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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2015

 

 

Number of

Options

 

 

Weighted-

Average

Exercise Price

 

 

Weighted-

Average

Remaining

Contractual

Term

(in years)

 

 

Aggregate

Intrinsic

Value(1)

(in millions)

 

Outstanding at December 31, 2014

 

 

10,135,914

 

 

$

16.76

 

 

 

 

 

 

 

 

 

Granted

 

 

1,822,724

 

 

$

52.66

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1,446,047

)

 

$

11.24

 

 

 

 

 

 

 

 

 

Forfeited/expired

 

 

(404,422

)

 

$

41.20

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

10,108,169

 

 

$

23.05

 

 

 

6.01

 

 

$

266.4

 

Vested and exercisable at December 31, 2015

 

 

7,043,757

 

 

$

13.88

 

 

 

4.84

 

 

$

242.9

 

 

(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 $48.34 of the Company’s common stock on December 31, 2015. The calculation excludes any awards with an exercise price higher than the closing price of the Company’s common stock on December 31, 2015.
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,

 

 

 

2015

 

 

2014

 

 

2013

 

Intrinsic value of options exercised

 

$

63,550

 

 

$

145,842

 

 

$

35,155

 

Grant-date fair value of options vested

 

$

26,542

 

 

$

38,147

 

 

$

22,278

 

Weighted-average grant-date fair value per share of

   options granted (split-adjusted)

 

$

25.08

 

 

$

21.68

 

 

$

15.20

 

 
Summary of Restricted Stock Units

The following table summarizes restricted stock unit activity for the year ended December 31, 2015

 

 

 

Number of

Shares

 

 

Weighted-

Average

Grant-Date

Fair Value

 

Unvested at December 31, 2014

 

 

967,160

 

 

$

38.10

 

Granted

 

 

670,244

 

 

$

52.34

 

Vested

 

 

(404,906

)

 

$

34.92

 

Forfeited

 

 

(143,452

)

 

$

45.45

 

Unvested at December 31, 2015

 

 

1,089,046

 

 

$

47.08

 

 
Summary of Stock Appreciation Rights Activity

The following table summarizes stock appreciation rights activity for the year ended December 31, 2015

 

 

Number of

Rights

 

 

Weighted-

Average

Exercise Price

 

 

Weighted-

Average

Remaining

Contractual

Term

(in years)

 

 

Aggregate

Intrinsic

Value(1)

(in millions)

 

Outstanding at December 31, 2014

 

 

1,376,456

 

 

$

12.03

 

 

 

 

 

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Exercised

 

 

(61,172

)

 

$

11.60

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(17,156

)

 

$

11.60

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

1,298,128

 

 

$

12.05

 

 

 

5.96

 

 

$

47.1

 

Vested and exercisable at December 31, 2015

 

 

1,290,720

 

 

$

12.05

 

 

 

5.96

 

 

$

46.8

 

 

(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 $48.34 of the Company’s common stock on December 31, 2015. The calculation excludes any awards with an exercise price higher than the closing price of the Company’s common stock on December 31, 2015.
Schedule of Additional Information Regarding Stock Appreciation Rights

Additional information regarding stock appreciation rights is set forth below:

 

 

 

Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Intrinsic value of stock appreciation rights exercised

 

$

3,034

 

 

$

7,024

 

 

$

1,090

 

Fair value of stock appreciation rights vested (based on

   remeasurement-date fair value)

 

$

5,730

 

 

$

6,834

 

 

$

9,955

 

 
Schedule of Black-Scholes Assumptions Used for Stock Options

The Black-Scholes assumptions used to estimate the fair value of stock options granted were as follows:

 

 

 

Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Expected volatility

 

50-64%

 

 

60-65%

 

 

64-75%

 

Expected term (in years)

 

4.98-7.17

 

 

5.0-5.5

 

 

5.2-5.5

 

Risk-free interest rate

 

1.33-1.77%

 

 

1.56-1.79%

 

 

0.73-1.64%

 

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,

 

 

 

2015

 

 

2014

 

 

2013

 

Expected volatility

 

37-48%

 

 

43-53%

 

 

 

45

%

Expected term (in years)

 

0.5

 

 

0.5

 

 

0.5

 

Risk-free interest rate

 

0.08-0.12%

 

 

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,

 

 

 

2015

 

 

2014

 

 

2013

 

Stock-based compensation expense recognized as:

 

 

 

 

 

 

 

 

 

 

 

 

R&D expenses

 

$

24,368

 

 

$

17,913

 

 

$

16,503

 

SG&A expenses

 

 

30,494

 

 

 

27,221

 

 

 

20,575

 

Total

 

$

54,862

 

 

$

45,134

 

 

$

37,078