|
Stock-Based Compensation (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Stock-Based Compensation |
|
| Allocation of stock-based compensation expense included in the consolidated statements of operations |
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|
Year Ended December 31, |
|
|
(in thousands) |
|
2011 |
|
2010 |
|
2009 |
|
|
Research and development |
|
$ |
13,422 |
|
$ |
10,322 |
|
$ |
11,542 |
|
|
General and administrative |
|
|
11,494 |
|
|
8,687 |
|
|
8,458 |
|
| |
|
|
|
|
|
|
|
|
Total stock-based compensation expense |
|
$ |
24,916 |
|
$ |
19,009 |
|
$ |
20,000 | |
|
| Schedule of stock-based compensation expense by award type included in the consolidated statements of operations |
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Year Ended December 31, |
|
|
(in thousands) |
|
2011 |
|
2010 |
|
2009 |
|
|
Employee stock options |
|
$ |
4,528 |
|
$ |
7,003 |
|
$ |
10,271 |
|
|
Employee RSUs |
|
|
13,290 |
|
|
9,783 |
|
|
7,473 |
|
|
Employee RSAs |
|
|
5,498 |
|
|
398 |
|
|
470 |
|
|
Non-employee options and RSUs |
|
|
307 |
|
|
1,186 |
|
|
501 |
|
|
ESPP |
|
|
1,293 |
|
|
639 |
|
|
1,285 |
|
| |
|
|
|
|
|
|
|
|
Total stock-based compensation expense |
|
$ |
24,916 |
|
$ |
19,009 |
|
$ |
20,000 | |
|
| Schedule of unrecognized compensation cost, net of expected forfeitures, and estimated weighted-average amortization period |
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|
|
|
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|
(in thousands, except amortization period)
|
|
Unrecognized
Compensation Cost |
|
Weighted-average
amortization period
(years) |
|
|
Stock options |
|
$ |
7,293 |
|
|
2.8 |
|
|
RSUs |
|
$ |
12,449 |
|
|
2.0 |
|
|
RSAs |
|
$ |
5,389 |
|
|
4.5 | |
|
| Summary of equity award activity under the 2008 Plan and the 2004 Plan |
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(in thousands, except per
share data)
|
|
Number of
Shares
Subject to
Outstanding
Options |
|
Weighted-
average
Exercise Price of
Outstanding
Options |
|
Number of
Shares
Subject to
Outstanding
RSUs |
|
Weighted-
average
Fair Value per
Share at
Grant |
|
Number of
Shares
Outstanding
Subject to
Vesting or
Performance
Conditions with
vesting |
|
Weighted-
average
Fair Value per
Share at
Grant |
|
|
Balance at December 31, 2008 |
|
|
9,953 |
|
$ |
16.01 |
|
|
2,260 |
|
$ |
21.51 |
|
|
77 |
|
$ |
24.42 |
|
|
Granted |
|
|
356 |
|
|
14.90 |
|
|
950 |
|
|
14.66 |
|
|
— |
|
|
— |
|
|
Exercised |
|
|
(1,333 |
) |
|
7.77 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Released RSUs/RSAs |
|
|
— |
|
|
— |
|
|
(603 |
) |
|
14.62 |
|
|
(20 |
) |
|
20.18 |
|
|
Forfeited |
|
|
(562 |
) |
|
25.43 |
|
|
(565 |
) |
|
29.78 |
|
|
— |
|
|
— |
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| |
|
|
|
|
|
|
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|
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|
Balance at December 31, 2009 |
|
|
8,414 |
|
|
16.63 |
|
|
2,042 |
|
|
14.15 |
|
|
57 |
|
|
25.87 |
|
|
Granted |
|
|
321 |
|
|
14.90 |
|
|
1,170 |
|
|
10.55 |
|
|
— |
|
|
— |
|
|
Exercised |
|
|
(784 |
) |
|
9.60 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Released RSUs/RSAs |
|
|
— |
|
|
— |
|
|
(657 |
) |
|
13.20 |
|
|
(24 |
) |
|
25.55 |
|
|
Forfeited |
|
|
(297 |
) |
|
26.17 |
|
|
(658 |
) |
|
26.26 |
|
|
— |
|
|
— |
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| |
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|
Balance at December 31, 2010 |
|
|
7,654 |
