Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of details regarding stock options granted under equity incentive plans

The following table summarizes details regarding stock options granted under our equity incentive plans for the year ended December 31, 2018:

	December 31, 2018
	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($ in thousands)
Outstanding at beginning of year	3,531,359		$	28.27	7.2	$	—
Granted	1,184,880		21.14		—	—
Exercised	(153,601	)	19.26		—	—
Expired and/or forfeited	(846,059	)	35.13		—	—
Outstanding at end of year	3,716,579		$	24.81	7.3	$	694
Outstanding at end of year - vested and unvested expected to vest	3,601,519		$	24.92	7.2	$	690
Exercisable at end of year	1,928,239		$	27.26	5.8	$	515

The following table summarizes stock option activity during 2018:

	2007 Equity		2013 Lumara		Inducement
	Plan		Equity Plan		Grants		Total
Outstanding at December 31, 2017	2,590,373		125,536		815,450		3,531,359
Granted	1,047,087		35,400		102,393		1,184,880
Exercised	(150,789	)	(2,812	)	—		(153,601	)
Expired or terminated	(704,885	)	(33,674	)	(107,500	)	(846,059	)
Outstanding at December 31, 2018	2,781,786		124,450		810,343		3,716,579

Summary of details regarding restricted stock units granted under equity incentive plans

The following table summarizes details regarding RSUs granted under our equity incentive plans for the year ended December 31, 2018:

	December 31, 2018
	Restricted Stock Units		Weighted Average Grant Date Fair Value
Outstanding at beginning of year	1,069,775		$	26.07
Granted	816,887		22.32
Vested	(438,284	)	28.25
Forfeited	(319,843	)	22.86
Outstanding at end of year	1,128,535		$	23.42
Outstanding at end of year and expected to vest	1,060,647		$	23.40

The following table summarizes RSU activity during 2018:

	2007 Equity		2013 Lumara		Inducement
	Plan		Equity Plan		Grants		Total
Outstanding at December 31, 2017	966,623		11,611		91,541		1,069,775
Granted	766,869		1,600		48,418		816,887
Vested	(375,470	)	(10,650	)	(52,164	)	(438,284	)
Expired or terminated	(316,881	)	(460	)	(2,502	)	(319,843	)
Outstanding at December 31, 2018	1,041,141		2,101		85,293		1,128,535

Schedule of equity-based compensation expense

Equity-based compensation expense for 2018, 2017 and 2016 consisted of the following (in thousands):

	Years Ended December 31,
	2018		2017			2016
Cost of product sales	$	802	$	884		$	511
Research and development	2,533		3,225			3,475
Selling, general and administrative	16,614		16,187			15,590
Total equity-based compensation expense	19,949		20,296			19,576
Income tax effect	—		(6,188		)	(5,696		)
After-tax effect of equity-based compensation expense	$	19,949	$	14,108		$	13,880

Schedule of share-based payment award, stock options, valuation assumptions

The following table summarizes the weighted average assumptions we utilized for purposes of valuing grants of options to our employees and non-employee directors:

	Years Ended December 31,
	2018		2017		2016
		Non-Employee		Non-Employee		Non-Employee
	Employees	Directors	Employees	Directors	Employees	Directors
Risk free interest rate (%)	2.75	2.70	1.86	1.61	1.32	1.10
Expected volatility (%)	57	59	53	57	49	54
Expected option term (years)	5.0	4.0	5.0	4.0	5.0	3.0
Dividend yield	none	none	none	none	none	none