|  | 2014 |  | 2013
Fair value of notes, beginning of year |  | $ | 4,300 |  |  | $ | 4,300 |
Repayments of notes |  | (4,300 | ) |  | — |
Fair value of notes, end of year |  | $ | — |  |  | $ | 4,300 |
Basic and diluted net income (loss) per common share | The following table is a reconciliation of net income and the shares used in calculating basic and diluted net income per common share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except share and per share data):
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Numerator: |  |  |  |  |  |
Net income |  | $ | 41,854 |  |  | $ | 74,052 |  |  | $ | 9,660 |
Denominator: |  |  |  |  |  |
Weighted average common shares outstanding – Basic |  | 46,252,960 |  |  | 45,898,019 |  |  | 45,951,276 |
Effect of dilutive shares: |  |  |  |  |  |
Common stock equivalents arising from stock options and ESPP |  | 265,129 |  |  | 458,574 |  |  | 648,661 |
Restricted stock awards and units and performance units |  | 167,056 |  |  | 187,012 |  |  | 283,665 |
Weighted average common shares outstanding – Diluted |  | 46,685,145 |  |  | 46,543,605 |  |  | 46,883,602 |
Net income per common share: |  |  |  |  |  |
Basic |  | $ | 0.90 |  |  | $ | 1.61 |  |  | $ | 0.21 |
Diluted |  | $ | 0.90 |  |  | $ | 1.59 |  |  | $ | 0.21 |
Research and development expenses | Research and development expenses consist of the following (in thousands):
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Development and operations in the Company’s facilities |  | $ | 27,891 |  |  | $ | 23,491 |  |  | $ | 21,381 |
PPG OLED Materials Agreement (Note 8) |  | 10,614 |  |  | 7,470 |  |  | 6,170 |
Costs incurred under sponsored research agreements |  | 2,014 |  |  | 2,671 |  |  | 2,058 |
Scientific Advisory Board compensation |  | 635 |  |  | 583 |  |  | 423 |
|  | $ | 41,154 |  |  | $ | 34,215 |  |  | $ | 30,032 |
Non-cash activities | The following non-cash activities occurred (in thousands):
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Unrealized (loss) gain on available-for-sale securities |  | $ | (7 | ) |  | $ | (10 | ) |  | $ | (31 | )
Common stock issued to Board of Directors and Scientific Advisory Board that was earned in a previous period |  | 323 |  |  | 315 |  |  | 328 |
Common stock issued to employees that was accrued for in a previous period |  | 749 |  |  | 282 |  |  | 252 |
Property and equipment purchases included in accounts payable |  | 965 |  |  | 420 |  |  | 165 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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