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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes stock option activity for the year ended December 31, 2014:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2013		6,614,534		$	22.12
Granted		957,131		$	78.57
Exercised		(2,015,934	)	$	14.43
Forfeited/expired		(487,774	)	$	46.13

Outstanding at December 31, 2014		5,067,957		$	33.52		6.27	$	335.3

Vested and exercisable at December 31, 2014		3,423,815		$	19.70		5.16	$	273.6

(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 $99.61 of the Company’s common stock on December 31, 2014. The calculation excludes any awards with an exercise price higher than the closing price of the Company’s common stock on December 31, 2014. The amounts are presented in millions.

Schedule of Value of Options Vested and Exercised

Additional information regarding stock options is set forth below (in thousands, except per share data):


	Years Ended December 31,
	2014		2013		2012
Intrinsic value of options exercised	$	145,842	$	35,155	$	116,867
Grant-date fair value of options vested	$	38,147	$	22,278	$	10,795
Weighted-average grant-date fair value per share of options granted	$	43.35	$	30.39	$	26.01

Summary of Restricted Stock Units

The following table summarizes restricted stock unit activity for the year ended December 31, 2014:


	Number of Shares			Weighted- Average Grant-Date Fair Value
Unvested at December 31, 2013		311,347		$	52.57
Granted		399,102		$	83.55
Vested		(134,865	)	$	51.85
Forfeited		(92,004	)	$	63.95

Unvested at December 31, 2014		483,580		$	76.20

Summary of Stock Appreciation Rights Activity

The following table summarizes stock appreciation rights activity for the year ended December 31, 2014:


	Number of Rights			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2013		806,116		$	23.98
Granted		—			—
Exercised		(97,994	)	$	23.50
Forfeited		(19,894	)	$	23.82

Outstanding at December 31, 2014		688,228		$	24.05		6.96	$	52.0

Vested and exercisable at December 31, 2014		501,740		$	24.07		6.96	$	37.9

(1)

Schedule of Additional Information Regarding Stock Appreciation Rights

Additional information regarding stock appreciation rights is set forth below (in thousands, except per share data):


	Years Ended December 31,
	2014		2013		2012
Intrinsic value of stock appreciation rights exercised	$	7,024	$	1,090	$	—
Fair value of stock appreciation rights vested (based on remeasurement-date fair value)	$	6,834	$	9,955	$	4,307
Weighted-average grant-date fair value per share of stock appreciation rights granted	$	—	$	—	$	14.33
Weighted-average remeasurement-date fair value per share of stock appreciation rights	$	—	$	—	$	32.94

Schedule of Black-Scholes Assumptions Used for Stock options and Stock Appreciation Rights to Employees and Directors

The Black-Scholes assumptions used to estimate the fair value of stock options and stock appreciation rights to employees and directors were as follows:


	Years Ended December 31,
	2014			2013			2012
Expected volatility		60-65	%		64-75	%		66-73	%
Expected term (in years)		5.0-5.5			5.2-5.5			5.3-5.5
Risk-free interest rate		1.56-1.79	%		0.73-1.64	%		0.68-1.01	%
Expected dividend yield		—			—			—

Schedule of Black-Scholes Assumptions Used to Estimate Fair Value of Shares Issued under ESPP

The Black-Scholes assumptions used to estimate the fair value of shares issued under the ESPP on the commencement date of the offering period were as follows:


	Years Ended December 31,
	2014			2013
Expected volatility		43-53	%		45	%
Expected term (in years)		0.5			0.5
Risk-free interest rate		0.04-0.06	%		0.04	%
Expected dividend yield		—			—

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense was as follows:


	Years Ended December 31,
	2014		2013		2012
Stock-based compensation expense recognized as:
R&D expenses	$	17,913	$	16,503	$	11,998
SG&A expenses		27,221		20,575		11,680

Total	$	45,134	$	37,078	$	23,678