Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Options and Awards

Awards granted other than an option or stock appreciation right reduce the common stock shares available for grant under the program by 1.75 shares for each share issued.

	March 31, 2015
Common stock shares available for grant		1,440,213
Common stock options outstanding		3,875,153
Restricted stock awards outstanding		35,364
Restricted stock units outstanding		565,148

Schedule of Employee Stock Purchase Plan

The intrinsic value listed below is calculated as the difference between the market value on the date of purchase and the purchase price of the shares.

	Three Months Ended March 31, 2015
Shares purchased under ESPP		23,713
Average price of shares purchased under ESPP	$	8.00
Intrinsic value of shares purchased under ESPP	$	33,000

Schedule of Standard and Market-based Stock Options Activity

The following table sets forth the summary of standard option activity under the Company’s stock option plans for the three months ended March 31, 2015 and year ended December 31, 2014:

	Three Months Ended March 31, 2015			Year Ended December 31, 2014
Beginning outstanding balance		3,486,157			3,227,167
Granted		260,175			604,620
Exercised		(10,862	)		(205,744	)
Forfeited		(60,317	)		(102,454	)
Expired		0			(37,432	)
Ending outstanding balance		3,675,153			3,486,157
Aggregate intrinsic value of options exercised	$	30,000		$	1,125,000
Weighted average fair value of options granted		3.84			4.93

 

The following table sets forth the summary of the market-based option activity under the Company’s stock option plans for the three months ended March 31, 2015 and year ended December 31, 2014:

	Three Months Ended March 31, 2015		Year Ended December 31, 2014
Beginning outstanding balance		50,000		0
Granted		150,000		50,000
Exercised		0		0
Forfeited and cancelled		0		0
Ending outstanding balance		200,000		50,000
Aggregate intrinsic value of options exercised	$	0	$	0
Weighted average fair value of options granted		3.64		5.71

Schedule of Information Regarding Standard and Market Condition Based Stock Options Outstanding

Information regarding these standard stock options outstanding at March 31, 2015 and December 31, 2014 is summarized below:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (In millions)
December 31, 2014
Options outstanding		3,486,157	$	8.30		4.85	$	6.6
Options vested and expected to vest using estimated forfeiture rates		3,319,308		8.21		4.80		6.6
Options exercisable		2,023,024		7.18		4.26		6.0
March 31, 2015
Options outstanding		3,675,153	$	8.21		4.68	$	6.3
Options vested and expected to vest using estimated forfeiture rates		3,529,945		8.16		4.62		6.2
Options exercisable		2,270,159		7.50		4.02		5.6

Information regarding these market condition based stock options outstanding at March 31, 2015 and December 31, 2014 is summarized below:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (In millions)
December 31, 2014
Options outstanding		50,000	$	11.94		6.15	$	0.0
Options vested and expected to vestusing estimated forfeiture rates		45,430		11.94		6.15		0.0
Options exercisable		0		0.00		0.00		0.0
March 31, 2015
Options outstanding		200,000	$	9.05		6.67	$	0.2
Options vested and expected to vestusing estimated forfeiture rates		130,330		9.26		6.61		0.1
Options exercisable		0		0.00		0.00		0.0

Schedule of Restricted Stock Units Activity

RSU activity for the three months ended March 31, 2015 and year ended December 31, 2014 was as follows:

	Three Months Ended March 31, 2015			Year Ended December 31, 2014
Beginning outstanding balance		564,891			668,056
Awarded		273,290			265,630
Released		(261,168	)		(317,970	)
Forfeited		(11,865	)		(50,825	)
Ending outstanding balance		565,148			564,891
Weighted average grant date fair value of RSUs granted	$	8.09		$	11.35
Total fair value of RSUs released		2,185,000			3,491,000

Schedule of Information Regarding Restricted Stock Units Outstanding

Information regarding RSUs outstanding at March 31, 2015 and December 31, 2014 is summarized below:

	Number of Shares		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (In millions)
December 31, 2014
RSUs outstanding		564,891		0.84	$	5.3
RSUs vested and expected to vestusing estimated forfeiture rates		502,411		0.80		4.8
March 31, 2015
RSUs outstanding		565,148		1.54	$	5.2
RSUs vested and expected to vestusing estimated forfeiture rates		437,437		1.48		4.0

Schedule of Restricted Stock Awards Activity

Restricted stock award activity for the three months ended March 31, 2015 and year ended December 31, 2014 was as follows:

	Three Months Ended March 31, 2015		Year Ended December 31, 2014
Beginning outstanding balance		35,364		44,000
Awarded		0		35,364
Released		0		(44,000	)
Forfeited		0		0
Ending outstanding balance		35,364		35,364
Weighted average grant date fair value of restricted stock awarded	$	0	$	10.97
Total fair value of restricted stock awards released		0		483,000

Schedule of Stock Options, Market Condition Based Stock Options and Employee Stock Purchase Plan, Valuation Assumptions

The assumptions used to value option grants under the Company’s stock plans were as follows:

	Three Months Ended March 31,
	2015			2014
Standard Stock Options
Expected life (in years)		4.7			4.7
Volatility		56	%		57	%
Interest rate		1.4	%		1.4	%
Dividend yield		N/A			N/A

	Three Months Ended March 31,
	2015			2014
Market Condition Based Stock Options
Expected life (in years)		7.0			7.0
Volatility		65	%		66	%
Interest rate		1.9	%		2.2	%
Dividend yield		N/A			N/A

	Three Months Ended March 31,
	2015			2014
Employee Stock Purchase Plan
Expected life (in years)		0.5			0.5
Volatility		45	%		39	%
Interest rate		0.1	%		0.1	%
Dividend yield		N/A			N/A

Schedule of Stock-Based Compensation

Total stock-based compensation recognized in the condensed consolidated statements of operations and comprehensive income (loss) is as follows:

	Three Months Ended March 31,
	2015		2014
	(In thousands)
Statement of Operations Classifications
Sales and marketing	$	264	$	230
Research and development		496		475
General and administrative		980		878
Total	$	1,740	$	1,583