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Stock-Based Compensation and Stockholders' Equity (Net Capital Deficiency) (Tables) | 9 Months Ended
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Sep. 30, 2012
Stock-Based Compensation and Stockholders' Equity (Net Capital Deficiency) |
Allocation of stock-based compensation expense included in the consolidated statements of operations |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
(in thousands) |  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Research and development |  | $ | 3,259 |  | $ | 3,510 |  | $ | 10,329 |  | $ | 10,021 |
General and administrative |  | 2,571 |  | 3,380 |  | 7,715 |  | 8,685 |
Total stock-based compensation expense |  | $ | 5,830 |  | $ | 6,890 |  | $ | 18,044 |  | $ | 18,706 |
Summary of equity award activity under the 2004 and 2012 Plan |
|  | Nine Months Ended September 30, 2012 |  | Nine Months Ended September 30, 2011 |
|  | Number of Compensation Awards Granted |  | Weighted- Average Exercise Price/Fair Value |  | Number of Compensation Awards Granted |  | Weighted- Average Exercise Price/Fair Value |
2004 and 2012 Plans |  |  |  |  |  |  |  |  |
Stock options |  | 269,000 |  | $ | 21.83 |  | 582,250 |  | $ | 22.06 |
RSUs time-based |  | 528,381 |  | 18.45 |  | 465,000 |  | 25.03 |
RSAs time-based |  | 402,500 |  | 18.11 |  | 1,168,000 |  | 24.59 |
RSAs performance-contingent(1) |  | 44,500 |  | 18.11 |  | 1,315,000 |  | 24.26 |
(1) In 2011, the Compensation Committee of the Company’s Board of Directors approved the grant of 1,290,000 performance-contingent RSAs to senior management. These grants have dual triggers of vesting based upon the achievement of certain performance conditions over a six-year timeframe from 2011-2016 and continued employment, both of which must be satisfied in order for the RSAs to vest. Expense associated with these RSAs would be recognized, if at all, during these years depending on the probability of meeting the performance conditions. The maximum potential expense associated with the RSAs could be up to approximately $31.9 million (allocated as $6.3 million for research and development expense and $25.6 million for general and administrative expense) if all of the performance conditions are achieved on time. As of September 30, 2012, the Company had determined that the achievement of the requisite performance conditions was not probable and, as a result, no compensation expense has been recognized. As the RSAs are dependent upon the achievement of certain performance conditions, the expense associated with the RSAs may vary significantly from period to period. In February 2012, the Compensation Committee of the Company’s Board of Directors approved the grant of 44,500 performance-contingent RSAs to senior management. These grants are subject to forfeiture unless one of three possible performance goals is achieved by December 31, 2013. As of September 30, 2012, the Company had determined that the achievement of one of three possible performance conditions was probable and, as a result, compensation expense of $0.3 million was recognized in the third quarter of 2012, and the remaining unrecognized expense will be recognized over the remaining vesting period.
Schedule of weighted-average assumptions used to estimate the fair value of stock options granted |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Employee stock options |  |  |  |  |  |  |  |  |
Risk-free interest rate |  | 0.83%-0.86 | % | 1.20%-2.17 | % | 0.74%-1.17 | % | 1.20%-2.57 | %
Expected term (in years) |  | 6 |  | 6 |  | 5-6 |  | 5-6 |
Volatility |  | 57 | % | 53 | % | 55%-60 | % | 49%-55 | %
Dividend yield |  | — | % | — | % | — | % | — | %
Weighted-average estimated fair value of stock options granted |  | $ | 14.31 |  | $ | 9.74 |  | $ | 11.41 |  | $ | 11.15 |

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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph g(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=6793087&loc=d3e301413-122809 + Details
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- Definition Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value. + References No definition available. + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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