v3.6.0.2
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of total shares available for grant
The following table summarizes the total number of shares available for grant under the 2014 Plan as of December 31, 2016:
 
 
 
Shares Available for Grant
 
 
Balance, December 31, 2015
5,017,525

Authorized
2,450,865

Options granted
(936,000
)
Options canceled
814,728

Awards granted
(3,286,825
)
Awards canceled
1,056,460

Balance, December 31, 2016
5,116,753

Summary of shares available for grant and outstanding stock option activity
The following table summarizes the information about outstanding stock option activity:
 
Options Outstanding
 
Number of
Shares
Underlying
Outstanding
Options
 
Weighted
Average
Exercise 
Price
 
Weighted
Average
Remaining
Contractual Term
(Years)
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
(in thousands)
Balance, December 31, 2015
6,543,162

 
$
6.05

 
7.03
 
$
6,570

Options granted
936,000

 
6.13

 
 
 
 
Options exercised
(444,660
)
 
2.01

 
 
 
 
Options canceled
(814,728
)
 
7.57

 
 
 
 
Balance, December 31, 2016
6,219,774

 
$
6.15

 
6.42
 
$
6,056

Options exercisable, December 31, 2016
4,086,597

 
$
5.67

 
5.62
 
$
5,903

Options vested and expected to vest, December 31, 2016
5,964,671

 
$
6.12

 
6.35
 
$
6,046

Stock options outstanding and exercisable under stock option plans
The stock options outstanding and exercisable under its stock option plan as of December 31, 2016, are as follows:
 
 
Options Outstanding
 
Options Vested and Exercisable
Range of Exercise Prices
 
Number of
Options Outstanding
 
Weighted
Average
Remaining
Contractual Term
(Years)
 
Weighted
Average
Exercise Price per Share
 
Number of
Options Exercisable
 
Weighted
Average
Exercise Price per Share
 
 
 
 
 
 
 
 
 
 
 
$0.25 - $2.05
 
1,183,702

 
3.86
 
$
1.30

 
1,160,368

 
$
1.28

$2.28 - $6.00
 
1,358,528

 
6.37
 
5.27

 
1,104,796

 
5.22

$6.09 - $6.85
 
1,041,000

 
8.62
 
6.26

 
215,308

 
6.28

$7.15 - $7.48
 
1,039,063

 
7.40
 
7.17

 
417,772

 
7.17

$7.98 - $9.56
 
73,826

 
5.73
 
8.38

 
58,638

 
8.31

$9.58 - $11.31
 
1,523,655

 
6.34
 
9.81

 
1,129,715

 
9.82

 
 
6,219,774

 
6.42
 
$
6.15

 
4,086,597

 
$
5.67

Summary of RSU activity and related information
The following is a summary of the Company’s RSU activity and related information for the year ended December 31, 2016:
 
Restricted Stock Units Outstanding
 
Shares
 
Weighted Average
Grant Date
Fair Value Per Share
 
 
 
 
Balance, December 31, 2015
4,046,106

 
$
6.49

Awards granted
3,286,825

 
6.20

Awards vested
(2,099,785
)
 
$
6.54

Awards canceled
(867,476
)
 
$
6.57

Balance, December 31, 2016
4,365,670

 
$
6.23

Summary of the assumptions related to stock options
Weighted average assumptions used to value the Company's stock options granted were as follows:
 
Year Ended December 31,
 
2016
 
2015
 
2014
Stock options:
 
 
 
 
 
Expected term (in years)
5.78

 
6.04

 
5.56

Expected volatility
55
%
 
51
%
 
49
%
Risk free interest rate
1.49
%
 
1.75
%
 
1.85
%
Dividend rate

 

 

Summary of the assumptions related to MBRSU's
Weighted average assumptions used to value MBRSUs under the Monte Carlo model were as follows:
 
Year Ended December 31,
 
2016
 
2015
 
2014
MBRSUs:
 
 
 
 
 
Expected volatility
53
%
 
N/A
 
N/A
Risk free interest rate
1.07
%
 
N/A
 
N/A
N/A - Not applicable. No MBRSUs granted in those years.
 
 
 
 
 
Weighted average assumptions used to value employee stock purchase rights
Weighted average assumptions used to value employee stock purchase rights under the Black-Scholes model were as follows:
 
Year Ended December 31,
 
2016
 
2015
 
2014
ESPP purchase rights:
 
 
 
 
 
Expected term (in years)
0.5 - 1.00
 
0.5 - 2.00
 
0.68 - 2.00
Expected volatility
34% - 44%
 
35% - 55%
 
35% - 40%
Risk free interest rate
0.49% - 0.82%
 
0.07% - 0.51%
 
0.08% - 0.49%
Schedule of stock-based awards granted in the consolidated statements of operations
The total stock-based compensation the Company recognized for stock-based awards in the consolidated statements of operations is as follows:
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(in thousands)
Cost of revenue
$
1,305

 
$
902

 
$
411

Research and development
5,393

 
4,651

 
2,419

Sales and marketing
8,269

 
7,112

 
4,121

General and administrative
6,735

 
5,706

 
3,301

Total stock-based compensation
$
21,702

 
$
18,371

 
$
10,252


The following table presents stock-based compensation expense by award-type:
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(in thousands)
Stock Options
$
4,933

 
$
4,733

 
$
5,780

Restricted Stock Units
14,316

 
11,652

 
3,188

Employee Stock Purchase Plan
2,453

 
1,986

 
1,284

Total stock-based compensation
$
21,702

 
$
18,371

 
$
10,252