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Equity (Tables) | 9 Months Ended
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Sep. 30, 2016
Equity [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, 2016 | 14,019,629 |  |  | $ | 3.62 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (926,010 | ) |  | $ | 2.76 |  |  |  |  |
Unvested options forfeited | (93,097 | ) |  | $ | 6.52 |  |  |  |  |
Vested options expired | (38,354 | ) |  | $ | 6.77 |  |  |  |  |  |
Outstanding at September 30, 2016 | 12,962,168 |  |  | $ | 3.65 |  |  | 5.77 |  | $ | 64,153,271 |
Vested at September 30, 2016 | 11,818,559 |  |  | $ | 3.30 |  |  | 5.62 |  | $ | 62,449,678 |
Vested or expected to vest at September 30, 2016 (a) | 12,937,248 |  |  | $ | 3.30 |  |  | 5.62 |  | $ | 64,120,370 |
(a) | Includes forfeiture adjusted unvested shares.
Stock Options Outstanding and Exercisable | Following is a summary of stock options outstanding and exercisable at September 30, 2016:
| 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 |  |  | 2.6 |  | $ | 0.72 |  |  | 441,429 |  |  | $ | 0.72 |
$0.87 - $1.35 | 4,397,970 |  |  | 4.9 |  | 1.19 |  |  | 4,397,970 |  |  | 1.19 |
$1.40 - $2.45 | 1,442,424 |  |  | 4.2 |  | 1.92 |  |  | 1,442,424 |  |  | 1.92 |
$2.66 - $3.99 | 889,430 |  |  | 6.1 |  | 3.06 |  |  | 889,430 |  |  | 3.06 |
$4.19 - $6.38 | 3,253,783 |  |  | 6.7 |  | 5.36 |  |  | 2,997,303 |  |  | 5.32 |
$6.45 - $9.78 | 2,431,132 |  |  | 7.4 |  | 7.30 |  |  | 1,614,677 |  |  | 7.23 |
$9.90- $10.99 | 106,000 |  |  | 8.2 |  | 10.43 |  |  | 35,326 |  |  | 10.43 |
| 12,962,168 |  |  | 5.8 |  | $ | 3.65 |  |  | 11,818,559 |  |  | $ | 3.30 |
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:
| Nine Months Ended September 30,
| 2016 |  | 2015
Expected volatility | n/a |  | 54.4 - 58.1 % |
Expected life (in years) | n/a |  | 6.0 |
Expected dividend yield | n/a |  | — |
Risk-free interest rate | n/a |  | 1.51 - 1.68% |
Restricted Stock Awards Roll Forward | Activity with respect to restricted stock awards for the nine months ended September 30, 2016 is summarized as follows:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2016 | 2,613,267 |  |  | $9.14
Granted | 2,369,876 |  |  | 7.98
Vested | (952,910 | ) |  | 8.75
Forfeited | (137,575 | ) |  | 8.73 |
Unvested at September 30, 2016 | 3,892,658 |  |  | $8.54
Allocation of Share-based Compensation | For the three and nine months ended September 30, 2016 and 2015, the Company recognized stock-based compensation as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Cost of sales | $ | 109 |  |  | $ | 85 |  |  | $ | 300 |  |  | $ | 270 |
Research and development | 159 |  |  | 202 |  |  | 520 |  |  | 591 |
Selling, general and administrative | 4,433 |  |  | 4,091 |  |  | 13,006 |  |  | 11,703 |
| $ | 4,701 |  |  | $ | 4,378 |  |  | $ | 13,826 |  |  | $ | 12,564 |

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