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Equity Plans and Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2015
Share Based Compensation [Abstract] |
Equity Plans and Stock-Based Compensation | 9. Equity Plans and Stock-Based Compensation Option activity under our stock-based compensation plans during the six months ended June 30, 2015 was as follows (in thousands except per share amounts):
|  | Shares Underlying Outstanding Options (in thousands) |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance at December 31, 2014 |  |  | 1,820 |  |  | $ | 27.48 |  |  |  |  |  |  |  |  |
Options granted |  |  | 1,094 |  |  |  | 16.83 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (8 | ) |  |  | 15.60 |  |  |  |  |  |  |  |  |
Options cancelled: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options forfeited (unvested) |  |  | (82 | ) |  |  | 17.34 |  |  |  |  |  |  |  |  |
Options cancelled (vested) |  |  | (101 | ) |  |  | 43.55 |  |  |  |  |  |  |  |  |
Balance at June 30, 2015 |  |  | 2,723 |  |  |  | 22.92 |  |  |  | 7.23 |  |  | $ | 12,303 |
Vested and expected to vest at June 30, 2015 |  |  | 2,568 |  |  |  | 23.27 |  |  |  | 7.10 |  |  | $ | 11,323 |
Exercisable at June 30, 2015 |  |  | 1,166 |  |  |  | 29.61 |  |  |  | 4.64 |  |  | $ | 3,001 |
Restricted stock unit activity under our stock-based compensation plans during the six months ended June 30, 2015 was as follows (in thousands except per share amounts):
| Number of Shares (In thousands) |  |  | Weighted-Average Grant-Date Fair Value |
Non-vested as of December 31, 2014 |  | 179 |  |  | $ | 17.13 |
Granted |  | 24 |  |  | $ | 16.16 |
Vested |  | (3 | ) |  | $ | 16.90 |
Forfeited or expired |  | (5 | ) |  | $ | 18.71 |
Non-vested as of June 30, 2015 |  | 195 |  |  | $ | 16.97 |
The aggregate intrinsic value of the restricted stock units outstanding as of June 30, 2015, based on our stock price on that date, was $4.6 million. As of June 30, 2015, approximately 75,000 shares underlying stock options and restricted stock units awards with performance-based vesting criteria were outstanding. Vesting criteria for these performance-based awards have not been met as of June 30, 2015. Under our stock-based compensation plans, option awards generally vest over a four-year period contingent upon continuous service and expire ten years from the date of grant (or earlier upon termination of continuous service). The fair value-based measurement of each option is estimated on the date of grant using the Black-Scholes option valuation model. The fair value-based measurements and weighted-average assumptions used in the calculations of these measurements are as follows:
| Stock Options |  |  | Stock Options |  |  | Employee Stock Purchase Plan |
| Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |  |  | June 30, |
| 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Weighted-average fair value | $ | 14.28 |  |  | $ | 13.60 |  |  | $ | 12.76 |  |  | $ | 15.50 |  |  | $ | 8.18 |  |  | $ | 9.20 |
Risk-free interest rate |  | 1.7 | % |  |  | 1.9 | % |  |  | 1.7 | % |  |  | 1.8 | % |  |  | 0.4 | % |  |  | 0.2 | %
Expected life (in years) |  | 5.9 |  |  |  | 5.8 |  |  |  | 5.9 |  |  |  | 5.9 |  |  |  | 1.2 |  |  |  | 1.1 |
Volatility |  | 0.7 |  |  |  | 1.3 |  |  |  | 0.7 |  |  |  | 1.4 |  |  |  | 0.7 |  |  |  | 0.9 |
We recognized stock-based compensation expense of $1.9 million and $1.7 million for the three months ended June 30, 2015 and 2014, respectively. We recognized stock-based compensation expense of $3.9 million and $2.9 million for the six months ended June 30, 2015 and 2014, respectively. The components of stock-based compensation expense were (in thousands):
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
| 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Research and development | $ | 868 |  |  | $ | 738 |  |  | $ | 1,753 |  |  | $ | 1,430 |
General and administrative |  | 1,050 |  |  |  | 938 |  |  |  | 2,119 |  |  |  | 1,516 |
Total | $ | 1,918 |  |  | $ | 1,676 |  |  | $ | 3,872 |  |  | $ | 2,946 |
As of June 30, 2015, the total unrecognized compensation cost related to non-vested equity awards including all awards with time-based vesting amounted to $21.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.0 years. Additionally, as of June 30, 2015, the total unrecognized compensation cost related to equity awards with performance-based vesting criteria not deemed probable of vesting amounted to $0.4 million. Employee Stock Purchase Plan As of June 30, 2015, 99,600 shares were approved for issuance under the 2004 Employee Stock Purchase Plan, subject to adjustment for a stock split, or any future stock dividend or other similar change in our common stock or capital structure. As of June 30, 2015, employees have acquired 94,410 shares of our common stock under the 2004 Employee Stock Purchase Plan. As of June 30, 2015, 5,190 shares of our common stock remained available for future purchases under the 2004 Employee Stock Purchase Plan. In May 2014, stockholders of the Company approved the 2014 Employee Stock Purchase Plan (the “Purchase Plan”), pursuant to which the Company may issue up to 50,000 shares of its common stock, subject to adjustment, to its employees. The Purchase Plan provides for the purchase of common stock by eligible employees and became effective on May 28, 2014. The purchase price per share is the lesser of (i) 85% of the fair market value of the common stock on the commencement of the offer period (generally, the sixteenth day in February or August) or (ii) 85% of the fair market value of the common stock on the exercise date, which is the last day of a purchase period (generally, the fifteenth day in February or August). As of June 30, 2015, employees have acquired 7,959 shares of our common stock under the Purchase Plan and 42,041 shares of our common stock remained available for future purchases under the Purchase Plan.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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