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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Equity Incentive Plan Activity

Equity Incentive Plan activity under the 2000 Plan and the 2009 Plan is summarized as follows:

 

Equity Incentive Plan activity

 

Shares Available

for Grant

 

Balance at December 31, 2013

 

 

2,004,464

 

Authorized

 

 

3,000,000

 

Granted

 

 

(2,773,500

)

Forfeited

 

 

470,980

 

Expired

 

 

6,580

 

Balance at December 31, 2014

 

 

2,708,524

 

 

Summary of Stock Option Activity under the Company's Equity-Based Plans

The following table summarizes stock option activity under the Company’s equity-based plans for the year ended December 31, 2014:

 

Stock Options activity

 

Number

of Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Term

(Years)

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

Balance at December 31, 2013

 

 

6,281,148

 

 

$

1.74

 

 

8.55

 

 

$

53,373

 

Granted

 

 

2,748,500

 

 

 

13.02

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1,712,278

)

 

 

1.28

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(417,980

)

 

 

5.33

 

 

 

 

 

 

 

 

 

Expired

 

 

(6,580

)

 

 

0.50

 

 

 

 

 

 

 

 

 

Balance at December 31, 2014

 

 

6,892,810

 

 

$

6.13

 

 

 

8.22

 

 

$

173,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2014

 

 

1,735,148

 

 

$

1.20

 

 

 

7.09

 

 

$

52,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest at December 31, 2014

 

 

6,600,369

 

 

$

6.01

 

 

 

8.19

 

 

$

166,806

 

 

Summary of Restricted Stock Unit Activity under the Company's Equity-Based Plans

The following table summarizes restricted stock unit activity under the Company’s equity-based plans for the year ended December 31, 2014:

 

Restricted Stock Unit activity

 

Number

of Units

 

 

Weighted-Average

Grant Date

Fair Value

 

Nonvested at December 31, 2013

 

 

40,000

 

 

$

13.21

 

Granted

 

 

25,000

 

 

 

28.59

 

Vested

 

 

(4,250

)

 

 

13.21

 

Forfeited

 

 

(53,000

)

 

 

20.46

 

Nonvested at December 31, 2014

 

 

7,750

 

 

$

13.21

 

 

Summary of Significant Assumptions Used to Estimate Fair Value of Stock Options under Black-Scholes Model

The fair value of stock-based awards is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

Stock Option:

 

2014

 

 

2013

 

 

2012

 

Expected term (in years)

 

 

6.05

 

 

6.04

 

 

6.04

 

Expected volatility

 

 

58

%

 

 

48

%

 

 

46

%

Risk-free interest rate

 

 

1.80

%

 

 

1.26

%

 

 

1.01

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

 

Summary of Significant Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plans under Black-Scholes Model

The fair value of stock-based awards is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

Year Ended December 31,

ESPP:

 

2014

 

 

2013

 

2012

Expected term (in years)

 

 

0.50

 

 

n/a

 

n/a

Expected volatility

 

33-58%

 

 

n/a

 

n/a

Risk-free interest rate

 

0.06-0.07%

 

 

n/a

 

n/a

Expected dividend yield

 

 

0

%

 

n/a

 

n/a

 

Computation of Basic and Diluted Net Income per Share Attributable to Common Stock

The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to common stock for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share data):

 

 

 

Year Ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Numerator (basic)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,497

 

 

$

13,147

 

 

$

31,832

 

Less net income allocated to participating securities

 

 

(2,224

)

 

 

(9,926

)

 

 

(25,312

)

Net income attributable to common stock

 

$

13,273

 

 

$

3,221

 

 

$

6,520

 

Denominator (basic)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding

 

 

56,161

 

 

 

12,353

 

 

 

9,805

 

Basic EPS

 

$

0.24

 

 

$

0.26

 

 

$

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator (diluted)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,497

 

 

$

13,147

 

 

$

31,832

 

Less net income allocated to participating securities

 

 

(2,114

)

 

 

(9,303

)

 

 

(23,974

)

Net income attributable to common stock

 

$

13,383

 

 

$

3,844

 

 

$

7,858

 

Denominator (diluted)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock

 

 

56,161

 

 

 

12,353

 

 

 

9,805

 

Dilutive effect of stock options and restricted stock units

 

 

3,406

 

 

 

3,379

 

 

 

2,671

 

Weighted average shares of common stock outstanding

 

 

59,567

 

 

 

15,732

 

 

 

12,476

 

Diluted EPS

 

$

0.22

 

 

$

0.24

 

 

$

0.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents excluded from income per

   diluted share because of their anti-dilutive effect

 

 

526

 

 

 

1,389

 

 

 

2,947