XML 38 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
The Company uses the single-award method for allocating compensation cost related to stock options to each period.  The following table sets forth the components of the Company’s share based compensation expense for the three and six month periods ended June 30, 2016 and 2015 (in thousands):
 
Three months ended
June 30,
 
Six months ended
June 30,
 
2016
 
2015
 
2016
 
2015
Stock options and employee stock purchase plan
$
2,890

 
$
2,415

 
$
4,939

 
$
4,667

Restricted stock units
635

 
742

 
1,507

 
1,464

Total stock-based compensation expense
$
3,525

 
$
3,157

 
$
6,446

 
$
6,131
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The weighted-average assumptions used in estimating the grant date fair value of the stock options granted under the 2014 Plan during the three and six month periods ended June 30, 2016, and 2015, respectively along with the weighted-average grant date fair values, are set forth in the table below.
 
Three months ended
June 30,
 
Six months ended
June 30,
 
2016
 
2015
 
2016
 
2015
Expected volatility
49
%
 
44
%
 
47
%
 
43
%
Expected life (in years)
4.8

 
4.8

 
4.8

 
4.8

Risk-free interest rate
1.19
%
 
1.56
%
 
1.26
%
 
1.53
%
Dividend yield
—

 
—

 
—

 
—

Fair value per stock option
$
10.31

 
$
16.87

 
$
9.97

 
$
17.62

Forfeiture rate
8
%
 
8
%
 
8
%
 
8
%
Schedule of Share-based Compensation, Activity
The table below sets forth a summary of activity within the 2014 and 2003 Plans for the six months ended June 30, 2016: 
 
Number of
Options
(in thousands)
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic Value
(in thousands) (1)
Outstanding at December 31, 2015
4,757

 
$
20.33

 
3.41
 
$
80,868

Granted
951

 
24.15

 
 
 
 
Exercised
(1,522
)
 
6.50

 
 
 
 
Forfeited
(160
)
 
28.51

 
 
 
 
Outstanding at June 30, 2016
4,026

 
$
26.11

 
4.80
 
$
9,582

Exercisable at June 30, 2016
1,443

 
$
21.78

 
2.86
 
$
9,681


(1) May include value from potentially anti-dilutive options whose exercise price exceeds the closing stock price. Fluctuations in the intrinsic value of both outstanding and exercisable options may result from changes in underlying stock price and the timing and volume of option grants, exercises and forfeitures.
Schedule of Nonvested Restricted Stock Units Activity
The following is a summary of non-vested restricted stock activity:
 
Number of Units
(in thousands)
 
Weighted Average
Grant Date Fair Value
Non-vested at December 31, 2015
253
 
$
35.31

Granted
—
 
—

Forfeited
(2)
 
$
24.74

Vested
(52)
 
$
32.46

Non-vested at June 30, 2016
199
 
$
36.16