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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
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,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Selling, general and administrative

 

$

8,517

 

 

$

7,178

 

 

$

15,676

 

 

$

13,894

 

Cost of sales

 

 

1,418

 

 

 

1,255

 

 

 

2,615

 

 

 

2,447

 

Research and development

 

 

1,251

 

 

 

978

 

 

 

2,307

 

 

 

1,905

 

Total equity-based compensation expense

 

$

11,186

 

 

$

9,411

 

 

$

20,598

 

 

$

18,246

 

 
Summary of Stock Option Activity

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

 

 

Shares

 

 

Weighted

Average Option

Exercise Price

Per Share

 

 

Weighted

Average Remaining Contractual Term in Years

 

 

Aggregate

Intrinsic Value

 

Options outstanding at March 31, 2017

 

 

5,404

 

 

$

12.65

 

 

 

 

 

 

 

 

 

Granted

 

 

3

 

 

$

42.32

 

 

 

 

 

 

 

 

 

Exercised

 

 

(385

)

 

$

6.65

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(32

)

 

$

28.16

 

 

 

 

 

 

 

 

 

Options outstanding at June 30, 2017

 

 

4,990

 

 

$

13.03

 

 

 

4.7

 

 

$

124,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at December 31, 2016

 

 

5,497

 

 

$

10.33

 

 

 

 

 

 

 

 

 

Granted

 

 

484

 

 

$

38.00

 

 

 

 

 

 

 

 

 

Exercised

 

 

(921

)

 

$

9.24

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(70

)

 

$

23.83

 

 

 

 

 

 

 

 

 

Options outstanding at June 30, 2017

 

 

4,990

 

 

$

13.03

 

 

 

4.7

 

 

$

124,780

 

Options exercisable at June 30, 2017

 

 

4,075

 

 

$

8.50

 

 

 

3.8

 

 

$

120,313

 

Options expected to vest at June 30, 2017

 

 

915

 

 

$

33.16

 

 

 

8.9

 

 

$

4,467

 

 
Summary of Exercise Price

The exercise prices of outstanding options at June 30, 2017 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

 

 

337

 

 

 

1.7

 

 

$

2.96

 

 

 

337

 

 

$

2.96

 

$5.36 to $5.67

 

 

99

 

 

 

4.6

 

 

$

5.57

 

 

 

99

 

 

$

5.57

 

$5.68 to $8.54

 

 

2,277

 

 

 

3.6

 

 

$

5.74

 

 

 

2,277

 

 

$

5.74

 

$8.55 to $8.90

 

 

888

 

 

 

2.9

 

 

$

8.59

 

 

 

888

 

 

$

8.59

 

$8.91 to $23.00

 

 

186

 

 

 

6.6

 

 

$

22.88

 

 

 

186

 

 

$

22.88

 

$23.01 to $42.32

 

 

1,203

 

 

 

8.7

 

 

$

31.99

 

 

 

288

 

 

$

28.25

 

$2.96 to $42.32

 

 

4,990

 

 

 

4.7

 

 

$

13.03

 

 

 

4,075

 

 

$

8.50

 

 
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 during the three and six months ended June 30, 2017 and 2016.

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2017

 

 

2016

 

2017

 

 

2016

 

Expected option term (in years)

 

 

6.0

 

 

*

 

 

6.0

 

 

 

6.0

 

Risk-free interest rate

 

 

2.0

%

 

*

 

 

2.0

%

 

 

1.4

%

Expected volatility

 

 

40.0

%

 

*

 

 

40.0

%

 

 

50.0

%

Weighted average exercise price

 

$

42.32

 

 

*

 

$

38.00

 

 

$

24.94

 

Weighted average fair value at grant date

 

$

17.48

 

 

*

 

$

15.72

 

 

$

12.03

 

 
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

 

Non-vested RSUs at March 31, 2017

 

 

2,495

 

 

$

31.65

 

Granted

 

 

33

 

 

$

36.09

 

Vested and shares issued

 

 

(33

)

 

$

29.45

 

Forfeited

 

 

(73

)

 

$

30.55

 

Non-vested RSUs at June 30, 2017

 

 

2,422

 

 

$

31.77

 

 

 

 

 

 

 

 

 

 

Non-vested RSUs at December 31, 2016

 

 

2,519

 

 

$

26.37

 

Granted

 

 

1,124

 

 

$

37.91

 

Vested and shares issued

 

 

(1,089

)

 

$

26.09

 

Forfeited

 

 

(132

)

 

$

27.91

 

Non-vested RSUs at June 30, 2017

 

 

2,422

 

 

$

31.77

 

 
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

 

Non-vested PSUs at March 31, 2017

 

 

571

 

 

$

30.19

 

Granted

 

 

1

 

 

$

42.32

 

Vested and shares issued

 

 

-

 

 

$

-

 

Forfeited

 

 

(13

)

 

$

25.40

 

Non-vested PSUs at June 30, 2017

 

 

559

 

 

$

30.32

 

 

 

 

 

 

 

 

 

 

Non-vested PSUs at December 31, 2016

 

 

445

 

 

$

26.68

 

Granted

 

 

200

 

 

$

38.00

 

Vested and shares issued

 

 

(64

)

 

$

30.76

 

Forfeited

 

 

(22

)

 

$

25.22

 

Non-vested PSUs at June 30, 2017

 

 

559

 

 

$

30.32