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Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2012

The following table summarizes stock-based compensation expense by financial statement line item in the Company’s consolidated statements of operations for the three months ended June 30, 2012 and 2011 (in thousands):


	Three Months Ended June 30,
	2012		2011

Cost of product revenue	$	146	$	76
Research and development		563		500
Selling, general and administrative		1,970		1,756

	$	2,679	$	2,332

Components of Stock-Based Compensation

The components of stock-based compensation for the three months ended June 30, 2012 and 2011 were as follows (in thousands):


	Three Months Ended June 30,
	2012		2011

Stock options	$	970	$	903
Restricted stock		338		1,156
Restricted stock units		1,323		256
Employee stock purchase plan		48		17

	$	2,679	$	2,332

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended June 30, 2012:


	Shares Underlying Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at April 1, 2012		4,268		$	10.42		6.03
Granted		303			22.44
Exercised		(161	)		7.62
Cancelled and expired		(31	)		9.21

Outstanding at June 30, 2012		4,379		$	11.34		6.01	$	50,278

Exercisable at June 30, 2012		3,327		$	10.72		5.29	$	40,249

Options vested and expected to vest at June 30, 2012		4,133		$	11.33		5.89	$	47,479

Weighted-Average Assumptions Used to Calculate Fair Value of Options Granted

The fair value of options granted during the three months ended June 30, 2012 and 2011 were calculated using the following weighted average assumptions:


	Three Months Ended June 30,
	2012			2011
Risk-free interest rate		0.78	%		1.83	%
Expected option life (years)		4.33			5.30
Expected volatility		56.3	%		51.6	%

Summary of Restricted Stock and Restricted Stock Units Activity

The following table summarizes the activity for the three months ended June 30, 2012:


	Three Months Ended June 30, 2012
	Number of Share (in 000’s)			Weighted Average Grant Date Fair Value
Outstanding at April 1, 2012		871		$	15.76
Granted		361			22.40
Vested		(209	)		13.76
Forfeited		(18	)		20.48

Outstanding at June 30, 2012		1,005		$	18.47

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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