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Stock Plans (Tables)

12 Months Ended

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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