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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Note 11 — Stock-Based Compensation We issue stock-based awards from our equity incentive plans, which are more fully described in Note 9. Stock-based compensation expense was recognized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Cost of goods sold |  | $ | 1,161 |  |  | $ | 1,297 |  |  | $ | 1,496 |
Research and development |  |  | 7,528 |  |  |  | 7,910 |  |  |  | 7,082 |
General and administrative |  |  | 8,328 |  |  |  | 8,501 |  |  |  | 7,621 |
Total stock-based compensation |  | $ | 17,017 |  |  | $ | 17,708 |  |  | $ | 16,199 |
As of December 31, 2014, total unrecognized compensation costs of $51.9 million related to unvested stock-based compensation arrangements are expected to be recognized as expense over a weighted-average period of 2.1 years. Black-Scholes Assumptions The following tables list the Black-Scholes option-pricing model assumptions used to calculate the fair value of employee and director stock options.
|  | Year Ended December 31, 2014 |  |  | Year Ended December 31, 2013 |  |  | Year Ended December 31, 2012 |
Average risk-free interest rate |  |  | 1.6 | % |  |  | 0.9 | % |  |  | 0.9 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Average volatility factor |  |  | 51.6 | % |  |  | 61.2 | % |  |  | 62.2 | %
Average weighted average expected life |  |  | 5.2 years |  |  |  | 5.2 years |  |  |  | 5.0 years |
The average risk-free interest rate is based on the U.S. treasury yield curve in effect at the time of grant for periods commensurate with the expected life of the stock-based award. We have never paid dividends, nor do we expect to pay dividends in the foreseeable future; therefore, we used a dividend yield of 0.0%. Our estimate of expected volatility is based on the daily historical trading data of our common stock at the time of grant over a historical period commensurate with the expected life of the stock-based award. For the years ended December 31, 2014, 2013, and 2012, we estimated the weighted-average expected life based on the contractual and vesting terms of the stock options, as well as historic cancellation and exercise data. Stock-based compensation resulting from our ESPP was not material in the years ended December 31, 2014, 2013, and 2012. Summary of Stock Option Activity The table below presents a summary of stock option activity under our equity incentive plans (in thousands, except for price per share and contractual life information):
|  | Number of Shares |  |  | Weighted- Average Exercise Price per Share |  |  | Weighted- Average Remaining Contractual Life (in Years) |  |  | Aggregate Intrinsic Value(1) |
Outstanding at December 31, 2013 |  |  | 20,655 |  |  | $ | 9.06 |  |  |  |  |  |  |  |  |
Options granted |  |  | 7,713 |  |  |  | 13.96 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (4,852 | ) |  |  | 9.43 |  |  |  |  |  |  |  |  |
Options forfeited & canceled |  |  | (1,521 | ) |  |  | 11.89 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2014 |  |  | 21,995 |  |  | $ | 10.50 |  |  |  | 4.96 |  |  | $ | 112,549 |
Vested and expected to vest at December 31, 2014 |  |  | 21,338 |  |  | $ | 10.41 |  |  |  | 4.89 |  |  | $ | 111,071 |
Exercisable at December 31, 2014 |  |  | 13,007 |  |  | $ | 8.90 |  |  |  | 3.47 |  |  | $ | 85,839 |
(1) | Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on December 31, 2014.
The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2014, 2013, and 2012 was $6.50, $4.95, and $3.92, respectively. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013, and 2012 was $25.9 million, $4.5 million, and $1.9 million, respectively. The estimated fair value of options vested during the years ended December 31, 2014, 2013, and 2012 was $15.2 million, $14.1 million, and $15.7 million, respectively.

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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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 Reference 4: 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 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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