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Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2014

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, 2014 and 2013:


	Three Months Ended June 30,
	2014		2013
	(in $000’s)
Cost of product revenue	$	209	$	208
Research and development		853		745
Selling, general and administrative		3,228		2,968

	$	4,290	$	3,921

Components of Stock-Based Compensation

The components of stock-based compensation for the three months ended June 30, 2014 and 2013 were as follows:


	Three Months Ended June 30,
	2014		2013
	(in $000’s)
Restricted stock units and awards	$	3,420	$	2,936
Stock options		799		925
Employee stock purchase plan		71		60

	$	4,290	$	3,921

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended June 30, 2014:


						Weighted
	Shares			Weighted		Average		Aggregate
	Underlying			Average		Remaining		Intrinsic
	Options			Exercise		Contractual		Value
	(in thousands)			Price		Term (years)		(in thousands)
Outstanding at April 1, 2014		3,492		$	13.27		4.92
Granted		256			21.55
Exercised		(67	)		9.99
Cancelled and expired		(3	)		17.67

Outstanding at June 30, 2014		3,678		$	13.90		5.08	$	41,412

Exercisable at June 30, 2014		2,938		$	11.93		4.11	$	38,802

Options vested and expected to vest at June 30, 2014		3,614		$	13.78		5.01	$	41,108

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

The fair value of options granted during the three months ended June 30, 2014 and 2013 were calculated using the following weighted average assumptions:


	Three Months Ended June 30,
	2014			2013
Risk-free interest rate		1.57	%		0.85	%
Expected option life (years)		4.19			4.26
Expected volatility		49.4	%		51.9	%

Summary of Restricted Stock and Restricted Stock Units Activity

The following table summarizes the activity for the three months ended June 30, 2014:


	Number of Shares			Weighted Average Grant Date Fair Value
	(in thousands)			(per share)
Outstanding at April 1, 2014		1,174		$	21.37
Granted		610			21.55
Vested		(429	)		20.51
Forfeited		(113	)		23.13

Outstanding at June 30, 2014		1,242		$	21.59

- 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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