XML 30 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK PLANS
 6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
STOCK PLANS
STOCK PLANS
 
Stock-Based Compensation
 
The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2018
 
2017
 
2018
 
2017
Cost of goods sold
 
$
1,046

 
$
1,395

 
$
2,252

 
$
2,770

Research and development
 
951

 
647

 
1,648

 
1,304

Selling, general and administrative
 
5,050

 
5,303

 
11,532

 
10,670

        Total
 
$
7,047

 
$
7,345

 
$
15,432

 
$
14,744

 
 
 
 
 
 
 
 
 
Stock-based compensation from:
 
 
 
 
 
 
 
 
    Stock options (employee awards)
 
$
4,827

 
$
5,741

 
$
11,182

 
$
11,658

    Stock options (consultant awards)
 
202

 
29

 
241

 
83

    Restricted stock units (employee awards)
 
1,819

 
1,389

 
3,609

 
2,611

    Employee stock purchase plan
 
199

 
186

 
400

 
392

        Total
 
$
7,047

 
$
7,345

 
$
15,432

 
$
14,744



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, 2018:
Stock Options
 
 Number of Options
 
 Weighted Average Exercise Price
 Outstanding at December 31, 2017
 
4,951,493

 
$
43.51

     Granted
 
1,683,007

 
38.33

     Exercised
 
(103,263
)
 
14.45

     Forfeited
 
(242,188
)
 
44.43

     Expired
 
(253,483
)
 
64.19

 Outstanding at June 30, 2018
 
6,035,566

 
41.65


Restricted Stock Units
 
 Number of Units
 
 Weighted Average Grant Date Fair Value
Unvested at December 31, 2017
 
499,546

 
$
47.32

     Granted
 
327,779

 
38.33

     Vested
 
(147,844
)
 
49.70

     Forfeited
 
(42,722
)
 
45.86

Unvested at June 30, 2018
 
636,759

 
42.23



The weighted average fair value of stock options granted during the six months ended June 30, 2018 was $18.85 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, 2018
Expected dividend yield
 
None
Risk-free interest rate
 
2.78%
Expected volatility
 
53.2%
Expected term of options
 
5.21 years

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, 2018, 34,985 shares were purchased and issued under the ESPP.