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Common Stock Options and Restricted Stock (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Weighted Average Assumptions Using the Black-Scholes Option Pricing Model

The fair value of each option granted is estimated on the date of grant using the Black‑Scholes option‑pricing model with the following weighted average assumptions:

 

 

 

Year ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Employees and directors:

 

 

 

 

 

 

 

 

 

 

 

 

Estimated volatility%

 

 

48.02

%

 

 

44.63

%

 

 

46.68

%

Expected life in years

 

 

6.15

 

 

 

5.99

 

 

 

5.88

 

Risk free interest rate%

 

 

2.08

%

 

 

1.46

%

 

 

1.74

%

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 
Schedule of Share-based Compensation Expense

The following table summarizes share-based compensation expense included within the Company’s consolidated statements of operations:

 

 

 

Year ended December 31,

 

(In thousands)

 

2017

 

 

2016

 

 

2015

 

Research and development

 

$

9,683

 

 

$

10,610

 

 

$

8,474

 

Selling, general and administrative

 

 

23,131

 

 

 

25,777

 

 

 

24,992

 

Total

 

$

32,814

 

 

$

36,387

 

 

$

33,466

 

 
Schedule of Stock Option Activity

A summary of share‑based compensation activity for the year ended December 31, 2017 is presented below:

 

 

 

Number

of Shares

(In thousands)

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining

Contractual Term

 

 

Intrinsic

Value

(In thousands)

 

Balance at December 31, 2016

 

 

9,072

 

 

$

31.11

 

 

 

 

 

 

 

 

 

Granted

 

 

1,671

 

 

 

20.36

 

 

 

 

 

 

 

 

 

Forfeited and expired

 

 

(1,316

)

 

 

32.48

 

 

 

 

 

 

 

 

 

Exercised

 

 

(498

)

 

 

21.02

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

 

8,929

 

 

$

29.46

 

 

 

6.0

 

 

$

5,594

 

Vested and expected to vest at December 31, 2017

 

 

8,806

 

 

$

29.59

 

 

 

6.0

 

 

$

5,139

 

Vested and exercisable at December 31, 2017

 

 

6,646

 

 

$

30.26

 

 

 

5.2

 

 

$

2,344

 

 
Schedule of Stock Options Activity, By Exercise Price Range

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of exercise price

 

Outstanding

as of

December 31,

2017

(In thousands)

 

 

Weighted-

average

remaining

contractual life

 

 

Weighted-

average

exercise price

 

 

Exercisable

as of

December 31,

2017

(In thousands)

 

 

Weighted-

average

exercise price

 

$13.80 - $22.06

 

 

1,876

 

 

 

6.0

 

 

$

18.61

 

 

 

1,168

 

 

$

19.67

 

$22.13 - $28.12

 

 

1,875

 

 

 

6.1

 

 

 

26.43

 

 

 

1,263

 

 

 

26.23

 

$28.14 - $32.55

 

 

1,860

 

 

 

5.4

 

 

 

30.69

 

 

 

1,659

 

 

 

30.79

 

$32.56 - $35.74

 

 

2,101

 

 

 

6.3

 

 

 

35.22

 

 

 

1,489

 

 

 

35.08

 

$35.84 - $44.50

 

 

1,217

 

 

 

6.1

 

 

 

39.01

 

 

 

1,067

 

 

 

39.07

 

 

 

 

8,929

 

 

 

6.0

 

 

$

29.46

 

 

 

6,646

 

 

$

30.26

 

 
Schedule of Restricted Stock Activity

 

Restricted Stock

 

Number of Shares

(In thousands)

 

Nonvested at December 31, 2016

 

 

625

 

Granted

 

 

542

 

Vested

 

 

(263

)

Forfeited

 

 

(206

)

Nonvested at December 31, 2017

 

 

698