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Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2013

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, 2013 and 2012:


	Three Months Ended June 30,
	2013		2012
	(in $000’s)
Cost of product revenue	$	208	$	146
Research and development		745		563
Selling, general and administrative		2,968		1,970

	$	3,921	$	2,679

Components of Stock-Based Compensation

The components of stock-based compensation for the three months ended June 30, 2013 and 2012 were as follows:


	Three Months Ended June 30,
	2013		2012
	(in $000’s)
Restricted stock units	$	2,644	$	1,323
Stock options		925		970
Restricted stock		292		338
Employee stock purchase plan		60		48

	$	3,921	$	2,679

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended June 30, 2013:


	Shares Underlying Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at April 1, 2013		4,228		$	11.49		5.37
Granted		298			23.10
Exercised		(192	)		10.04
Cancelled and expired		(8	)		10.29

Outstanding at June 30, 2013		4,326		$	12.35		5.51	$	40,584

Exercisable at June 30, 2013		3,493		$	10.78		4.72	$	37,729

Options vested and expected to vest at June 30, 2013		4,186		$	12.24		5.42	$	39,701

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

The fair value of options granted during the three months ended June 30, 2013 and 2012 were calculated using the following weighted average assumptions:


	Three Months Ended June 30,
	2013			2012
Risk-free interest rate		0.85	%		0.78	%
Expected option life (years)		4.26			4.33
Expected volatility		51.9	%		56.3	%

Summary of Restricted Stock and Restricted Stock Units Activity

The following table summarizes the activity for the three months ended June 30, 2013:


	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value (per share)
Outstanding at April 1, 2013		1,022		$	18.44
Granted		503			23.15
Vested		(346	)		16.61
Forfeited		(11	)		21.15

Outstanding at June 30, 2013		1,168		$	20.98

- 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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