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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2016
Summary of the Equity-Based Compensation Expense Included in the Condensed Consolidated Statements of Operations and Comprehensive Income

The following table shows a summary of the equity-based compensation expense included in the Condensed Consolidated Statements of Operations and Comprehensive Income:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Selling, general and administrative

 

$

7,178

 

 

$

7,704

 

 

$

13,894

 

 

$

11,714

 

Cost of sales

 

 

1,255

 

 

 

1,361

 

 

 

2,447

 

 

 

2,060

 

Research and development

 

 

978

 

 

 

1,060

 

 

 

1,905

 

 

 

1,604

 

Total equity-based compensation expense

 

$

9,411

 

 

$

10,125

 

 

$

18,246

 

 

$

15,378

 

 
Summary of Stock Option Activity

The following table summarizes the stock option activity (in thousands, except per share amounts):

 

 

 

Shares

 

 

Weighted

Average Option

Exercise Price

Per Share

 

 

Weighted

Average Grant

Date Fair Value

Per Share

 

 

Aggregate

Intrinsic Value

 

Outstanding as of  March 31, 2016

 

 

7,375

 

 

$

9.80

 

 

 

 

 

 

 

 

 

Exercised

 

 

(750

)

 

$

7.08

 

 

 

 

 

 

 

 

 

Outstanding as of June 30, 2016

 

 

6,625

 

 

$

10.10

 

 

 

 

 

 

$

138,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2015

 

 

7,458

 

 

$

8.81

 

 

 

 

 

 

 

 

 

Granted

 

 

374

 

 

$

24.94

 

 

$

12.03

 

 

 

 

 

Exercised

 

 

(1,012

)

 

$

6.90

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(195

)

 

$

5.73

 

 

$

3.87

 

 

 

 

 

Outstanding as of June 30, 2016

 

 

6,625

 

 

$

10.10

 

 

 

 

 

 

$

138,831

 

Exercisable at June 30, 2016

 

 

5,731

 

 

$

7.47

 

 

$

4.36

 

 

$

135,046

 

Expected to vest

 

 

890

 

 

$

27.01

 

 

 

 

 

 

$

3,768

 

 
Summary of Exercise Price

The exercise prices of outstanding options at June 30, 2016 were in the following ranges:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise Prices

 

Shares

(in thousands)

 

 

Weighted Average

Remaining

Contractual Life

(in years)

 

 

Weighted

Average Exercise

Price Per Share

 

 

Shares

(in thousands)

 

 

Weighted

Average Exercise

Price Per Share

 

$2.96 to $5.35

 

 

391

 

 

 

2.7

 

 

$

2.96

 

 

 

391

 

 

$

2.96

 

$5.36 to $5.67

 

 

401

 

 

 

5.6

 

 

$

5.57

 

 

 

373

 

 

$

5.57

 

$5.68 to $8.54

 

 

3,464

 

 

 

4.6

 

 

$

5.74

 

 

 

3,464

 

 

$

5.74

 

$8.55 to $8.90

 

 

1,039

 

 

 

4.1

 

 

$

8.61

 

 

 

1,039

 

 

$

8.61

 

$8.91 to $23.00

 

 

476

 

 

 

7.5

 

 

$

22.55

 

 

 

440

 

 

$

22.90

 

$23.01 to $33.12

 

 

854

 

 

 

8.9

 

 

$

28.09

 

 

 

24

 

 

$

27.74

 

$2.96 to $33.12

 

 

6,625

 

 

 

5.2

 

 

$

10.10

 

 

 

5,731

 

 

$

7.47

 

 
Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option

The following table presents the weighted average assumptions used to estimate the fair value of stock option awards granted.

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2016

 

2015

 

2016

 

 

2015

 

Expected option term (in years)

 

*

 

*

 

 

6.0

 

 

 

6.0

 

Risk-free interest rate

 

*

 

*

 

 

1.4

%

 

 

1.6

%

Expected volatility

 

*

 

*

 

 

50.0

%

 

 

43.0

%

Expected dividend yield

 

*

 

*

 

 

—

 

 

 

—

 

Weighted average exercise price

 

*

 

*

 

$

24.94

 

 

$

30.76

 

Weighted average fair value at grant date

 

*

 

*

 

$

12.03

 

 

$

13.25

 

 

*

No stock options were granted during the three months ended June 30, 2016 or 2015.
Performance Share Units (PSUs) [Member]  
Summary of PSU Activity

The following table summarizes the PSU activity (in thousands, except per share data):

 

 

 

Performance

Share Units

 

 

Weighted

Average Grant

Date Fair Value

Per Share

 

Outstanding and unvested as of March 31, 2016

 

 

443

 

 

$

27.24

 

Granted

 

 

1

 

 

$

27.64

 

Outstanding and unvested as of June 30, 2016

 

 

444

 

 

$

27.24

 

 

 

 

 

 

 

 

 

 

Outstanding and unvested as of December 31, 2015

 

 

175

 

 

$

30.76

 

Granted

 

 

269

 

 

$

24.95

 

Outstanding and unvested as of June 30, 2016

 

 

444

 

 

$

27.24

 

 
Restricted Stock Units (RSUs) [Member]  
Summary of RSU Activity

The following table summarizes the RSU activity (in thousands, except per share data):

 

 

 

Restricted Stock

Units

 

 

Weighted

Average Grant

Date Fair Value

Per Share

 

Outstanding and unvested as of March 31, 2016

 

 

2,771

 

 

$

26.66

 

Granted

 

 

33

 

 

$

29.17

 

Vested and shares issued

 

 

(7

)

 

$

29.13

 

Forfeited

 

 

(37

)

 

$

26.85

 

Outstanding and unvested as of June 30, 2016

 

 

2,760

 

 

$

26.69

 

 

 

 

 

 

 

 

 

 

Outstanding and unvested as of December 31, 2015

 

 

1,567

 

 

$

29.37

 

Granted

 

 

1,622

 

 

$

25.03

 

Vested and shares issued

 

 

(348

)

 

$

30.84

 

Forfeited

 

 

(81

)

 

$

27.55

 

Outstanding and unvested as of June 30, 2016

 

 

2,760

 

 

$

26.69