|
|
16.91 |
|
|
1,897 |
|
|
12.45 |
|
|
33 |
|
|
26.10 |
|
|
Granted |
|
|
629 |
|
|
21.98 |
|
|
471 |
|
|
24.96 |
|
|
2,483 |
|
|
24.42 |
|
|
Exercised |
|
|
(1,265 |
) |
|
8.87 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Released RSUs/RSAs |
|
|
— |
|
|
— |
|
|
(797 |
) |
|
13.89 |
|
|
(74 |
) |
|
24.96 |
|
|
Forfeited |
|
|
(127 |
) |
|
29.15 |
|
|
(29 |
) |
|
15.35 |
|
|
— |
|
|
— |
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| |
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|
Balance at December 31, 2011 |
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|
6,891 |
|
|
18.62 |
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|
1,542 |
|
|
15.47 |
|
|
2,442 |
|
|
24.42 |
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| |
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|
| Schedule of weighted-average assumptions used to estimate the fair value of stock options granted |
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|
Year Ended December 31, |
|
|
2011 |
|
2010 |
|
2009 |
|
Employee stock options |
|
|
|
|
|
|
|
Risk-free interest rate |
|
1.10% - 2.57% |
|
1.11% - 2.82% |
|
1.55% - 2.98% |
|
Expected life (in years) |
|
5 - 6 |
|
5 - 6 |
|
5 - 6 |
|
Volatility |
|
0.49 - 0.55 |
|
0.48 - 0.52 |
|
0.48 - 0.57 |
|
Dividend yield |
|
—% |
|
—% |
|
—% |
|
Weighted-average estimated fair value of stock options granted |
|
$11.11 |
|
$7.41 |
|
$7.48 |
|
Employee stock purchase plan issuances |
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|
|
|
|
|
|
Risk-free interest rate |
|
0.05% - 0.54% |
|
0.19% - 0.79% |
|
0.17% - 0.88% |
|
Expected life (in years) |
|
0.5 - 2 |
|
0.5 - 2 |
|
0.5 - 2 |
|
Volatility |
|
0.48 - 0.59 |
|
0.50 - 0.69 |
|
0.50 - 0.84 |
|
Dividend yield |
|
—% |
|
—% |
|
—% |
|
Weighted-average estimated fair value of ESPP issuances |
|
$9.46 |
|
$7.63 |
|
$6.42 | |
|
| Schedule of outstanding options to purchase common stock based on range of stock option exercise prices |
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Options Outstanding |
|
Options Exercisable |
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|
Range of Exercise Prices |
|
Number
Outstanding |
|
Weighted-
average
Remaining
Contractual
Life in Years |
|
Weighted-
average
Exercise
Prices |
|
Options
Exercisable |
|
Weighted-
average
Remaining
Contractual
Life in Years |
|
Weighted-
average
Exercise
Price |
|
|
$3.10 |
|
|
557 |
|
|
1.3 |
|
$ |
3.10 |
|
|
557 |
|
|
1.3 |
|
$ |
3.10 |
|
|
$6.15 - $6.70 |
|
|
145 |
|
|
6.9 |
|
|
6.19 |
|
|
99 |
|
|
6.9 |
|
|
6.18 |
|
|
$8.53 |
|
|
218 |
|
|
0.4 |
|
|
8.53 |
|
|
218 |
|
|
0.4 |
|
|
8.53 |
|
|
$9.69 |
|
|
1,172 |
|
|
2.3 |
|
|
9.69 |
|
|
1,172 |
|
|
2.3 |
|
|
9.69 |
|
|
$9.70 - $16.00 |
|
|
924 |
|
|
5.1 |
|
|
14.69 |
|
|
749 |
|
|
4.5 |
|
|
15.00 |
|
|
$16.01 - $21.96 |
|
|
1,493 |
|
|
5.6 |
|
|
18.52 |
|
|
1,061 |
|
|
4.1 |
|
|
18.34 |
|
|
$21.97 - $29.70 |
|
|
1,385 |
|
|
5.5 |
|
|
27.34 |
|
|
1,136 |
|
|
4.7 |
|
|
28.00 |
|
|
$29.71 - $35.46 |
|
|
997 |
|
|
5.2 |
|
|
33.52 |
|
|
997 |
|
|
5.2 |
|
|
33.52 |
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| |
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|
|
|
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|
|
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|
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|
Total |
|
|
6,891 |
|
|
4.4 |
|
|
18.62 |
|
|
5,989 |
|
|
3.7 |
|
|
18.61 |
|
| |
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