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STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2013
STOCK-BASED COMPENSATION  
Schedule of valuation assumptions

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Option Plan Shares

 

 

 

 

 

 

 

 

 

Risk-free interest rates

 

0.94%

 

0.82%

 

0.94% - 1.15%

 

0.82% - 0.84%

 

Expected term (in years)

 

6

 

6

 

6

 

6

 

Expected volatility

 

82.9%

 

87.1%

 

82.9% - 84.0%

 

87.1% - 91.6%

 

Dividend yield

 

0%

 

0%

 

0%

 

0%

 

Weighted average fair value per share of options granted during the period

 

$

6.55

 

$

7.38

 

$

7.66

 

$

6.86

 

 

 

 

 

 

 

 

 

 

 

ESPP Shares

 

 

 

 

 

 

 

 

 

Risk-free interest rates

 

0.11% - 0.20%

 

0.19% - 0.27%

 

0.11% - 0.20%

 

0.19% - 0.27%

 

Expected term (in years)

 

0.5-2

 

0.5 - 2

 

0.5-2

 

0.5 - 2

 

Expected volatility

 

39.1% - 45.6%

 

39.6% - 54.9%

 

39.1% - 45.6%

 

39.6% - 54.9%

 

Dividend yield

 

0%

 

0%

 

0%

 

0%

 

Weighted average fair value per share of stock purchase rights granted during the period

 

$

2.80

 

$

3.47

 

$

2.80

 

$

3.47

 

Summary of stock option activity under the Stock Plans

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

 

 

 

Exercise

 

Contractual

 

Intrinsic

 

Options

 

Shares

 

Price

 

Term (Years)

 

Value (1)

 

(Aggregate intrinsic value in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, January 1, 2013

 

6,181,996

 

$

2.62

 

6.6

 

$

49,439

 

Granted

 

240,570

 

$

10.72

 

 

 

 

 

Exercised

 

(98,869

)

$

4.99

 

 

 

 

 

Forfeited

 

(74,250

)

$

8.67

 

 

 

 

 

Outstanding, June 30, 2013

 

6,249,447

 

$

2.83

 

6.2

 

$

69,266

 

 

 

 

 

 

 

 

 

 

 

Exercisable, June 30, 2013

 

5,205,858

 

$

1.84

 

5.8

 

$

62,849

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest June 30, 2013

 

6,220,586

 

$

2.84

 

6.2

 

$

69,089

 

 

(1)The aggregate intrinsic value of options outstanding, exercisable and vested and expected to vest is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s common stock for options that had exercise prices that were lower than the $13.91 market price of the Company’s common stock at June 30, 2013.  The total intrinsic value of options exercised during the six months ended June 30, 2013 was $0.5 million. The total intrinsic value of options exercised during the six months ended June 30, 2012 was $3.4 million.

 

Summary of restricted stock activity under the Stock Plans

 

 

 

 

 

Weighted

 

 

 

Restricted

 

Average Grant

 

 

 

Shares

 

Date Fair Value

 

Outstanding, January 1, 2013

 

813,955

 

$

8.51

 

Granted

 

581,124

 

$

10.77

 

Released

 

(166,843

)

$

8.63

 

Forfeited

 

(352,836

)

$

9.45

 

Outstanding, June 30, 2013

 

875,400

 

$

9.61