STOCKHOLDERS’ EQUITY

Stock Repurchase Programs

In August 2007, the Company’s Board of Directors (“the Board”) authorized a plan to repurchase the Company’s outstanding shares of common stock dependent on market conditions, share price and other factors. As of December 31, 2017, the total amount authorized for repurchases is $450.0 million. As of December 31, 2017, the Company had repurchased a total of approximately 11,142,000 shares of common stock, since inception of the plan, at an average price of $27.57 per share for a total cost of $307.2 million. As of December 31, 2016, the Company had repurchased a total of approximately 10,488,000 shares of common stock, since inception of the plan, at an average price of $27.83 per share for a total cost of $291.8 million. The shares repurchased are recorded as treasury stock and are accounted for under the cost method. No expiration date has been specified for this plan. As of December 31, 2017, the total amount available for repurchase was $142.8 million. The Company plans to continue to execute authorized repurchases from time to time under the plan.

Stock Option Plans

The 2003 Plan

In February 2003, the Board adopted and the Company’s stockholders approved the 2003 Equity Incentive Plan (“2003 Plan”). Under the 2003 Plan, incentive stock options may be granted to the Company’s employees at an exercise price of no less than 100% of the fair value on the date of grant, and non-statutory stock options may be granted to the Company’s employees, non-employee directors and consultants at an exercise price of no less than 85% of the fair value. In both cases, when the optionees own stock representing more than 10% of the voting power of all classes of stock of the Company, the exercise price shall be no less than 110% of the fair value on the date of grant. Options, restricted stock awards, and restricted stock units granted under this plan generally have a term of ten years from the date of grant and vest over a four-year period. Restricted stock, performance awards, dividend equivalents, deferred stock, stock payments and stock appreciation rights may also be granted under the 2003 Plan either alone, in addition to, or in tandem with any options granted thereunder. Restricted stock awards and units are full-value awards that reduce the number of shares reserved for grant under this plan by one and one-half shares for each share granted. The vesting criteria for restricted stock awards and units is generally the passage of time or meeting certain performance-based objectives, and continued employment through the vesting period generally over four years. As of December 31, 2017, there were approximately 0.7 million shares reserved for future grant under this plan.

A summary of the stock option activity is presented below (in thousands, except per share amounts):



			Options Outstanding
	Number of Shares Subject to Options		Weighted Average Exercise Price Per Share	Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Balance at December 31, 2014	1,616		$19.34
Options granted	84		$36.60
Options exercised	(465	)	$19.35
Options canceled / forfeited / expired	(93	)	$19.04
Balance at December 31, 2015	1,142		$20.63
Options assumed	586		$29.05
Options exercised	(350	)	$20.01
Options canceled / forfeited / expired	(46	)	$23.25
Balance at December 31, 2016	1,332		$24.41
Options granted	70		$22.45
Options exercised	(180	)	$23.04
Options canceled / forfeited / expired	(50	)	$34.73
Balance at December 31, 2017	1,172		$24.06	3.52	$	4,538

Vested and expected to vest at December 31, 2017	1,138			3.38	$	4,482
Exercisable at December 31, 2017	950			2.67	$	4,025

The following table summarizes information about stock options outstanding and exercisable under all of the Company’s plans at December 31, 2017:



	Options Outstanding				Options Exercisable
Range of Exercise Prices per Share	Number Outstanding (in thousands)	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price per Share		Number Exercisable (in thousands)	Weighted Average Exercise Price per Share
$12.52 - $18.65	122	4.51	$	16.11	113	$	16.06
$18.74 - $18.76	14	4.08	$	18.75	14	$	18.75
$18.84 - $18.84	367	0.42	$	18.84	367	$	18.84
$18.89 - $19.73	149	5.41	$	19.40	107	$	19.40
$20.21 - $22.19	143	5.06	$	20.96	121	$	20.84
$22.24 - $26.16	119	7.89	$	23.25	21	$	25.52
$27.32 - $38.65	105	4.72	$	35.44	54	$	35.28
$40.87 - $40.87	4	0.13	$	40.87	4	$	40.87
$41.15 - $41.15	6	1.13	$	41.15	6	$	41.15
$43.77 - $43.77	143	2.78	$	43.77	143	$	43.77
$12.52 - $43.77	1,172	3.52	$	24.06	950	$	23.92

