SHARE BASED COMPENSATION

3 Months Ended

Mar. 31, 2016

Restricted Shares

Service Based Restricted Stock Awards

The following table summarizes the Company’s restricted stock activity during the three months ended March 31, 2016:



	Number of Restricted Stock Units		Weighted Average Grant Date Fair Value
Outstanding December 31, 2015	429,666		$	20.38
Granted	50,000		15.65
Vested	(40,832	)	14.38
Forfeited/canceled	(34,335	)	12.07
Outstanding March 31, 2016	404,499		$	21.10

At March 31, 2016, unamortized stock compensation for restricted stock awards was $6.4 million, with a weighted-average recognition period of 1.5 years.

Performance Based Restricted Stock Awards

During the three months ended March 31, 2016, the Company issued no performance based restricted stock awards.

Stock Options

The following table summarizes stock option activity during the three months ended March 31, 2016:



	Shares Underlying Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2015	5,665,584		$	17.05	8.75	$	31,542
Granted	55,000		15.16
Exercised	(85,750	)	9.11
Forfeited/canceled	(93,993	)	19.62
Outstanding at March 31, 2016	5,540,841		$	17.11	8.42	$	11,305

At March 31, 2016, unamortized stock compensation for stock options was $40.8 million, with a weighted-average recognition period of 1.7 years.

At March 31, 2016, outstanding options to purchase 2.4 million shares of common stock were exercisable with a weighted-average exercise price per share of $13.47.

Share Based Compensation

The following table sets forth total non-cash stock-based compensation by operating statement classification for the three months ended March 31, 2016 and 2015 (in thousands):



	Three Months Ended March 31,
	2016		2015
Research and Development	$	2,486	$	2,220
Selling, General & Administrative	4,307		3,353
Total	$	6,793	$	5,573

Exercise of Warrants

During the three months ended March 31, 2016, there were no warrant exercises and correspondingly, we reclassified none of the derivative liability to equity. At March 31, 2016 and December 31, 2015, warrants to purchase 2,665,548 shares of common stock were outstanding.