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Stockholders' equity | 12 Months Ended
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Dec. 31, 2016
Stockholders' equity [Abstract] |
Stockholders' equity | 10. Stockholders' equity Preferred stock The Company is authorized to issue up to 15.0 million shares of preferred stock, $0.001 par value per share ("Preferred Stock"). Any Preferred Stock issued may have dividend rights, voting rights, conversion privileges, redemption characteristics, and sinking fund requirements as approved by the Company's board of directors. Common stock The Company currently has one class of common stock, $0.001 par value per share common stock ("Common Stock"), authorized and outstanding. The Company is authorized to issue up to 200.0 million shares of Common Stock. Holders of Common Stock are entitled to one vote for each share of Common Stock held on all matters, except as may be provided by law. Stock options and restricted stock units As of December 31, 2016, the Company has two stock-based employee compensation plans, the Fourth Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan (the "2006 Plan") and the Emergent BioSolutions Employee Stock Option Plan (the "2004 Plan"). The Company refers to both plans together as the "Emergent Plans." On May 19, 2016, the Company's shareholders approved the Fourth Amended and Restated Emergent BioSolutions Inc. 2006 Stock Incentive Plan, and the issuance of 3.8 million shares thereunder. In addition, the Company's shareholders approved an increase in the number of authorized shares of common stock to 200.0 million shares from 100.0 million shares. In connection with the Separation on August 1, 2016 and in accordance with the employee matters agreement and the Emergent Plans, the Company made certain adjustments to the exercise price and number of equity awards. Continuing Emergent employees with equity awards issued prior to Distribution received an equitable adjustment reflecting a revised exercise price and number of equity awards granted. Continuing Aptevo employees who had been granted Emergent equity awards had their grants canceled and reissued as Aptevo equity awards with an adjusted exercise price. The following is a summary of option award activity under the Emergent Plans:
|  | 2006 Plan |  |  | 2004 Plan |  |  |  |
|  | Number of Shares |  |  | Weighted-Average Exercise Price |  |  | Number of Shares |  |  | Weighted-Average Exercise Price |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2015 |  |  | 2,964,237 |  |  | $ | 22.73 |  |  |  | 29,699 |  |  | $ | 10.28 |  |  | $ | 52,119,607 |
Granted |  |  | 411,698 |  |  |  | 33.61 |  |  |  | - |  |  |  | - |  |  |  |  |
Exercised |  |  | (809,638 | ) |  |  | 19.41 |  |  |  | (29,699 | ) |  |  | 10.28 |  |  |  |  |
Forfeited |  |  | (96,293 | ) |  |  | 26.67 |  |  |  | - |  |  |  | - |  |  |  |  |
Cancelled |  |  | (146,986 | ) |  |  | 28.33 |  |  |  | - |  |  |  | - |  |  |  |  |
Equitable adjustment |  |  | 236,313 |  |  |  | 22.90 |  |  |  | - |  |  |  | - |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 2,559,331 |  |  | $ | 22.94 |  |  |  | - |  |  | $ | - |  |  | $ | 25,348,245 |
Exercisable at December 31, 2016 |  |  | 1,504,855 |  |  | $ | 19.59 |  |  |  | - |  |  | $ | - |  |  | $ | 19,938,451 |
Options expected to vest at December 31, 2016 |  |  | 849,184 |  |  | $ | 27.46 |  |  |  | - |  |  | $ | - |  |  | $ | 4,565,548 |
The following is a summary of restricted stock unit award activity under the 2006 Plan:
|  | Number of Shares |  |  | Weighted-Average Grant Price |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2015 |  |  | 889,004 |  |  | $ | 26.86 |  |  | $ | 35,569,048 |
Granted |  |  | 515,782 |  |  |  | 34.00 |  |  |  |  |
Vested |  |  | (420,599 | ) |  |  | 24.68 |  |  |  |  |
Forfeited |  |  | (80,428 | ) |  |  | 29.40 |  |  |  |  |
Cancelled |  |  | (107,514 | ) |  |  | 30.90 |  |  |  |  |
Equitable adjustment |  |  | 79,339 |  |  |  | 28.86 |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 875,584 |  |  | $ | 28.94 |  |  | $ | 28,754,179 |
The weighted average remaining contractual term of options outstanding as of December 31, 2016 and 2015 was 4.0 years and 4.4 years, respectively. The weighted average remaining contractual term of options exercisable as of December 31, 2016 and 2015 was 3.2 years and 3.4 years, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2016, 2015 and 2014 was $9.24, $8.66 and $8.84, respectively. The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $15.6 million, $20.2 million and $7.5 million, respectively. The total fair value of awards vested during 2016, 2015 and 2014 was $16.9 million, $14.4 million and $12.3 million, respectively. As of the year ended December 31, 2016, the total compensation cost and weighted average period over which total compensation is expected to be recognized related to unvested equity awards was $18.0 million and 1.86 years, respectively. On July 14, 2016, the Company's board of directors authorized management to repurchase, from time to time, up to an aggregate of $50 million of the Company's common stock under a board-approved share repurchase program. The timing, amount, and price of any repurchases will be made pursuant to one or more 10b5-1 plans. The term of the board authorization of the repurchase program is until December 31, 2017. The program will permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the Company's stock plans and for other corporate purposes. As of December 31, 2016, the Company has neither implemented a repurchase plan nor repurchased any shares under this program. Stock-based compensation expense was recorded in the following financial statement line items:
|  | Years ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Cost of product sales |  | $ | 997 |  |  | $ | 1,183 |  |  | $ | 1,145 |
Research and development |  |  | 2,297 |  |  |  | 2,324 |  |  |  | 2,779 |
Selling, general and administrative |  |  | 14,062 |  |  |  | 11,234 |  |  |  | 7,830 |
Continuing operations |  |  | 17,356 |  |  |  | 14,741 |  |  |  | 11,754 |
Discontinued operations |  |  | 1,121 |  |  |  | 1,107 |  |  |  | 1,075 |
Total stock-based compensation expense |  | $ | 18,477 |  |  | $ | 15,848 |  |  | $ | 12,829 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
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