SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2014

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 9.  SHAREHOLDERS’ EQUITY

Option Exercises

For the three and six months ended June 30, 2014 employees exercised options to purchase 543,680 and 968,573 shares of the Company’s common stock, respectively, with net proceeds to the Company of approximately $2.5 million and $4.8 million, respectively. For the three and six months ended June 30, 2013, employees exercised options to purchase 68,541 and 187,781 shares of the Company’s common stock with net proceeds to the Company of approximately $0.2 million and $0.6 million, respectively.

Employee Stock Purchase Plan

In May 2014, the Company sold 98,089 shares under the ESPP. The shares were purchased at a purchase price of $7.50 per share with proceeds to the Company of approximately $0.7 million.