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SHARE BASED COMPENSATION
 6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION
Restricted Shares
Service Based Restricted Stock Awards
The following table summarizes the Company’s restricted stock activity during the six months ended June 30, 2016:
 
Number of
Restricted Stock Units
 
Weighted
Average
Grant Date Fair
Value
Outstanding December 31, 2015
429,666

 
$
20.38

Granted
130,000

 
16.01

Vested
(77,666
)
 
16.63

Forfeited/canceled
(34,335
)
 
12.07

Outstanding June 30, 2016
447,665

 
$
20.40


At June 30, 2016, unamortized stock compensation for restricted stock awards was $6.4 million, with a weighted-average recognition period of 1.2 years.
Performance Based Restricted Stock Awards
During the three and six months ended June 30, 2016, the Company issued 70,000 performance based restricted stock awards.
Stock Options
The following table summarizes stock option activity during the six months ended June 30, 2016:
 
Shares
Underlying
Options
 
Weighted
Average
Exercise
Price
 
Weighted Average Remaining Contractual Life (years)
 
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2015
5,665,584

 
$
17.05

 
8.75
 
$
31,542

Granted
1,381,750

 
16.09

 
 
 
 
Exercised
(166,611
)
 
9.43

 
 
 
 
Forfeited/canceled
(157,741
)
 
20.58

 
 
 
 
Outstanding at June 30, 2016
6,722,982

 
$
16.96

 
8.21
 
$
26,854


At June 30, 2016, unamortized stock compensation for stock options was $46.8 million, with a weighted-average recognition period of 2.0 years.
At June 30, 2016, outstanding options to purchase 2.9 million shares of common stock were exercisable with a weighted-average exercise price per share of $13.84.
Share Based Compensation
The following table sets forth total non-cash stock-based compensation by operating statement classification for the three and six months ended June 30, 2016 and 2015 (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Research and development
$
2,641

 
$
1,749

 
$
5,127

 
$
3,968

Selling, general & administrative
4,852

 
3,245

 
9,159

 
6,599

Total
$
7,493

 
$
4,994

 
$
14,286

 
$
10,567


Exercise of Warrants
During the three and six months ended June 30, 2016, the Company issued 15,000 shares of common stock upon the exercise of warrants for cash received by the Company in the amount of $0.1 million. The Company reclassified $0.2 million derivative liability to equity for the value of these warrants on the date of exercise. The warrants were revalued immediately prior to exercise and the change in the fair value of $0.1 million was recorded as other expense in the consolidated financial statements of the Company.
At June 30, 2016 and December 31, 2015, warrants to purchase 2,650,548 and 2,665,548 shares of common stock, respectively, were outstanding.