LeapFrog 2015 Annual Report Download - page 80
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LEAPFROG ENTERPRISES, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share data)
14. Stock-based Compensation − (continued)
ESPP
The Company’s common stock is offered to participants at a 15% discount from the fair market value of
such stock, which results in stock-based compensation expense due to departure from the IRS safe harbor.
Stock-based compensation expense related to the ESPP is estimated using the Black-Scholes option pricing
model with the following assumptions for the year ended March 31, 2015, the three months ended March 31,
2014 and the years ended December 31, 2013 and 2012:
Year Ended
March 31,
Three Months
Ended
March 31, Years Ended December 31,
2015 2014 2013 2012
Expected term (years) .............. 0.5 0.5 0.5 0.5
Volatility ...................... 34.8% − 71.7% 34.8% − 36.0% 36.0% − 57.5% 44.2% − 59.8%
Risk-free interest rate .............. 0.05% − 0.08% 0.05% − 0.08% 0.05% − 0.14% 0.05% − 0.14%
Expected dividend yield ............ —% —% —% —%
Impact of Stock-based Compensation
The following table summarizes stock-based compensation expense charged to SG&A and R&D expense for
the year ended March 31, 2015, the three months ended March 31, 2014 and the years ended December 31,
2013 and 2012:
Year Ended
March 31,
Three Months
Ended March 31, Years Ended December 31,
2015 2014 2013 2012
SG&A:
Stock options .............. $ 5,390 $ 1,409 $ 5,314 $ 3,018
RSUs .................... 4,109 995 3,275 2,782
ESPP .................... 326 75 450 370
Total SG&A ............. 9,825 2,479 9,039 6,170
R&D:
Stock options .............. 825 193 744 513
RSUs .................... 636 125 426 308
Total R&D .............. 1,461 318 1,170 821
Total expense ............ $ 11,286 $ 2,797 $ 10,209 $ 6,991
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