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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | 5. STOCK-BASED COMPENSATION The following table summarizes the stock-based compensation expense related to stock options, performance stock units (PSUs), restricted stock units (RSUs) and restricted stock for the three months ended March 31, 2017 and 2016, which was recognized as follows:
|  | Three Months Ended |
|  | March 31, |
(In thousands) |  | 2017 |  |  | 2016 |
Stock-based compensation expense included in cost of sales |  | $ | 91 |  |  | $ | 99 |
Selling, general and administrative expense |  |  | 1,016 |  |  |  | 769 |
Research and development expense |  |  | 776 |  |  |  | 690 |
Stock-based compensation expense included in operating expenses |  |  | 1,792 |  |  |  | 1,459 |
Total stock-based compensation expense |  |  | 1,883 |  |  |  | 1,558 |
Tax benefit for expense associated with non-qualified options |  |  | (380 | ) |  |  | (212 | )
Total stock-based compensation expense, net of tax |  | $ | 1,503 |  |  | $ | 1,346 |
Stock Options The following table is a summary of our stock options outstanding as of December 31, 2016 and March 31, 2017 and the changes that occurred during the three months ended March 31, 2017:
(In thousands, except per share amounts) |  | Number of Options |  |  | Weighted Avg. Exercise Price |  |  | Weighted Avg. Remaining Contractual Life In Years |  |  | Aggregate Intrinsic Value |
Options outstanding, December 31, 2016 |  |  | 6,338 |  |  | $ | 22.14 |  |  |  | 5.63 |  |  | $ | 16,972 |
Options granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Options exercised |  |  | (82 | ) |  | $ | 16.84 |  |  |  |  |  |  |  |  |
Options forfeited |  |  | (12 | ) |  | $ | 17.84 |  |  |  |  |  |  |  |  |
Options expired |  |  | (16 | ) |  | $ | 26.18 |  |  |  |  |  |  |  |  |
Options outstanding, March 31, 2017 |  |  | 6,228 |  |  | $ | 22.21 |  |  |  | 5.38 |  |  | $ | 11,692 |
Options vested and expected to vest, March 31, 2017 |  |  | 6,228 |  |  | $ | 22.21 |  |  |  | 5.38 |  |  | $ | 11,692 |
Options exercisable, March 31, 2017 |  |  | 4,660 |  |  | $ | 23.78 |  |  |  | 4.47 |  |  | $ | 6,111 |
The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the closing price of our stock on the last trading day of the quarter and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2017. The aggregate intrinsic value will change based on the fair market value of our stock. The total pre-tax intrinsic value of options exercised during the three months ended March 31, 2017 was $0.4 million. As of March 31, 2017, there was $6.3 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over an average remaining recognition period of 2.0 years. The fair value of our stock options is estimated using the Black-Scholes model. The determination of the fair value of stock options on the date of grant using the Black-Scholes model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables that may have a significant impact on the fair value estimate. There were no options granted during the three months ended March 31, 2017 or 2016. PSUs, RSUs and restricted stock The following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2016 and the changes that occurred during the three months ended March 31, 2017:
(In thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Avg. Grant Date Fair Value |
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2016 |  |  | 519 |  |  | $ | 20.51 |
PSUs, RSUs and restricted stock granted |  |  | 518 |  |  | $ | 22.25 |
PSUs, RSUs and restricted stock vested |  |  | (2 | ) |  | $ | 18.29 |
PSUs, RSUs and restricted stock forfeited |  |  | (2 | ) |  | $ | 20.00 |
Unvested PSUs, RSUs and restricted stock outstanding, March 31, 2017 |  |  | 1,033 |  |  | $ | 21.39 |
The fair value of our PSUs with market conditions is calculated using a Monte Carlo Simulation valuation method. The fair value of RSUs and restricted stock is equal to the closing price of our stock on the date of grant. During the first quarter of 2017, the Compensation Committee of the Board of Directors approved a PSU grant of 0.5 million shares that contain performance conditions. The fair value of these performance-based PSU awards was equal to the closing price of our stock on the date of grant. As of March 31, 2017, there was $8.8 million of unrecognized compensation expense related to unvested market-based PSUs, RSUs and restricted stock, which is expected to be recognized over an average remaining recognition period of 3.2 years. In addition, there was $11.5 million of unrecognized compensation expense related to unvested performance-based PSUs, which will be recognized over the requisite service period of three years as achievement of the performance objective becomes probable. For the three months ended March 31, 2017, no compensation expense was recognized related to these performance-based PSU awards.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: 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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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