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Stock-based Compensation
 9 Months Ended
Oct. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-based Compensation

10. Stock-based Compensation

The following table presents the classification of stock-based compensation for the periods indicated:

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(in thousands)

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

157

 

 

$

97

 

 

$

408

 

 

$

214

 

Research and development

 

 

5,201

 

 

 

2,363

 

 

 

11,966

 

 

 

5,582

 

Selling, general and administrative

 

 

2,587

 

 

 

1,824

 

 

 

7,174

 

 

 

4,311

 

Total stock-based compensation

 

$

7,945

 

 

$

4,284

 

 

$

19,548

 

 

$

10,107

 

During the three months ended October 31, 2015, the Company granted 84,239 shares of restricted stock awards. As of October 31, 2015, total unrecognized compensation cost related to unvested stock options was $12.4 million and is expected to be recognized over a weighted-average period of 2.59 years. Total unrecognized compensation cost related to unvested restricted stock units was $111.4 million and is expected to be recognized over a weighted-average period of 3.33 years. Total unrecognized compensation cost related to unvested restricted stock awards was $4.7 million and is expected to be recognized over a weighted-average period of 3.87 years.

The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated:

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volatility

 

55

%

 

 

63

%

 

 

57

%

 

 

64

%

Risk-free interest rate

 

1.70

%

 

 

1.94

%

 

 

1.73

%

 

 

1.94

%

Expected term (years)

6.08

 

 

 

5.97

 

 

6.08

 

 

 

6.00

 

Dividend yield

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Employee stock purchase plan awards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volatility

 

63

%

 

 

40

%

 

 

63

%

 

 

40

%

Risk-free interest rate

 

0.27

%

 

 

0.05

%

 

 

0.21

%

 

 

0.05

%

Expected term (years)

 

0.5

 

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Dividend yield

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

The following table summarizes stock option activities for the nine months ended October 31, 2015:

 

 

 

Option Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Intrinsic

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Value of

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

 

 

Weighted-

 

 

Average

 

 

options

 

 

Contractual

 

 

Intrinsic

 

 

 

 

 

 

 

Average

 

 

Grant-date

 

 

Exercised

 

 

Term

 

 

Value

 

 

 

Shares

 

 

Exercise Price

 

 

Fair Value

 

 

(in thousands)

 

 

(in years)

 

 

(in thousands)

 

Outstanding at January 31, 2015

 

 

2,281,909

 

 

$

13.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

163,200

 

 

 

73.06

 

 

$

39.79

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(509,933

)

 

 

9.28

 

 

 

 

 

 

$

35,157

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(31,081

)

 

 

28.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at October 31, 2015

 

 

1,904,095

 

 

 

18.89

 

 

 

 

 

 

 

 

 

 

6.08

 

 

$

62,057

 

Exercisable at October 31, 2015

 

 

1,363,586

 

 

$

9.41

 

 

 

 

 

 

 

 

 

 

 

5.04

 

 

$

54,587

 

Vested and expected to vest at October 31, 2015

 

 

1,868,541

 

 

$

18.32

 

 

 

 

 

 

 

 

 

 

 

6.03

 

 

$

61,700

 

Exercisable shares include options with early exercise rights. The vested and expected-to-vest options are calculated based on vesting schedule of each grant as of the reporting date.

The intrinsic value of options outstanding, exercisable and expected-to-vest options are calculated based on the difference between the fair market value of the Company’s ordinary shares on the reporting date and the exercise price. The closing price of the Company’s ordinary shares was $49.44 on October 31, 2015, as reported by The NASDAQ Global Market. The intrinsic value of exercised options is calculated based on the difference between the fair market value of the Company’s ordinary shares on the exercise date and the exercise price.

The following table summarizes restricted stock activities for the periods indicated:

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant-Date

 

 

 

Shares

 

 

Fair Value

 

Unvested at January 31, 2015

 

 

1,980,448

 

 

$

26.82

 

Granted

 

 

1,264,079

 

 

 

66.57

 

Vested

 

 

(538,487

)

 

 

25.20

 

Forfeited

 

 

(24,439

)

 

 

38.44

 

Unvested at October 31, 2015

 

 

2,681,601

 

 

$

45.78

 

As of October 31, 2015, the aggregate intrinsic value of unvested restricted stock was $132.6 million.

Non-employee Stock-based Compensation

The fair value of awards granted to non-employees is determined on the date of grant and remeasured at the end of each reporting period until such awards vest. The non-employee stock-based compensation was not material for the nine months ended October 31, 2015 and 2014, respectively.