Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Schedule of Restricted Stock Units Activity |
A summary of the activity and related information of the restricted stock units issued during the six months ended June 30, 2019 is presented below:
|
|
|
Restricted
Stock Units
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
Outstanding at December 31, 2018
|
|
|
1,494,111
|
|
|
$
|
26.91
|
|
|
Granted
|
|
|
285,317
|
|
|
|
4.06
|
|
|
Vested and Released
|
|
|
(522,493
|
)
|
|
|
28.94
|
|
|
Forfeited
|
|
|
(19,040
|
)
|
|
|
9.35
|
|
|
Outstanding at June 30, 2019
|
|
|
1,237,895
|
|
|
$
|
21.20
|
|
|
| Schedule of Stock-based Compensation Expense Recorded in Operating Expenses |
Stock-based compensation expense recorded in operating expenses was as follows (in thousands):
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
Selling, general and administrative
|
|
$
|
6,364
|
|
|
$
|
3,588
|
|
|
$
|
12,683
|
|
|
$
|
3,958
|
|
|
Research and development
|
|
|
276
|
|
|
|
831
|
|
|
|
1,186
|
|
|
|
909
|
|
|
Stock-based compensation in operating expenses
|
|
$
|
6,640
|
|
|
$
|
4,419
|
|
|
$
|
13,869
|
|
|
$
|
4,867
|
|
|
| Communicated Option Awards [Member] |
|
| Schedule of Options Activity |
A summary of the activity and related information of the Communicated Option Awards classified as liabilities and communicated during the six months ended June 30, 2018, is presented below:
|
|
|
Liability-
Classified
Awards
(in shares)
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Life
(in years)
|
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|
|
Outstanding at December 31, 2017
|
|
|
933,500
|
|
|
$
|
3.92
|
|
|
|
3.57
|
|
|
$
|
19,676
|
|
|
Granted
|
|
|
170,000
|
|
|
|
25.00
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(67,000
|
)
|
|
|
5.33
|
|
|
|
|
|
|
|
|
|
|
Cancelled and settled with Replacement Awards
|
|
|
(1,036,500
|
)
|
|
|
7.29
|
|
|
|
|
|
|
|
22,442
|
|
|
Outstanding at June 30, 2018
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
Exercisable at June 30, 2018
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
Vested and expected to vest at June 30, 2018
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
| Schedule of Fair Value of Options Using the Black Scholes Option Pricing Model and Assumptions Used |
The fair value of the Communicated Option Awards was estimated using the Black Scholes option pricing model and the assumptions used in the model are noted in the following table:
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
2018
|
|
|
Risk-free interest rate
|
|
|
2.49
|
%
|
|
Volatility
|
|
|
34.13
|
%
|
|
Expected dividend yield
|
|
|
0.00
|
%
|
|
Expected life
|
|
|
2.9
|
|
|
| Stock Options [Member] |
|
| Schedule of Options Activity |
A summary of the activity and related information of the stock options issued during the six months ended June 30, 2019 is presented below:
|
|
|
Stock
Options
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Life
(in years)
|
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|
|
Outstanding at December 31, 2018
|
|
|
1,920,100
|
|
|
$
|
28.59
|
|
|
|
9.43
|
|
|
$
|
—
|
|
|
Granted
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(27,900
|
)
|
|
|
14.03
|
|
|
|
|
|
|
|
|
|
|
Outstanding at June 30, 2019
|
|
|
1,892,200
|
|
|
$
|
28.81
|
|
|
|
8.93
|
|
|
$
|
—
|
|
|
Exercisable at June 30, 2019
|
|
|
686,212
|
|
|
$
|
28.94
|
|
|
|
8.93
|
|
|
$
|
—
|
|
|
Vested and expected to vest at June 30, 2019
|
|
|
1,892,200
|
|
|
$
|
28.81
|
|
|
|
8.93
|
|
|
$
|
—
|
|
|
| Schedule of Fair Value of Options Using the Black Scholes Option Pricing Model and Assumptions Used |
The fair value of the stock options issued under the Compensation Plan was estimated using the Black Scholes option pricing model and the weighted-average assumptions used in the model are noted in the following table:
|
|
|
Three Months
Ended
June 30,
|
|
|
Six Months
Ended
June 30,
|
|
|
|
|
2018
|
|
|
2018
|
|
|
Risk-free interest rate
|
|
|
2.84
|
%
|
|
|
2.84
|
%
|
|
Volatility
|
|
|
42.18
|
%
|
|
|
42.18
|
%
|
|
Expected dividend yield
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
Expected life
|
|
|
6.0
|
|
|
|
6.0
|
|
|