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Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2015

The following table summarizes stock-based compensation expense by financial statement line item in the Company’s condensed consolidated statements of operations for the three months ended June 30, 2015 and 2014:


	Three Months Ended June 30,
	2015		2014
	(in $000’s)
Cost of product revenue	$	237	$	209
Research and development		931		853
Selling, general and administrative		3,631		3,228

	$	4,799	$	4,290

Components of Stock-Based Compensation

The components of stock-based compensation for the three months ended June 30, 2015 and 2014 were as follows:


	Three Months Ended June 30,
	2015		2014
	(in $000’s)
Restricted stock units	$	3,903	$	3,420
Stock options		819		799
Employee stock purchase plan		77		71

	$	4,799	$	4,290

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended June 30, 2015:


	Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at beginning of period		2,892		$	14.72		5.18
Granted		97			66.36
Exercised		(363	)		12.65
Cancelled and expired		(1	)		14.00

Outstanding at end of period		2,625		$	16.92		5.43	$	128,218

Exercisable at end of period		2,020		$	13.02		4.51	$	106,478

Options vested and expected to vest at end of period		2,567		$	16.70		5.37	$	125,940

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

The fair value of options granted during the three months ended June 30, 2015 and 2014 were calculated using the following weighted average assumptions:


	Three Months Ended June 30,
	2015			2014
Risk-free interest rate		1.57	%		1.57	%
Expected option life (years)		4.15			4.19
Expected volatility		50.4	%		49.4	%

Time Based Restricted Stock and Restricted Stock Units

Summary of Restricted Stock and Restricted Stock Units Activity

The following table summarizes the activity of restricted stock and restricted stock units for the three months ended June 30, 2015:


	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value (per share)
Restricted stock and restricted stock units at beginning of period		1,160		$	21.90
Granted		598			88.28
Vested		(407	)		22.31
Forfeited		(40	)		12.27

Restricted stock and restricted stock units at end of period		1,311		$	52.39

Restricted stock units

Monte Carlo Simulation Model to Estimate Grant-Date Fair Value of Restricted Stock Units

The table below sets forth the assumptions used to value the awards and the estimated grant-date fair value:


Risk-free interest rate		1.10	%
Dividend yield		0	%
Remaining performance period (years)		2.96
Expected volatility		47.2	%
Estimated grant date fair value (per share)	$	107.10
Target performance (number of shares)		107,660