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Stock Incentive Plan (Tables)
6 Months Ended
Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Assumptions to Apply Black-Scholes Option-Pricing Model

The Company used the following assumptions to apply the Black-Scholes option-pricing model:  

                                                                                                   
   Three Months Ended June 30,    Six Months Ended June 30,
   2013    2014(1)    2013    2014

Expected dividend yield

   0.00%      —%    0.00%    0.00%

Risk-free interest rate

   0.89%      —%    0.87% - 0.89%    1.48%

Expected term (in years)

   6.25         —       6.25    6.25

Volatility

   55%      —%    55%    55%
(1) There were no stock options granted during the three months ended June 30, 2014.
Summary of Stock Option Activity

The following table summarizes stock option activity, including performance-based options (shares and intrinsic value in thousands):

 

     Number
of shares
    Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term (Years)
     Aggregate
Intrinsic Value
 

Outstanding at January 1, 2014

     2,389      $ 26.85         6.4       $ 22,330   
          

 

 

 

Granted

     35        41.03         

Exercised

     (500     20.62          $ 11,037   
          

 

 

 

Forfeited

     (75     33.36         
  

 

 

   

 

 

       

Outstanding at June 30, 2014

     1,849      $ 28.54         6.3       $ 33,444   
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable at December 31, 2013

     1,451      $ 23.45         5.4       $ 17,855   
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable at June 30, 2014

     1,332      $ 26.72         5.7       $ 26,522   
  

 

 

   

 

 

    

 

 

    

 

 

 
Summary of Assumptions Used in Monte Carlo Simulation Model

The assumptions used in the Monte Carlo simulation model include (but are not limited to) the following:

 

     August 2013 Grant     May 2014 Grant  

Risk-free interest rate

     0.62     0.78

Volatility

     54     54
Schedule of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity (shares in thousands):

 

     Number of shares
Underlying Restricted
Stock Units
    Weighted Average
Grant Date Fair
Value
 

Unvested as of January 1, 2014

     1,192      $ 28.47   

Restricted stock units granted

     610        44.38   

Restricted stock units vested

     (303     26.88   

Restricted stock units forfeited

     (101     26.46   
  

 

 

   

 

 

 

Unvested as of June 30, 2014

     1,398      $ 35.90   
  

 

 

   

 

 

 
Schedule of Stock Based Compensation Allocated to Expense

The Company recognized stock based compensation expense within the accompanying condensed consolidated statements of operations as summarized in the following table (in thousands):

 

     Three Months Ended June 30,      Six Months Ended June 30,  
     2013      2014      2013      2014  

Cost of revenue

   $ 181       $ 274       $ 384       $ 509   

Research and development

     1,045         1,008         2,062         1,784   

Sales and marketing

     2,146         2,796         4,227         4,857   

General and administrative

     1,745         2,635         3,609         5,001   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 5,117       $ 6,713       $ 10,282       $ 12,151