XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Stock-Based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | 6. 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 and nine months ended September 30, 2018 and 2017, which was recognized as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Stock-based compensation expense included in cost of sales |  | $ | 101 |  |  | $ | 97 |  |  | $ | 298 |  |  | $ | 281 |
Selling, general and administrative expense |  |  | 894 |  |  |  | 994 |  |  |  | 2,924 |  |  |  | 3,018 |
Research and development expense |  |  | 645 |  |  |  | 743 |  |  |  | 2,021 |  |  |  | 2,274 |
Stock-based compensation expense included in operating expenses |  |  | 1,539 |  |  |  | 1,737 |  |  |  | 4,945 |  |  |  | 5,292 |
Total stock-based compensation expense |  |  | 1,640 |  |  |  | 1,834 |  |  |  | 5,243 |  |  |  | 5,573 |
Tax benefit for expense associated with non-qualified options, PSUs, RSUs and restricted stock |  |  | (292 | ) |  |  | (402 | ) |  |  | (1,016 | ) |  |  | (1,215 | )
Total stock-based compensation expense, net of tax |  | $ | 1,348 |  |  | $ | 1,432 |  |  | $ | 4,227 |  |  | $ | 4,358 |
Stock Options The following table is a summary of our stock options outstanding as of December 31, 2017 and September 30, 2018 and the changes that occurred during the nine months ended September 30, 2018:
(In thousands, except per share amounts) |  | Number of Stock Options |  |  | Weighted Avg. Exercise Price |  |  | Weighted Avg. Remaining Contractual Life In Years |  |  | Aggregate Intrinsic Value |
Stock options outstanding, December 31, 2017 |  |  | 5,148 |  |  | $ | 22.65 |  |  |  | 4.87 |  |  | $ | 6,109 |
Stock options granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Stock options exercised |  |  | (85 | ) |  | $ | 15.48 |  |  |  |  |  |  |  |  |
Stock options forfeited |  |  | (71 | ) |  | $ | 16.50 |  |  |  |  |  |  |  |  |
Stock options expired |  |  | (331 | ) |  | $ | 25.87 |  |  |  |  |  |  |  |  |
Stock options outstanding, September 30, 2018 |  |  | 4,661 |  |  | $ | 22.64 |  |  |  | 4.12 |  |  | $ | 2,730 |
Stock options vested and expected to vest, September 30, 2018 |  |  | 4,661 |  |  | $ | 22.64 |  |  |  | 4.12 |  |  | $ | 2,730 |
Stock options exercisable, September 30, 2018 |  |  | 3,952 |  |  | $ | 23.75 |  |  |  | 3.63 |  |  | $ | 1,600 |
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 stock options) that would have been received by the option holders had all option holders exercised their options on September 30, 2018. 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 and nine months ended September 30, 2018 was $0.1 million and $0.2 million, respectively. As of September 30, 2018, there was $1.2 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over an average remaining recognition period of 1.0 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 stock options granted during the three and nine months ended September 30, 2018 or 2017. PSUs, RSUs and restricted stock The following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2017 and the changes that occurred during the nine months ended September 30, 2018:
(In thousands, except per share amounts) |  | Number of Shares |  |  | Weighted Avg. Grant Date Fair Value |
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2017 |  |  | 1,292 |  |  | $ | 21.33 |
PSUs, RSUs and restricted stock granted |  |  | 22 |  |  | $ | 17.84 |
PSUs, RSUs and restricted stock vested |  |  | (14 | ) |  | $ | 20.19 |
PSUs, RSUs and restricted stock forfeited |  |  | (165 | ) |  | $ | 21.66 |
Unvested PSUs, RSUs and restricted stock outstanding, September 30, 2018 |  |  | 1,135 |  |  | $ | 21.23 |
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 September 30, 2018, there was $9.8 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 2.6 years. In addition, there was $9.4 million of unrecognized compensation expense related to unvested performance-based PSUs, which will be recognized over the requisite service period of three years as the achievement of the performance objective becomes probable. For the three and nine months ended September 30, 2018, no compensation expense was recognized related to these performance-based PSU awards.

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration