Share-Based Compensation

6 Months Ended

Dec. 31, 2012

Share-Based Compensation [Abstract]

Share-Based Compensation

5. Share-Based Compensation

The following table presents the share-based compensation expense recognized during the three and six months ended December 31, 2012 and 2011:

	Three months				Six months
	ended December 31,				ended December 31,
	2012		2011		2012		2011
Cost of product sales	$	10,164	$	12,090	$	20,328	$	24,180
Research and development expenses		8,717		7,630		17,435		15,260
Sales and marketing expenses		1,523		2,606		3,182		5,211
General and administrative expenses		8,422		10,864		16,844		21,728
Total share-based compensation	$	28,826	$	33,190	$	57,789	$	66,379

As of December 31, 2012, total unrecognized compensation expense related to stock-based options was $109,561 and the related weighted-average period over which it is expected to be recognized is approximately 0.79 years.

The Company currently provides stock-based compensation under three equity incentive plans approved by the Board of Directors. Options granted under each of the plans have a ten year maximum term, an exercise price equal to at least the fair market value of the Company's common stock on the date of the grant, and varying vesting periods as determined by the Board. For stock options with graded vesting terms, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award.

A summary of stock options within the Company's share-based compensation plans as of December 31, 2012 was as follows:

					Weighted
			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Options		Price		Term		Value
Outstanding at December 31, 2012		2,312,072	$	1.82		5.12	$	283,372
Vested and expected to vest at December 31, 2012		2,221,210		1.87		5.07	$	258,411
Vested and exercisable at December 31, 2012		2,037,064	$	1.93		4.84	$	280,472

				Vested and			Vested and
	Outstanding			expected to vest			exercisable
Beginning of period (June 30, 2012)		2,381,306			2,283,968			2,102,964
Forfeited		(37,534	)		(35,480	)		(36,422	)
Exercised		(31,700	)		(27,278	)		(29,478	)
End of period (December 31, 2012)		2,312,072			2,221,210			2,037,064

There were 31,700 options exercised during the six months ended December 31, 2012 and 5,200 options exercised during the six months ended December 31, 2011. The Company's current policy is to issue new shares to satisfy option exercises. The intrinsic value of the employee options exercised during the six months ended December 31, 2012 and 2011 was $ 13,866 and $2,964, respectively.

No stock option awards were granted during the six months ended December 31, 2012 and 2011.