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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Note 12. Share-Based Compensation Equity Plans The Company’s board of directors and stockholders approved the following equity plans:
| · |  | the 1998 Share Incentive Plan
| · |  | the 2000 Share Incentive Plan
| · |  | the 2004 Share Incentive Plan
| · |  | the 2006 Share Incentive Plan
| · |  | the 2013 Equity Incentive Plan (“2013 Plan”)
The Company issued stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) to employees, consultants and non-employee directors. Stock option awards generally vest over a four year period and have a maximum term of ten years. Stock options under these plans have been granted with an exercise price equal to the fair market value on the date of the grant. Nonqualified and Incentive Stock Options, RSAs and RSUs may be granted from these plans. Prior to the Company’s initial public offering in September 2013, the fair market value of the Company’s stock had been historically determined by the board of directors and from time to time with the assistance of third party valuation specialists. Stock Options Options have been granted to the Company’s employees under the five incentive plans and generally become exercisable as to 25% of the shares on the first anniversary date following the date of grant and 12.5% on a semi-annual basis thereafter. All options expire ten years after the date of grant. The following is a summary of option activity (in thousands, except per share data):
|  |  |  |  |  |  | Weighted |  |  |  |  | Weighted |  |  |
|  |  |  | Weighted |  | Average |  |  |  |  | Average |  |  |
|  |  |  | Average |  | Share Price |  | Weighted |  | Remaining |  | Aggregate
|  | Number of |  | Exercise |  | on Date of |  | Average |  | Contractual |  | Intrinsic
|  | shares |  | Price |  | Exercise |  | Fair Value |  | Life |  | Value
|  | (in thousands, except price data)
Outstanding, January 1, 2018 |  | 536 |  | $ | 10.04 |  |  |  |  | $ | 5.19 |  |  |  | $ | 14,888
Exercised |  | (80) |  |  | 9.74 |  | $ | 32.95 |  |  | 4.90 |  |  |  |  | 1,847
Forfeited |  | (88) |  |  | 9.93 |  |  |  |  |  | 5.10 |  |  |  |  | 3,083
Outstanding, June 30, 2018 |  | 368 |  | $ | 10.13 |  |  |  |  | $ | 5.27 |  | 5.12 |  | $ | 12,802
Exercisable, June 30, 2018 |  | 368 |  | $ | 10.13 |  |  |  |  |  |  |  | 5.12 |  | $ | 12,802
Vested and expected to vest |  | 368 |  | $ | 10.13 |  |  |  |  |  |  |  | 5.12 |  | $ | 12,802
As of June 30, 2018, there was no unrecognized stock option expense. Restricted Stock Units/Awards The following is a summary of RSU/RSA activity (in thousands, except per share data):
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average Share |  | Weighted |  | Aggregate
|  | Number of |  | Price on Date |  | Average Fair |  | Intrinsic
|  | shares |  | of Release |  | Value |  | Value
|  | (in thousands, except price data)
Outstanding at January 1, 2018 |  | 707 |  |  |  |  | $ | 29.23 |  | $ | 26,732
Granted |  | 517 |  |  |  |  |  | 33.77 |  |  | 17,444
Released |  | (166) |  | $ | 35.69 |  |  | 28.78 |  |  | 5,914
Cancelled/Forfeited |  | (25) |  |  |  |  |  | 32.15 |  |  | 1,110
Outstanding, June 30, 2018 |  | 1,033 |  |  |  |  | $ | 31.50 |  | $ | 46,384
Exercisable, June 30, 2018 |  | 4 |  |  |  |  |  |  |  | $ | 140
Vested and expected to vest |  | 1,033 |  |  |  |  |  |  |  | $ | 46,384
As of June 30, 2018, there was $30.0 million of unrecognized compensation expense related to these RSUs and RSAs. This expense is expected to be recognized over 2.9 years. Share-Based Compensation Employee share-based compensation expenses recognized for the periods indicated (in thousands):
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Share-based compensation - by expense type |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold |  | $ | 211 |  | $ | 134 |  | $ | 388 |  | $ | 212 |
Research and development |  |  | 676 |  |  | 441 |  |  | 1,252 |  |  | 706 |
Sales and marketing |  |  | 260 |  |  | 169 |  |  | 488 |  |  | 249 |
General and administrative |  |  | 1,752 |  |  | 1,516 |  |  | 3,340 |  |  | 2,600 |
Total share-based compensation expense |  | $ | 2,899 |  | $ | 2,260 |  | $ | 5,468 |  | $ | 3,767 |
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Share-based compensation - by award type |  |  |  |  |  |  |  |  |  |  |  |  |
Employee stock options |  | $ | 12 |  | $ | 268 |  | $ | 12 |  | $ | 547 |
Restricted stock units |  |  | 2,887 |  |  | 1,992 |  |  | 5,456 |  |  | 3,220 |
Total share-based compensation expense |  | $ | 2,899 |  | $ | 2,260 |  | $ | 5,468 |  | $ | 3,767 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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