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COMMON STOCK AND STOCK-BASED COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option and SARs activities and related information for the nine months ended September 30, 2018, are as follows:

		Number of options and SAR units (1)				Weighted average exercise price				Weighted average remaining contractual term				Aggregate intrinsic- value
Outstanding as of December 31, 2017			729,017			$	19.77				5.2			$	19,229
Granted			—				—
Exercised			(19,474	)			16.22
Forfeited or expired			(2,128	)			20.50
Outstanding as of September 30, 2018 (2)			707,415			$	19.87				4.5			$	6,447
Exercisable as of September 30, 2018 (3)			610,731			$	18.96				4.2			$	6,089

(1) The SAR units are convertible for a maximum number of shares of the Company’s common stock equal to 75% of the SAR units subject to the grant.

(2) Due to the ceiling imposed on the SAR grants, the outstanding amount equals a maximum of 645,874 shares of the Company’s common stock issuable upon exercise.

(3) Due to the ceiling imposed on the SAR grants, the exercisable amount equals a maximum of 553,861 shares of the Company’s common stock issuable upon exercise.

Summary of Restricted Stock Units Activity

A summary of the Company’s RSU activities and related information for the nine months ended September 30, 2018, are as follows:

		Number of RSUs				Weighted Average Grant-Date Fair Value
Unvested as of December 31, 2017			560,616			$	29.31
Granted			304,496				34.83
Vested			(268,052	)			27.73
Forfeited or expired			(30,865	)			35.46
Unvested as of September 30, 2018			566,195			$	32.70

Equity-Based Compensation Expense Included in Interim Condensed Consolidated Statements of Income

The following table shows the total equity-based compensation expense included in the interim condensed consolidated statements of income:

		Nine months ended September 30,								Three months ended September 30,
		2018 (unaudited)				2017 (unaudited)				2018 (unaudited)				2017 (unaudited)
Cost of revenue		$	480			$	330			$	155			$	125
Research and development, net			3,874				2,834				1,246				991
Sales and marketing			1,246				1,040				369				381
General and administrative			2,483				2,142				697				722
Total equity-based compensation expense		$	8,083			$	6,346			$	2,467			$	2,219

Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan

The fair value for rights to purchase shares of common stock under the Company’s employee stock purchase plan was estimated on the date of grant using the following assumptions:

		Nine months ended September 30,								Three months ended September 30,
		2018 (unaudited)				2017 (unaudited)				2018 (unaudited)				2017 (unaudited)
Expected dividend yield			0	%			0	%			0	%			0	%
Expected volatility			35%-42	%			28%-46	%			38	%			28%-43	%
Risk-free interest rate			0.7%-2.2	%			0.5%-1.1	%			2.2	%			0.6%-1.1	%
Contractual term of up to			24 months				24 months				24 months				24 months

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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