Restricted Stock Awards and Units

Information with respect to outstanding restricted stock awards and units as of December 31, 2017 is as follows (in thousands, except per share amounts):



	Restricted Stock and Restricted Stock Units
	Number of Shares Subject to Time- based Vesting		Number of Shares Subject to Performance- based Vesting		Total Number of Shares		Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2014	502		633		1,135		$	20.30
Awards and units granted	472		90		562		$	39.77
Awards and units vested / earned	(240	)	(144	)	(384	)	$	20.17
Awards and units canceled / forfeited	(44	)	(60	)	(104	)	$	21.54
Balance at December 31, 2015	690		519		1,209		$	29.28
Awards and units granted	596		86		682		$	30.85
Awards assumed	925		—		925		$	40.13
Awards and units vested / earned	(398	)	(84	)	(482	)	$	32.18
Awards and units canceled / forfeited	(117	)	(137	)	(254	)	$	29.64
Balance at December 31, 2016	1,696		384		2,080		$	33.91
Awards and units granted	1,049		919		1,968		$	32.60
Awards and units vested / earned	(581	)	(94	)	(675	)	$	33.70
Awards and units canceled / forfeited	(150	)	(90	)	(240	)	$	31.07
Balance at December 31, 2017	2,014		1,119		3,133		$	33.35

Performance Awards and Units

Performance awards and units may be granted to employees or consultants based upon, among other things, the contributions, responsibilities and other compensation of the particular employee or consultant. The value and the vesting of such performance awards and units are generally linked to one or more performance goals or other specific performance goals determined by the Company, in each case on a specified date or dates or over any period or periods determined by the Company, and range from zero to 100 percent of the grant.

Employee Stock Purchase Plans

In August 2003, the Board adopted the 2003 Employee Stock Purchase Plan (the "ESPP"), which was approved by the Company’s stockholders in September 2003 and became effective February 1, 2004. Subsequently, the Board adopted the International Employee Stock Purchase Plan (the “International ESPP”) in June 2008.

The ESPP has a series of consecutive, overlapping 24-month offering periods. The first offering period commenced February 1, 2004, the effective date of the ESPP, as determined by the Board of Directors.

Individuals who own less than 5% of the Company’s voting stock, are scheduled to work more than 20 hours per week and whose customary employment is for more than five months in any calendar year may join an offering period on the first day of the offering period or the beginning of any semi-annual purchase period within that period. Individuals who become eligible employees after the start date of an offering period may join the ESPP at the beginning of any subsequent semi-annual purchase period.

Participants may contribute up to 20% of their cash earnings through payroll deductions, and the accumulated deductions will apply to the purchase of shares on each semi-annual purchase date. The purchase price per share will equal 85% of the fair market value per share on the participant’s entry date into the offering period or, if lower, 85% of the fair market value per share on the semi-annual purchase date.

An eligible employee’s right to buy the Company’s common stock under the ESPP may not accrue at a rate in excess of $25,000 of the fair market value of such shares per calendar year for each calendar year of an offering period. If the fair market value per share of the Company’s common stock on any purchase date is less than the fair market value per share on the start date of the 24-month offering period, then that offering period will automatically terminate and a new 24-month offering period will begin on the next business day. All participants in the terminated offering will be transferred to the new offering period.

As of December 31, 2017, there were approximately 443,000 shares reserved for grant under the ESPP and the International ESPP, collectively.

Dividends

Stockholders of the Company’s common stock are entitled to receive dividends when declared by the Company’s Board of Directors. The Company has paid a quarterly dividend of $0.20 per share since March 2015. Dividends declared were $0.80, per common share in each of 2017, 2016 and 2015.

Assumed Plans

Certain stock awards plans were assumed in the DTS acquisition. The awards outstanding under these plans are included in the tables above. No future grants will be made under these plans.