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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2017
Share-Based Compensation  
Share-Based Compensation Expense Recognized in Accompanying Statements of Operations

Share-based compensation expense for all equity based programs, including stock options, restricted stock units and the employee stock purchase plan, for the three and nine months ended September 30, 2017 and 2016 was recognized in the accompanying Consolidated Statements of Operations as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 

 

Nine months ended September 30, 

 

 

 

    

2017

    

2016

    

2017

    

2016

 

 

Research and development

 

$

5,636

 

$

7,039

 

$

14,628

 

$

20,962

 

 

Selling, general and administrative

 

 

7,001

 

 

2,164

 

 

17,573

 

 

8,782

 

 

Total share-based compensation expense

 

$

12,637

 

$

9,203

 

$

32,201

 

$

29,744

 

 

 

Summary of Stock Options Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Weighted

    

 

 

 

 

 

 

 

Weighted

 

Average

 

Aggregate

 

 

 

 

 

Average

 

Remaining

 

Intrinsic

 

 

 

Number of

 

Exercise

 

Contractual

 

Value

 

 

 

Options

 

Price

 

Term (Years)

 

(Thousands)

 

Outstanding at December 31, 2016

 

5,520,482

 

$

42.00

 

  

 

 

  

 

Granted

 

895,200

 

 

 

 

  

 

 

  

 

Exercised

 

(439,449)

 

 

 

 

  

 

 

  

 

Forfeited

 

(217,771)

 

 

 

 

  

 

 

  

 

Outstanding at September 30, 2017

 

5,758,462

 

$

46.32

 

7.3

 

$

211,301

 

Vested and expected to vest at September 30, 2017

 

5,436,766

 

$

46.10

 

7.2

 

$

200,599

 

Vested and exercisable at September 30, 2017

 

3,280,881

 

$

44.09

 

6.2

 

$

127,295

 

 

Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table summarizes information about our stock options as of and for the three and nine months ended September 30, 2017 and 2016 (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 

 

Nine months ended September 30, 

 

 

   

2017

   

2016

   

2017

   

2016

 

Weighted-average grant date fair value per share

 

$

60.81

 

$

17.09

 

$

48.39

 

$

16.07

 

Intrinsic value of options exercised

 

$

3,400

 

$

930,417

 

$

17,684

 

$

1,555,342

 

Cash received from stock option exercises

 

$

2,149

 

$

687,332

 

$

13,262

 

$

1,094,855

 

 

Summary of activity related to our unvested RSUs

 

 

 

 

 

 

 

 

    

 

    

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

 

Number of

 

Grant Date

 

 

 

Units

 

Fair Value

 

Unvested at December 31, 2016

 

562,458

 

$

24.70

 

Granted

 

244,484

 

 

64.70

 

Vested

 

(136,795)

 

 

21.45

 

Forfeited

 

(33,807)

 

 

26.08

 

Unvested as of September 30, 2017

 

636,340

 

$

40.69

 

Expected to vest after September 30, 2017

 

545,549

 

$

40.35