XML 31 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
 
Stock Options
 
A summary of stock option activity during the six months ended June 30, 2016 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, 2015
4,408

 
$
28.75

 
 
 
 

Granted
1,821

 
33.85

 
 
 
 

Exercised
(76
)
 
21.90

 
 
 
 

Cancelled
(73
)
 
38.18

 
 
 
 

Expired
—

 
—

 
 
 
 

Options outstanding at June 30, 2016
6,080

 
$
30.25

 
8.31
 
$
72,281

Options exercisable at June 30, 2016
2,227

 
$
15.93

 
6.86
 
$
48,459

Options vested or expected to vest at June 30, 2016
5,949

 
$
30.05

 
8.29
 
$
71,598


 
The weighted-average grant-date fair value per share of options granted during the three and six months ended June 30, 2016 was $18.95 and $18.05, respectively. As of June 30, 2016, there was approximately $69.9 million of total unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately three years.

Restricted Stock Units

In April 2016, the Company awarded 58,500 restricted stock units ("RSUs") to employees at an average grant date fair value of $33.03 per RSU. Each RSU entitles the holder to receive one share of the Company's common stock if and when the RSU vests. The RSUs vest in four substantially equal installments on each of the first four anniversaries of the vesting commencement date, subject to the employee's continued employment on such vesting date. Compensation expense is recognized over the vesting period.

A summary of RSU activity during the six months ended June 30, 2016 is as follows (in thousands, except for per share amounts):

 
RSUs
Weighted-
Average
Grant Date
Fair Value 
(in dollars 
per share)
RSUs Outstanding at December 31, 2015
—

$
—

Granted
59

33.03

Vested
—

—

Forfeited
—

—

RSUs Outstanding at June 30, 2016
59

$
33.03



As of June 30, 2016, there was approximately $1.8 million of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately four years.