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Stock Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
Stock Plans |
Schedule of share-based compensation expense |
|  |  |  | Year ended December 31, |
|  |  |  | 2015 |  |  |  | 2014 |  |  |  | 2013 |
|  |  |  | (in thousands) |
Cost of sales |  |  |  | $ | 2,495 |  |  |  | $ | 2,456 |  |  |  | $ | 1,446 |
Selling, general, and administrative |  |  |  | 11,474 |  |  |  | 11,859 |  |  |  | 8,339 |
Research and development |  |  |  | 4,031 |  |  |  | 4,498 |  |  |  | 3,347 |
Share-based compensation expense, before tax |  |  |  | 18,000 |  |  |  | 18,813 |  |  |  | 13,132 |
Income tax benefit(1) |  |  |  | (6,048 | ) |  |  | (6,011 | ) |  |  | (4,367 | )
Net share-based compensation expense |  |  |  | $ | 11,952 |  |  |  | $ | 12,802 |  |  |  | $ | 8,765 |
(1) The income tax benefit presented for 2015 and 2014 has not been realized in the Consolidated Statements of Operations due to the Company’s full valuation allowance.
Summary of unrecognized share-based compensation costs | Unrecognized share-based compensation costs at December 31, 2015 are summarized below:
|  |  |  | Unrecognized |  |  |  | Weighted |
|  |  |  | Share-Based |  |  |  | Average Period |
|  |  |  | Compensation |  |  |  | Expected to be |
|  |  |  | Costs |  |  |  | Recognized |
|  |  |  | (in thousands) |  |  |  | (in years) |
Stock option awards |  |  |  | $ | 4,252 |  |  |  | 1.3 |
Restricted stock units |  |  |  | 5,581 |  |  |  | 2.0 |
Restricted stock awards |  |  |  | 21,523 |  |  |  | 2.8 |
Performance share units |  |  |  | 5,912 |  |  |  | 3.1 |
Total unrecognized share-based compensation cost |  |  |  | $ | 37,268 |  |  |  | 2.6 |
Schedule of options, vested and expected to vest | At December 31, 2015, options outstanding that have vested and are expected to vest were as follows:
|  |  |  |  | Weighted |  |  |
| Number |  | Weighted |  | Average |  | Aggregate |
| of |  | Average |  | Remaining |  | Intrinsic |
| Shares |  | Exercise Price |  | Contractual Life |  | Value |
|  | (in thousands) |  |  |  |  |  | (in years) |  |  | (in thousands) |
Vested |  | 1,609 |  |  | $ | 32.95 |  |  | 5.3 |  |  | $ | 1,671 |
Expected to vest |  | 435 |  |  | 32.75 |  |  | 6.6 |  |  | — |
Total |  | 2,044 |  |  | $ | 32.91 |  |  | 5.6 |  |  | $ | 1,671 |
Summary of stock option awards activity |
|  |  |  | Weighted |
|  | Number of |  | Average |
|  | Shares |  | Exercise Price |
|  |  | (in thousands) |  |  |  |
Outstanding at December 31, 2012 |  |  | 2,322 |  |  | $ | 28.63 |
Granted |  |  | 539 |  |  | 32.68 |
Exercised |  |  | (149 | ) |  | 14.74 |
Expired or forfeited |  |  | (114 | ) |  | 35.22 |
Outstanding at December 31, 2013 |  |  | 2,598 |  |  | $ | 29.98 |
Granted |  |  | 509 |  |  | 33.05 |
Exercised |  |  | (561 | ) |  | 23.88 |
Expired or forfeited |  |  | (155 | ) |  | 36.22 |
Outstanding at December 31, 2014 |  |  | 2,391 |  |  | $ | 31.65 |
Granted |  |  | 17 |  |  | 30.22 |
Exercised |  |  | (192 | ) |  | 12.95 |
Expired or forfeited |  |  | (152 | ) |  | 38.15 |
Outstanding at December 31, 2015 |  |  | 2,064 |  |  | $ | 32.91 |
Summary of information about stock options outstanding | The following table summarizes stock option information at December 31, 2015:
|  | Options Outstanding |  | Options Exercisable |
