|
Stockholders' Equity (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Equity [Abstract] |
|
| Summary of Stock Option Activity |
The following table summarizes stock option activity for the nine
months ended September 30, 2013:
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Number of
Options |
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|
Weighted
Average
Exercise Price |
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|
Weighted
Average
Remaining
Contractual Term
(in years) |
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|
Aggregate Intrinsic
Value (1) |
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Outstanding at December 31, 2012
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|
7,038,291 |
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$ |
18.90 |
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Granted
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|
345,286 |
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$ |
49.80 |
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Exercised
|
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|
(551,216 |
) |
|
$ |
11.72 |
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Forfeited
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|
(91,220 |
) |
|
$ |
24.98 |
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Outstanding at September 30, 2013
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6,741,141 |
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$ |
20.99 |
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|
6.69 |
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$ |
262.5 |
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Vested and exercisable at September 30, 2013
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4,190,995 |
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$ |
12.60 |
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|
5.58 |
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$ |
198.4 |
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| (1) |
The aggregate intrinsic value is
calculated as the pre-tax difference between the weighted average
exercise price of the underlying awards and the closing price per
share of $59.94 of the Company’s common stock on
September 30, 2013. The calculation excludes any awards with
an exercise price higher than the closing price of the
Company’s common stock on September 30, 2013. The
amounts are presented in millions. |
|
| Summary of Restricted Stock Units |
The following table summarizes restricted stock unit activity for
the nine months ended September 30, 2013:
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Number of
Shares |
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Weighted-
Average
Grant-Date
Fair Value |
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Unvested at December 31, 2012
|
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|
373,625 |
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$ |
39.06 |
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Granted
|
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|
73,993 |
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$ |
50.94 |
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Vested
|
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|
— |
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|
— |
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Forfeited
|
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|
(12,076 |
) |
|
$ |
44.15 |
|
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Unvested at September 30, 2013
|
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|
435,542 |
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$ |
40.94 |
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| Summary of Stock Appreciation Rights Activity |
The following table summarizes stock appreciation rights activity
for the nine months ended September 30, 2013:
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Number of
Rights |
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|
Weighted
Average
Exercise Price |
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|
Weighted
Average
Remaining
Contractual Term
(in years) |
|
|
Aggregate Intrinsic
Value (1) |
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|
Outstanding at December 31, 2012
|
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|
883,600 |
|
|
$ |
23.91 |
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Granted
|
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|
— |
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— |
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Exercised
|
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|
(34,046 |
) |
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$ |
23.20 |
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Forfeited
|
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|
(18,338 |
) |
|
$ |
23.20 |
|
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Outstanding at September 30, 2013
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|
831,216 |
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|
$ |
23.95 |
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|
8.19 |
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$ |
29.9 |
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Vested and exercisable at September 30, 2013
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|
345,044 |
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$ |
23.99 |
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|
8.16 |
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$ |
12.4 |
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|
| (1) |
The aggregate intrinsic value is
calculated as the pre-tax difference between the weighted average
exercise price of the underlying awards and the closing price per
share of $59.94 of the Company’s common stock on
September 30, 2013. The calculation excludes any awards with
an exercise price higher than the closing price of the
Company’s common stock on September 30, 2013. The
amounts are presented in millions. |
|
| Schedule of Black-Scholes Assumptions Used for Stock Options and Stock Appreciations Rights |
The Company estimates the fair value of stock options and stock
appreciation rights using the Black-Scholes valuation model, which
requires the use of subjective assumptions related to the estimated
stock price volatility, estimated term, estimated dividend yield
and risk-free interest rate. The Black-Scholes assumptions used for
stock options and stock appreciation rights granted were as
follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2013 |
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|
2012 |
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2013 |
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|
2012 |
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Risk-free interest rate
|
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|
1.45 |
% |
|
|
0.68 |
% |
|
|
0.73-1.55 |
% |
|
|
0.68-1.01 |
% |
|
Estimated term (in years)
|
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|
5.25 |
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|
5.28 |
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|
5.24-5.50 |
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|
5.28-5.48 |
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Estimated volatility
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|
68 |
% |
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|
66 |
% |
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|
68-75 |
% |
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|
66-73 |
% |
|
Estimated dividend yield
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|
— |
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— |
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— |
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— |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense was as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2013 |
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|
2012 |
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|
2013 |
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|
2012 |
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Stock-based compensation expense recognized as:
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R&D expense
|
|
$ |
3,765 |
|
|
$ |
3,512 |
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|
$ |
11,202 |
|
|
$ |
8,997 |
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|
SG&A expense
|
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|
5,436 |
|
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|
4,091 |
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|
14,426 |
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|
8,523 |
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Total
|
|
$ |
9,201 |
|
|
$ |
7,603 |
|
|
$ |
25,628 |
|
|
$ |
17,520 |
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