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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2018
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share-based Compensation Expense The following table summarizes share-based compensation expense (in thousands):
| December 31, |  |  |  |
| 2018 |  | 2017 |  | 2016
Share-based compensation expense as a component of: |  |  |  |  |
Research and development expenses | $ | 8,352 |  | $ | 14,235 |  | $ | 8,836
General and administrative expenses | 12,494 |  | 10,680 |  | 10,057
| $ | 20,846 |  | $ | 24,915 |  | $ | 18,893
Stock Plans In May 2012 and May 2016, our 2002 Stock Incentive Plan was amended to increase the number of shares available for issuance by 1.8 million and 0.9 million shares, respectively. As of December 31, 2018, there were 0.6 million shares available for future option grants or direct issuance under the Amended 2002 Plan. Following is a summary of our stock option plan activity and related information:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term in Years |  | Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2017 | 1,876,332 |  | $ | 53.17 |  | 5.77 |  | $ | 157,340
Granted | 228,362 |  | 162.00 |  |  |  |
Exercised | (358,162) |  | 55.24 |  |  |  |
Forfeited | (10,228) |  | 114.53 |  |  |  |
Balance at December 31, 2018 | 1,736,304 |  | 66.71 |  | 5.47 |  | 125,858
Exercisable at December 31, 2018 | 1,313,374 |  | 47.03 |  | 4.56 |  | 117,314
Options vested and expected to vest as of December 31, 2018 | 1,734,304 |  | $ | 66.71 |  | 5.47 |  | $ | 125,858
The weighted-average grant-date fair value of all stock options granted during 2018, 2017 and 2016 was $66.71, $53.17 and $46.53 per share, respectively. The total intrinsic value of all options exercised during 2018, 2017 and 2016 was approximately $51.9 million, $13.3 million and $12.0 million, respectively. Cash received from options exercised, net of fees paid, in 2018, 2017 and 2016 was $19.8 million, $4.7 million and $6.2 million, respectively. Following is a further breakdown of the options outstanding as of December 31, 2018:
Range of exercise prices | Options outstanding |  | Weighted average remaining life in years |  | Weighted average exercise price |  | Options exercisable |  | Weighted average exercise price
$8.58 - $10.05 | 184,702 |  | 1.87 |  | $ | 10.00 |  | 184,702 |  | $ | 10.00
$10.12 - $12.81 | 46,510 |  | 2.92 |  | 11.40 |  | 46,510 |  | 11.40
$14.47 - $14.47 | 217,616 |  | 3.11 |  | 14.47 |  | 203,616 |  | 14.47
$16.14 - $17.88 | 38,790 |  | 0.17 |  | 16.36 |  | 38,790 |  | 16.36
$21.92 - $21.92 | 200,372 |  | 4.13 |  | 21.92 |  | 200,372 |  | 21.92
$32.00 - $56.26 | 182,767 |  | 5.70 |  | 50.38 |  | 174,470 |  | 50.10
$63.58 - $67.53 | 20,434 |  | 5.44 |  | 67.42 |  | 20,153 |  | 67.47
$74.42 - $74.42 | 190,825 |  | 5.12 |  | 74.42 |  | 190,825 |  | 74.42
$85.79 - $100.38 | 299,282 |  | 7.57 |  | 93.32 |  | 157,872 |  | 91.62
$101.15 - $195.91 | 353,006 |  | 8.79 |  | 148.50 |  | 96,064 |  | 131.77
| 1,734,304 |  | 5.47 |  | $ | 66.71 |  | 1,313,374 |  | $ | 47.03
The assumptions used for the specified reporting periods and the resulting estimates of weighted-average grant date fair value per share of options granted:
| Year Ended December 31, |  |  |  |  |
| 2018 |  | 2017 |  | 2016 |
Risk-free interest rate | 2.7%-3.0% |  | 2.0%-2.2% |  | 1.3%-1.9% |
Expected volatility | 33%-36% |  | 43%-47% |  | 48%-50% |
Expected term | 5.1 to 5.8 years |  | 6.5 to 6.8 years |  | 6.6 to 6.7 years |
As of December 31, 2018, there was $20.4 million of total unrecognized compensation cost related to non-vested stock options. That cost is expected to be recognized over a weighted average period of 2.39 years. Restricted Stock Activity The following is a summary of our restricted stock activity and related information:
| Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2017 | 133,294 |  | $ | 91.60
Granted | 62,133 |  | 169.92
Vested | (61,989) |  | 86.19
Forfeited | (1,165) |  | 125.16
Outstanding at December 31, 2018 | 132,273 |  | $ | 130.63
As of December 31, 2018, unrecognized compensation cost related to non-vested stock awards amounted to $9.2 million. That cost is expected to be recognized over a weighted average period of 1.38 years. Employee Stock Purchase Plan As of December 31, 2018, 64,008 shares of our common stock are available for future issuance under the Amended Employee Stock Purchase Plan, or ESPP. The ESPP permits eligible employees to purchase up to 1,250 shares of Ligand common stock per calendar year at a discount through payroll deductions. The price at which stock is purchased under the ESPP is equal to 85% of the fair market value of the common stock on the first of a six month offering period or purchase date, whichever is lower. There were 3,386, 3,061 and 1,961 shares issued under the ESPP in 2018, 2017 and 2016, respectively. Share Repurchases In May 2018, in conjunction with our 2023 Notes debt offering, we repurchased 260,000 shares of our common stock at a cost of $191.14 per share. In September 2018, the board of directors authorized us to repurchase up to $200.0 million of our common stock from time to time over a period of up to three years (the “Repurchase Program”). As of December 31, 2018, $125.2 million remains available for repurchase under the authorized program. On January 23, 2019, the board of directors elected to increase the Repurchase Program, authorizing us to repurchase up to a maximum of $350.0 million of our outstanding common stock under the Repurchase Program. The Repurchase Program will expire, as originally scheduled, on September 20, 2021. Since December 31, 2018 and as of February 28, 2019, we acquired 400,177 additional shares during 2019, and the maximum dollar value of shares that may yet be purchased under the Repurchase Program was $225.9 million.During the years ended December 31, 2018, 2017 and 2016, we repurchased 782,248 shares for $127.5 million, 14,000 shares for $2.0 million, and 40,500 shares for $3.9 million, respectively.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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