XML 51 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Equity (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock options activity
Activity with respect to the stock options is summarized as follows:
 
Number of
Shares
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value
Outstanding at January 1, 2016
14,019,629

 
$
3.62

 
 
 
 

Granted
—

 
$
—

 
 
 
 

Exercised
(1,164,138
)
 
$
3.02

 
 
 
 

Unvested options forfeited
(154,200
)
 
$
6.77

 
 
 
 

Vested options expired
(148,683
)
 
$
6.16

 
 
 
 

Outstanding at December 31, 2016
12,552,608

 
$
3.61

 
5.4
 
$
66,137,378

Vested at December 31, 2016
11,680,455

 
$
3.33

 
5.3
 
$
64,733,964

Vested or expected to vest at December 31, 2016 (a)
12,539,865

 
$
3.60

 
5.4
 
$
66,119,285

(a)
Includes forfeiture adjusted unvested shares.
Summary of stock options outstanding and exercisable
Following is a summary of stock options outstanding and exercisable at December 31, 2016:
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
Number outstanding
 
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Weighted-
Average
Exercise
Price
 
Number Exercisable
 
Weighted-
Average
Exercise Price
$0.50 - $0.76
441,429

 
2.4
 
$
0.72

 
441,429

 
$
0.72

$0.87 - $1.35
4,385,570

 
4.7
 
1.19

 
4,385,570

 
1.19

$1.40 - $2.45
1,362,424

 
4.1
 
1.92

 
1,362,424

 
1.92

$2.66 - $3.99
878,680

 
5.8
 
3.06

 
878,680

 
3.06

$4.19 - $6.38
3,056,069

 
6.2
 
5.36

 
2,937,038

 
5.34

$6.45- $9.78
2,324,103

 
7.0
 
7.30

 
1,610,485

 
7.25

$9.90 - $10.99
104,333

 
7.7
 
10.42

 
64,829

 
10.46

 
12,552,608

 
5.4
 
$
3.61

 
11,680,455

 
$
3.33
Unvested stock options roll forward
A summary of the status of the Company’s unvested stock options as of December 31, 2016 is presented below:
Unvested Stock Options
Number of
Shares
 
Weighted-
Average
Grant Date Fair Value
Unvested at January 1, 2016
3,067,935

 
$
3.81

Granted
—

 
$
—

Cancelled
(154,200
)
 
$
6.77

Vested
(2,041,582
)
 
$
3.61

Unvested at December 31, 2016
872,153

 
$
4.28
Fair value of options valuation assumptions
The assumptions used in calculating the fair value of options granted using the Black-Scholes-Merton option-pricing model are set forth in the following table:
 
Year ended December 31,
 
2016
 
2015
 
2014
Expected volatility
—
%
 
54.35 - 58.14%

 
58.14 - 64.50%

Expected life (in years)
0

 
6

 
6

Expected dividend yield
—

 
—

 
—

Risk-free interest rate
0

 
1.51 - 1.68%

 
1.64 - 1.96%
Restricted stock awards roll forward
Following is summary information for restricted stock awards for the year ended December 31, 2016. Shares vest over a one to three year period. As of December 31, 2016, there was approximately $21,905,000 of total unrecognized stock-based compensation related to time-based, non-vested restricted stock.  That expense is expected to be recognized on a straight-line basis over a weighted-average period of 1.9 years.
Additionally, during the twelve months ended December 31, 2016, 43,344 shares of common stock valued at approximately $345,700 were issued under the 2006 Plan to a consultant in return for services performed, and is included in the table that follows.
 
 
Number of
Shares
 
Weighted-Average Grant Date
Fair Value
Unvested at January 1, 2016
 
2,613,267

 
$
9.14

Granted
 
2,755,426

 
$
8.05

Vested
 
(1,162,931
)
 
$
8.68

Forfeited
 
(377,317
)
 
$
8.71

Unvested at December 31, 2016
 
3,828,445

 
$
8.53
Allocation of share-based compensation
For the years ended December 31, 2016, 2015, and 2014 the Company recognized stock-based compensation as follows (in thousands):  
 
Years Ended December 31,
 
2016
 
2015
 
2014
Cost of sales
$
426

 
$
352

 
$
322

Research and development
647

 
790

 
660

Selling, general and administrative
16,745

 
15,754

 
10,471

 
$
17,818

 
$
16,896

 
$
11,453