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STOCK PLANS
 6 Months Ended
Jun. 30, 2017
Stockholders' Equity Note [Abstract]  
STOCK PLANS
STOCK PLANS
 
Stock-Based Compensation
 
The Company recognized stock-based compensation expense in its condensed consolidated statements of operations as follows (in thousands):
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2017
 
2016
 
2017
 
2016
Cost of goods sold
 
$
1,395

 
$
1,610

 
$
2,770

 
$
3,159

Research and development
 
647

 
1,015

 
1,304

 
1,908

Selling, general and administrative
 
5,303

 
5,040

 
10,670

 
11,088

        Total
 
$
7,345

 
$
7,665

 
$
14,744

 
$
16,155

 
 
 
 
 
 
 
 
 
Stock-based compensation from:
 
 
 
 
 
 
 
 
    Stock options (employee awards)
 
$
5,741

 
$
5,789

 
$
11,658

 
$
12,633

    Stock options (consultant awards)
 
29

 
437

 
83

 
723

    Restricted stock units (employee awards)
 
1,389

 
1,140

 
2,611

 
2,225

    Employee stock purchase plan
 
186

 
299

 
392

 
574

        Total
 
$
7,345

 
$
7,665

 
$
14,744

 
$
16,155



Employee Stock Purchase Plan

The Company’s 2014 Employee Stock Purchase Plan, or ESPP, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees may elect to contribute after-tax earnings to purchase shares at 85% of the closing fair market value of the Company’s common stock on either the offering date or the purchase date, whichever is less. During the six months ended June 30, 2017, 35,745 shares were purchased and issued under the ESPP.

Equity Awards

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the six months ended June 30, 2017:
Stock Options
 
 Number of Options
 
 Weighted Average Exercise Price
 Outstanding at December 31, 2016
 
5,207,743

 
$
42.16

     Granted
 
933,000

 
44.41

     Exercised
 
(214,474
)
 
12.19

     Forfeited
 
(286,978
)
 
52.05

     Expired
 
(83,589
)
 
80.43

 Outstanding at June 30, 2017
 
5,555,702

 
42.61


Restricted Stock Units
 
 Number of Units
 
 Weighted Average Grant Date Fair Value
Unvested at December 31, 2016
 
364,403

 
$
52.85

     Granted
 
338,083

 
44.22

     Vested
 
(96,928
)
 
54.22

     Forfeited
 
(44,127
)
 
52.48

Unvested at June 30, 2017
 
561,431

 
47.41



The weighted average fair value of stock options granted during the six months ended June 30, 2017 was $20.98 per share. The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:
 
 
Six Months Ended June 30, 2017
Expected dividend yield
 
None
Risk free interest rate
 
1.79%
Expected volatility
 
51.5%
Expected term of options
 
5.28