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Share-Based Payments
 6 Months Ended
Jun. 30, 2015
Share-Based Payments  
Share-Based Payments

 

10. Share-Based Payments

 

The Company has adopted the Supernus Pharmaceuticals, Inc. 2012 Equity Incentive Plan (the 2012 Plan), which is stockholder approved, and provides for the grant of stock options and certain other awards, including stock appreciation rights (SAR), restricted and unrestricted stock, stock units, performance awards, cash awards and other awards that are convertible into or otherwise based on the Company’s common stock, to the Company’s key employees, directors, and consultants and advisors. The 2012 Plan is administered by the Company’s Board of Directors and provides for the issuance of up to 4,000,000 shares of the Company’s Common Stock upon the exercise of stockawards. Option awards are granted with an exercise price equal to the estimated fair value of the Company’s Common Stock at the grant date; those option awards generally vest in four annual installments, starting on the first anniversary of the date of grant and have ten year contractual terms. Share-based compensation recognized related to the grant of employee and non-employee stock options, SAR, potential Employee Stock Purchase Plan (ESPP) awards and non-vested stock was as follows, in thousands:

 

 

 

Three Months ended June 30,

 

Six Months ended June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$
206 

 

$
179 

 

$
410 

 

$
362 

 

Selling, general and administrative

 
912 

 
473 

 
1,610 

 
957 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
1,118 

 

$
652 

 

$
2,020 

 

$
1,319 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes stock option and SAR activity:

 

 

 

Number of
Options

 

Weighted-
Average
Exercise Price

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2014

 
2,080,749

 

$
7.93

 

8.04

 

Granted (unaudited)

 
892,500

 

$
9.33

 

 

 

Exercised (unaudited)

 
(165,733

)

$
4.13

 

 

 

Forfeited or expired (unaudited)

 
(121,603

)

$
8.56

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, June 30, 2015 (unaudited)

 
2,685,913

 

$
8.60

 

8.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2014:

 

 

 

 

 

 

 

Vested and expected to vest

 
2,041,026

 

$
7.91

 

8.03

 

Exercisable

 
626,548

 

$
6.40

 

6.91

 

 

 

 

 

 

 

 

 

As of June 30, 2015:

 

 

 

 

 

 

 

Vested and expected to vest (unaudited)

 
2,625,969

 

$
8.59

 

8.32

 

Exercisable (unaudited)

 
856,008

 

$
7.80

 

7.32