XML 413 R18.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Employee Benefits and Share-Based Compensation | 3 Months Ended
--- | ---
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Employee Benefits and Share-Based Compensation | Employee Benefits and Share-Based Compensation Stock based plans For a detailed explanation of the Company's stock plans and subsequent changes, please refer to Note 11, Employee Benefits and Stock-Based Compensation, of its Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 26, 2016. Share-based compensation expense The following table sets forth the total share-based compensation expense recognized in the Company's Condensed Consolidated Statements of Operations:
| Three months ended
| March 31, 2016 |  | March 31, 2015
| (In thousands)
Cost of product and service revenues | $ | 549 |  |  | $ | 517 |
Research and development | 641 |  |  | 434 |
Selling, general and administrative | 2,701 |  |  | 2,714 |
Total share-based compensation expense | $ | 3,891 |  |  | $ | 3,665 |
The following weighted average assumptions are used to value stock options and Employee Stock Purchase Plan ("ESPP") shares issued pursuant to the Company's equity incentive plans for the three months ended March 31, 2016 and March 31, 2015:
| Three months ended
| March 31, 2016 |  | March 31, 2015
| (In thousands, except percentages)
Stock Option Plans |  |  |
Expected life, years | 4.92 |  |  | 5.04 |
Expected volatility, % | 32.6 | % |  | 33.2 | %
Risk free interest rate, % | 1.40 | % |  | 1.66 | %
Estimated forfeiture rate % | 8.6 | % |  | 2.5 | %
Dividend yield, % | — | % |  | — | %
| Three months ended
| March 31, 2016 |  | March 31, 2015
| (In thousands, except percentages)
Employee Stock Purchase Plan |  |  |
Expected life, years | 0.5-2.0 |  |  | 0.5-2.0 |
Expected volatility, % | 25.79-34.79% |  |  | 28.52-37.53% |
Risk free interest rate, % | 0.26-0.79% |  |  | 0.03-0.53% |
Dividend yield, % | — | % |  | — | %
Stock options activity A summary of the stock options activity under the 2009 Plan is presented below:
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Years |  | Aggregate Intrinsic Value(1)
| (In thousands, except per share data)
Stock Options |  |  |  |  |  |  |
Outstanding at December 31, 2015 | 2,688 |  |  | $ | 22.89 |  |  | 6.9 |  |
Granted | 376 |  |  | 27.75 |  |  |  |  |
Exercised | (49 | ) |  | 13.48 |  |  |  |  |
Expired | (1 | ) |  | 19.96 |  |  |  |  |
Forfeited | (38 | ) |  | 28.51 |  |  |  |  |
Outstanding at March 31, 2016 | 2,976 |  |  | $ | 23.59 |  |  | 7.0 |  | $ | 15,891 |
Exercisable at March 31, 2016 | 1,478 |  |  | $ | 18.53 |  |  | 5.0 |  | $ | 14,329 |
Vested and expected to vest at March 31, 2016 and thereafter | 2,790 |  |  | $ | 23.23 |  |  | 6.9 |  | $ | 15,806 |
_________________________________________________ The weighted-average fair value per share of options granted during the three months ended March 31, 2016, was $8.51, and the weighted-average fair value per share of options granted during the months ended March 31, 2015 was $9.82. The intrinsic value of options exercised during the three months ended March 31, 2016 and March 31, 2015 was $0.7 million and $2.4 million, respectively. As of March 31, 2016, total unrecognized compensation cost related to unvested stock options was $11.3 million, which is expected to be recognized over a weighted-average vesting period of 3.1 years. Restricted stock activity Summaries of restricted stock activity under the 2009 Plan are presented below:
| Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Weighted-Average Remaining Years |  | Aggregate Intrinsic Value
| (In thousands, except per share data)
Restricted Stock Units ("RSU") |  |  |  |  |  |  |
Outstanding at December 31, 2015 | 417 |  |  | $ | 28.49 |  |  | 1.6 |  |
Granted | 90 |  |  | 27.77 |  |  |  |  |
Vested | (23 | ) |  | 25.76 |  |  |  |  |
Forfeited | (7 | ) |  | 28.42 |  |  |  |  |
Outstanding and unvested at March 31, 2016 | 477 |  |  | $ | 28.49 |  |  | 1.5 |  | $ | 13,292 |
Expected to vest after March 31, 2016 | 419 |  |  | $ | 28.39 |  |  | 1.4 |  | $ | 11,677 |
The weighted-average grant date fair value per share of RSU granted during the three months ended March 31, 2016 and March 31, 2015 was $27.77 and $33.97, respectively. As of March 31, 2016, total unrecognized compensation expense related to RSUs was $10.7 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years.
| Number of Shares |  | Weighted-Average Grant Date Fair Value
| (In thousands, except per share data)
Restricted Stock Awards ("RSA") |  |  |
Outstanding at December 31, 2015 | 31 |  |  | $ | 35.98 |
Granted | — |  |  | — |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Outstanding and unvested at March 31, 2016 | 31 |  |  | $ | 35.98 |
As of March 31, 2016, total unrecognized compensation cost related to RSAs was $0.1 million, which is expected to be recognized over the remaining weighted-average vesting period of 0.2 years. Performance-based restricted stock unit activity A summary of the performance-based restricted stock activity under the Plan is presented below:
| Number of Shares |  | Weighted-Average Grant Date Fair Value Per Unit
| (In thousands, except per share data)
Performance-based Restricted Stock Units ("PSU") |  |  |
Outstanding at December 31, 2015 | 151 |  |  | $ | 23.33 |
Granted | 123 |  |  | 24.66 |
Vested | (15 | ) |  | 29.56 |
Forfeited | — |  |  | — |
Outstanding and unvested at March 31, 2016 | 259 |  |  | $ | 23.60 |
The weighted-average grant date fair value per share of PSUs granted during the three months ended March 31, 2016 and March 31, 2015 was $24.66 and $29.56, respectively. As of March 31, 2016, total unrecognized compensation cost related to PSUs was approximately $3.2 million, which is expected to be recognized over the remaining weighted-average period of 1.5 years. Employee Stock Purchase Plan activity As of March 31, 2016, the unrecognized compensation cost related to the shares to be purchased under the ESPP was approximately $7.1 million and is expected to be recognized over a weighted-average period of two years. Summary of shares reserved for future issuance under equity incentive plans The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of March 31, 2016:
| Number of Shares
| (In thousands)
Share options outstanding | 2,976 |
Non-vested restricted share awards | 767 |
Shares authorized for future issuance | 3,017 |
ESPP shares available for future issuance | 3,053 |
Total shares reserved for future issuance | 9,813 |
During the three month period ended March 31 2016 and March 31, 2015, the Company did not repurchase any common stock outstanding.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration