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Table of Contents
85
Stock Option Activity
Stock option activity under our equity incentive plans was as follows:
Options Outstanding
Number of
Options
Outstanding
Weighted-
Average
Exercise
Price per
Share
Weighted-
Average
Remaining
Contractual
Term in Years
Aggregate
Intrinsic
Value
Balance at December 31, 2014. . . . . . . . . . . . . . . . . . . . . . . . 14,962,099 $ 8.53 7.11 $ 6,646,629
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253,901 7.34
Exercised. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,745,616) 6.45
Canceled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,054,892) 9.96
Balance at December 31, 2015. . . . . . . . . . . . . . . . . . . . . . . . 12,415,492 $ 8.68 6.24 $ 5,082,489
As of December 31, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Options exercisable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,278,919 $ 8.39 5.95 $ 5,067,905
Options vested and expected to vest . . . . . . . . . . . . . . . . 12,243,418 $ 8.66 6.21 $ 5,080,276
The total intrinsic value of options exercised during 2015, 2014 and 2013, was approximately $3.2 million, $3.1
million and $4.9 million, respectively.
As of December 31, 2015, our total unrecognized compensation expense for stock options granted to employees,
officers, directors, and consultants was approximately $9.9 million, which will be recognized over a weighted-average
vesting period of approximately 1.1 years.
We recognize only the portion of the stock options granted to employees that is ultimately expected to vest as
compensation expense. Estimated forfeitures are determined based on historical data and management’s expectation of
exercise behaviors. Forfeiture rates and the resulting compensation expense are revised in subsequent periods if actual
forfeitures differ from the estimate.
No stock options were granted to consultants during the year ended December 31, 2015 and 2014. We
granted 110,886 option awards to consultants in the years ended December 31, 2013. Total share-based compensation
expense for consultants was $0.4 million, $0.7 million and $0.9 million in the years ended December 31, 2015, 2014 and
2013, respectively.
There was no capitalized share-based compensation expense as of December 31, 2015, 2014 or 2013.
RSU and PSU Activity
RSUs and PSUs Outstanding
Number of
RSUs and
PSUs
Outstanding
Weighted
Average
Grant Date
Fair Value
Balance at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,125,190 $ 6.25
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,132,727 6.88
Released . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,746,644) 6.41
Canceled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,188,662) 6.64
Balance at December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,322,611 $ 6.57
During the year ended December 31, 2014, 1,305,377 RSUs granted prior to our IPO vested, and were settled for
shares of our common stock. Of those shares, we withheld 535,348 shares valued at approximately $3.6 million in
satisfaction of tax withholding obligations for employees who elected to net settle, i.e., surrender shares of common stock to