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Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 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 and nine months ended December 31, 2013 and 2012:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2013		2012		2013		2012
	(in $000’s)				(in $000’s)
Cost of product revenue	$	130	$	83	$	476	$	330
Research and development		527		333		1,813		1,331
Selling, general and administrative		991		1,520		6,078		5,238

	$	1,648	$	1,936	$	8,367	$	6,899

Components of Stock-Based Compensation

The components of stock-based compensation for the three and nine months ended December 31, 2013 and 2012 were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2013		2012		2013		2012
	(in $000’s)				(in $000’s)
Restricted stock units	$	1,013	$	1,220	$	5,808	$	4,085
Stock options		571		583		2,094		2,135
Restricted stock		7		81		310		541
Employee stock purchase plan		57		52		155		138

	$	1,648	$	1,936	$	8,367	$	6,899

Summary of Stock Option Activity

The following table summarizes the stock option activity for the nine months ended December 31, 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		333			23.53
Exercised		(907	)		9.18
Cancelled and expired		(37	)		18.74

Outstanding at December 31, 2013		3,617		$	13.10		5.13	$	49,330

Exercisable at December 31, 2013		2,798		$	11.25		4.18	$	43,350

Options vested and expected to vest at December 31, 2013		3,521		$	13.00		5.06	$	48,397

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

The fair value of options granted during the three and nine months ended December 31, 2013 and 2012 were calculated using the following weighted average assumptions:


	Three Months Ended December 31,						Nine Months Ended December 31,
	2013			2012			2013			2012
Risk-free interest rate		1.71	%		0.63	%		0.94	%		0.77	%
Expected option life (years)		4.18			4.23			4.25			4.32
Expected volatility		50.2	%		58.1	%		51.8	%		56.4	%

Summary of Restricted Stock and Restricted Stock Units Activity

The following table summarizes the activity for the nine months ended December 31, 2013:


	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value (per share)
Outstanding at April 1, 2013		1,022		$	18.44
Granted		553			23.18
Vested		(364	)		16.58
Forfeited		(52	)		18.86

Outstanding at December 31, 2013		1,159		$	21.27

- 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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