|  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |
Range of |  |  |  |  | Aggregate |  | Average |  | Weighted |  |  |  |  | Aggregate |  | Average |  | Weighted |
Exercise |  |  |  |  | Intrinsic |  | Remaining |  | Average |  |  |  |  | Intrinsic |  | Remaining |  | Average |
Prices |  | Shares |  | Value |  | Contractual Life |  | Exercise Price |  | Shares |  | Value |  | Contractual Life |  | Exercise Price |
|  | (in thousands) |  | (in thousands) |  | (in years) |  |  |  | (in thousands) |  | (in thousands) |  | (in years) |  |  |  |
$8.82 – $20.80 |  |  | 199 |  |  | $ | 1,671 |  |  | 0.5 |  |  | $ | 12.15 |  |  | 199 |  |  | $ | 1,671 |  |  | 0.5 |  |  | $ | 12.15 |
$24.40 – $36.97 |  |  | 1,497 |  |  | — |  |  | 6.2 |  |  | 32.55 |  |  | 1,088 |  |  | — |  |  | 6.1 |  |  | 32.69 |
$37.22 – $51.70 |  |  | 368 |  |  | — |  |  | 5.9 |  |  | 45.57 |  |  | 322 |  |  | — |  |  | 5.7 |  |  | 46.65 |
|  |  | 2,064 |  |  | $ | 1,671 |  |  | 5.6 |  |  | $ | 32.91 |  |  | 1,609 |  |  | $ | 1,671 |  |  | 5.3 |  |  | $ | 32.95 |
Assumptions used to estimate fair value of options granted |
|  | Year ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Weighted average fair value |  | $ | 10.58 |  | $ | 11.58 |  | $ | 13.47 |
Dividend yield |  | 0% |  | 0% |  | 0% |
Expected volatility factor(1) |  | 44% |  | 44% |  | 49% |
Risk-free interest rate(2) |  | 1.18% |  | 1.19% |  | 1.27% |
Expected life (in years)(3) |  | 3.9 |  | 3.9 |  | 4.5 |
(1) | Expected volatility is measured using historical daily price changes of the Company’s stock over the respective expected term of the options and the implied volatility derived from the market prices of the Company’s traded options.
(2) | The risk-free rate for periods within the contractual term of the stock options is based on the U.S. Treasury yield curve in effect at the time of grant.
(3) | The expected life is the number of years the Company estimates that options will be outstanding prior to exercise. The Company’s computation of expected life was determined using a lattice-based model incorporating historical post vest exercise and employee termination behavior.
Summary of information on options exercised |
|  | Year ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
|  | (in thousands) |
Cash received from options exercised |  | $ | 2,233 |  | $ | 12,056 |  | $ | 2,199 |
Intrinsic value of options exercised |  | $ | 2,089 |  | $ | 8,390 |  | $ | 2,509 |
Summary of RSA, RSU, PSA, and PSU awards activity |
|  |  |  | Weighted |
|  |  |  | Average |
|  | Number of |  | Grant Date |
|  | Shares |  | Fair Value |
|  | (in thousands) |  |  |
Outstanding at December 31, 2012 |  |  | 693 |  |  | $ | 36.11 |
Granted |  |  | 798 |  |  | 33.16 |
Released |  |  | (207 | ) |  | 32.44 |
Forfeited |  |  | (126 | ) |  | 34.33 |
Outstanding at December 31, 2013 |  |  | 1,158 |  |  | $ | 34.93 |
Granted |  |  | 395 |  |  | 34.18 |
Released |  |  | (183 | ) |  | 38.65 |
Forfeited |  |  | (133 | ) |  | 33.66 |
Outstanding at December 31, 2014 |  |  | 1,237 |  |  | $ | 34.27 |
Granted |  |  | 672 |  |  | 30.33 |
Released |  |  | (389 | ) |  | 35.65 |
Forfeited |  |  | (122 | ) |  | 34.46 |
Outstanding at December 31, 2015 |  |  | 1,398 |  |  | $ | 31.97 |

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