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Equity (Tables) | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock options activity | Activity with respect to the stock options is summarized as follows:
| Number of Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2015 | 16,474,227 |  |  | $ | 3.43 |  |  |  |  |
Granted | 75,100 |  |  | $ | 9.66 |  |  |  |  |
Exercised | (2,220,881 | ) |  | $ | 2.08 |  |  |  |  |
Unvested options forfeited | (239,322 | ) |  | $ | 6.66 |  |  |  |  |
Vested options expired | (69,495 | ) |  | $ | 2.61 |  |  |  |  |
Outstanding at December 31, 2015 | 14,019,629 |  |  | $ | 3.62 |  |  | 6.5 |  | $ | 80,740,577 |
Vested at December 31, 2015 | 10,951,694 |  |  | $ | 2.80 |  |  | 6.2 |  | $ | 71,955,234 |
Vested or expected to vest at December 31, 2015 (a) | 13,917,122 |  |  | $ | 3.60 |  |  | 6.5 |  | $ | 80,496,150 |
(a) | Includes forfeiture adjusted unvested shares.
Summary of stock options outstanding and exercisable | Following is a summary of stock options outstanding and exercisable at December 31, 2015:
| Options Outstanding |  | Options Exercisable
Range of Exercise Prices | Number outstanding |  | Weighted- Average Remaining Contractual Term (in years) |  | Weighted- Average Exercise Price |  | Number Exercisable |  | Weighted- Average Exercise Price
$0.50 - $0.76 | 441,429 |  |  | 3.4 |  | $ | 0.72 |  |  | 441,429 |  |  | $ | 0.72 |
$0.87 - $1.35 | 4,783,304 |  |  | 5.7 |  | 1.19 |  |  | 4,783,304 |  |  | 1.19 |
$1.40 - $2.45 | 1,641,928 |  |  | 5.1 |  | 1.93 |  |  | 1,641,928 |  |  | 1.93 |
$2.66 - $3.99 | 957,454 |  |  | 6.8 |  | 3.05 |  |  | 907,452 |  |  | 3.00 |
$4.19 - $6.38 | 3,552,323 |  |  | 7.4 |  | 5.35 |  |  | 2,229,386 |  |  | 5.32 |
$6.45- $9.78 | 2,527,525 |  |  | 8.1 |  | 7.29 |  |  | 914,703 |  |  | 7.18 |
$9.90 - $10.99 | 115,666 |  |  | 8.9 |  | 10.43 |  |  | 33,492 |  |  | 10.50 |
| 14,019,629 |  |  | 6.5 |  | $ | 3.62 |  |  | 10,951,694 |  |  | $ | 2.80 |
Unvested stock options roll forward | A summary of the status of the Company’s unvested stock options as of December 31, 2015 is presented below:
Unvested Stock Options | Number of Shares |  | Weighted- Average Grant Date Fair Value
Unvested at January 1, 2015 | 7,193,577 |  |  | $ | 3.08 |
Granted | 75,100 |  |  | $ | 5.15 |
Cancelled | (239,322 | ) |  | $ | 3.79 |
Vested | (3,961,420 | ) |  | $ | 2.53 |
Unvested at December 31, 2015 | 3,067,935 |  |  | $ | 3.81 |
Fair value of options valuation assumptions | The assumptions used in calculating the fair value of options using the Black-Scholes-Merton option-pricing model are set forth in the following table:
| Year ended December 31,
| 2015 |  | 2014 |  | 2013
Expected volatility | 54.35 - 58.14% |  |  | 58.14 - 64.50% |  |  | 61.41 - 64.77% |
Expected life (in years) | 6 |  |  | 6 |  |  | 6 |
Expected dividend yield | — |  |  | — |  |  | — |
Risk-free interest rate | 1.51 - 1.68% |  |  | 1.64 - 1.96% |  |  | 0.85 - 1.88% |
Restricted stock awards roll forward | Following is summary information for restricted stock awards for the year ended December 31, 2015. Shares vest over a one to three year period. As of December 31, 2015, there was approximately $16,606,000 of total unrecognized stock-based compensation related to time-based, non-vested restricted stock. That expense is expected to be recognized on a straight-line basis over a weighted-average period of 2.1 years. Additionally, during the twelve months ended December 31, 2015, 5,172 shares of common stock valued at approximately $57,000 were issued under the 2006 Plan to a consultant in return for services performed.
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2015 |  | 1,228,898 |  |  | $ | 7.16 |
Granted |  | 1,974,259 |  |  | $ | 9.80 |
Vested |  | (517,883 | ) |  | $ | 6.90 |
Forfeited |  | (72,007 | ) |  | $ | 9.77 |
Unvested at December 31, 2015 |  | 2,613,267 |  |  | $ | 9.14 |
Allocation of share-based compensation | For the years ended December 31, 2015, 2014, and 2013 the Company recognized stock-based compensation as follows (in thousands):
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Cost of sales | $ | 352 |  |  | $ | 322 |  |  | $ | 279 |
Research and development | 790 |  |  | 660 |  |  | 417 |
Selling, general and administrative | 15,754 |  |  | 10,471 |  |  | 5,314 |
| $ | 16,896 |  |  | $ | 11,453 |  |  | $ | 6,010 |

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