Equity
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Mar. 31, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity In January 2013, in a public offering, the Company issued and sold 4,715,000 shares of its common stock at a price of $20.75 per share. In connection with the offering, the Company received total gross proceeds of $97.8 million, or approximately $92.8 million in net proceeds after deducting underwriting discounts and offering expenses. The Company grants share-based awards to employees in the form of options to purchase the Company’s common stock, the ability to purchase stock at a discounted price under the employee stock purchase plan and restricted stock units. Stock-based compensation expense related to share-based awards recognized in the three month periods ended March 31, 2013 and 2012 was $3.0 million and $2.6 million, respectively, and was calculated based on awards ultimately expected to vest. At March 31, 2013, the Company had $30.2 million of total unrecognized compensation expense related to stock options and restricted stock units. Stock Options In May 2007, in conjunction with the Company's initial public offering, the Company adopted its 2007 Stock Option and Incentive Plan (the "2007 Plan"). The Company originally reserved 535,000 shares of common stock for issuance under the 2007 Plan in which the amount was increased on each January 1 through January 1, 2012 by 725,000 shares. The 2007 Plan was amended and restated in November 2008 and May 2012 to provide for the issuance of additional shares and to amend certain other provisions. In May 2012, shares available for grant under the 2007 Plan were increased by 3,775,000 shares. The following summarizes the activity under the Company’s stock option plans:
At March 31, 2013 there were 2,517,112 options outstanding with a weighted average exercise price of $14.24 per share and a weighted average remaining contractual life of 6.8 years years. At March 31, 2013 there were 1,519,136 options exercisable with a weighted average exercise price of $11.22 per share and a weighted average remaining contractual life of 5.5 years. Employee stock-based compensation expense related to stock options recognized in the three month periods ended March 31, 2013 and 2012 was $1.2 million and was based on awards ultimately expected to vest. At March 31, 2013, the Company had $10.2 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 1.3 years. Employee Stock Purchase Plan As of March 31, 2013 and 2012 the Company had zero shares contingently issued under the employee stock purchase plan (“ESPP”). In the three months ended March 31, 2013 and 2012, the Company recorded no significant stock-based compensation charges related to the ESPP. Restricted Stock Units In the three months ended March 31, 2013, the Company awarded 438,675 restricted stock units to certain employees. The restricted stock units were granted under the 2007 Plan and vest annually over three to four years from the grant date. Of the 438,675 restricted stock units granted during the period, 142,000 restricted stock units were granted as performance based awards which vest over a three year period once certain performance criteria are met. The restricted stock units granted have a weighted average fair value of $23.38 per share based on the closing price of the Company’s common stock on the date of grant. The restricted stock units granted during the three months ended March 31, 2013 were valued at approximately $10.3 million on their grant date, and the Company is recognizing the compensation expense over the vesting period. Approximately $1.8 million and $1.4 million of stock-based compensation expense related to the vesting of restricted stock units was recognized in the three months ended March 31, 2013 and 2012, respectively. Approximately $20.0 million of the fair value of the restricted stock units remained unrecognized as of March 31, 2013 and will be recognized over a weighted average period of 1.7 years. Under the terms of the award, the Company will issue shares of common stock on each of the vesting dates. The following table summarizes the status of the Company’s restricted stock units:
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