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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2015
Stock-based Compensation  
Stock-Based Compensation

 

9. Stock-Based Compensation

 

A summary of stock option activity during the six months ended June 30, 2015 is as follows (in thousands, except for per share amounts):

                                                                                                                                                                                                        

 

 

Shares

 

Weighted-
Average
Exercise
Price (in
dollars per
share)

 

Weighted-
Average
Contractual
Life (in
years)

 

Aggregate
Intrinsic
Value

 

Options outstanding at December 31, 2014

 
3,220

 

$
13.58

 

 

 

 

 

Granted

 
655

 
43.09

 

 

 

 

 

Exercised

 
(49

)
7.37

 

 

 

 

 

Cancelled

 
(26

)
13.54

 

 

 

 

 

Expired

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at June 30, 2015

 
3,800

 

$
18.74

 
8.37

 

$
186,048

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at June 30, 2015

 
1,547

 

$
9.70

 
7.09

 

$
89,751

 

 

 

 

 

 

 

 

 

 

 

 

 

Options vested or expected to vest at June 30, 2015

 
3,690

 

$
18.56

 
8.34

 

$
181,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted-average grant-date fair value per share of options granted during the three and six months ended June 30, 2015 was $19.14 and $22.99, respectively. As of June 30, 2015, there was approximately $27.7 million of total unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 3 years.