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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2017
Earnings Per Common Share  
Schedule of components of basic and diluted earnings per common share

 

The components of basic and diluted earnings per common share comprised the following (in millions, except per share amounts):

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$
(56.0

)

$
206.1

 

$
122.6

 

$
441.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average outstanding shares — basic

 
44.9

 
44.3

 
44.7

 
44.8

 

Effect of dilutive securities(1):

 

 

 

 

 

 

 

 

 

Warrants

 

—

 
2.1

 
0.1

 
2.3

 

Stock options, restricted stock units and employee stock purchase plan

 

—

 
0.5

 
0.9

 
0.6

 

Convertible notes

 

—

 

—

 

—

 
0.1

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares — diluted(2)

 
44.9

 
46.9

 
45.7

 
47.8

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$
(1.25

)

$
4.65

 

$
2.74

 

$
9.86

 

Diluted

 

$
(1.25

)

$
4.39

 

$
2.68

 

$
9.24

 

 

 

 

 

 

 

 

 

 

 

Stock options, convertible notes and warrants excluded from calculation(2)

 
4.5

 
6.5

 
2.8

 
5.3

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Calculated using the treasury stock method.

 

(2)

Certain stock options and warrants have been excluded from the computation of diluted earnings per share because their impact would be anti-dilutive for the three- and six-month periods ended June 30, 2017 and June 30, 2016. Additionally, certain convertible notes were excluded for the three- and six-month periods ended June 30, 2016. Under our convertible note hedge agreement, we were entitled to receive shares required to be issued to investors upon conversion of our Convertible Notes. Since related shares used to compute dilutive earnings per share would be anti-dilutive, they have been excluded from the calculation above.
Stock Options  
Stock Option Plan  
Summary of weighted-average assumptions used to measure the fair value of the stock options granted

 

 

 

June 30,
2017

 

June 30,
2016

 

Expected volatility

 
35.7

%
34.8

%

Risk-free interest rate

 
2.2

%
1.6

%

Expected term of awards (in years)

 
6.1

 
5.8

 

Expected dividend yield

 
0.0

%
0.0

%

 

Schedule of the activity and status of stock options

 

 

 

Number of
Options

 

Weighted-
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Aggregate
Intrinsic
Value
(in millions)

 

Outstanding at January 1, 2017

 
4,459,291

 

$
104.97

 

 

 

 

 

Granted

 
1,947,293

 
145.82

 

 

 

 

 

Exercised

 
(387,976

)
94.31

 

 

 

 

 

Forfeited/canceled

 
(53,981

)
131.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2017

 
5,964,627

 

$
118.76

 
7.5

 

$
103.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2017

 
3,151,731

 

$
101.87

 
5.9

 

$
94.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested as of June 30, 2017

 
2,812,896

 

$
137.70

 
9.4

 

$
9.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of stock option exercise data

 

Stock option exercise data is summarized below (dollars in millions):

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Number of options exercised

 
53,911

 
73,436

 
387,976

 
154,541

 

Cash received

 

$
3.6

 

$
2.4

 

$
36.6

 

$
5.0

 

Total intrinsic value of options exercised

 

$
3.2

 

$
5.8

 

$
23.5

 

$
13.4

 

 

Schedule of total share-based compensation expense relating to stock options

 

Total share-based compensation expense relating to stock options is as follows (in millions):

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Cost of product sales

 

$
0.3

 

$
0.1

 

$
0.5

 

$
0.2

 

Research and development

 
1.1

 
0.4

 
1.6

 
0.5

 

Selling, general and administrative

 
10.8

 
14.8

 
14.7

 
17.7

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense before taxes

 
12.2

 
15.3

 
16.8

 
18.4

 

Related income tax benefit

 
(4.5

)
(5.7

)
(6.2

)
(6.8

)

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense, net of taxes

 

$
7.7

 

$
9.6

 

$
10.6

 

$
11.6