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In May 2013, we completed a public offering of common stock and sold a total of 3,902,862 shares of our common stock for total cash
proceeds of approximately $355.1 million (which included 487,857 shares or $45.0 million sold to our CEO), net of underwriting discounts and
offering costs. We also sold 596,272 shares of our common stock to our CEO and received total cash proceeds of $55.0 million in a private
placement at the public offering price. Concurrent with these equity transactions, we also issued $660.0 million principal amount of 1.50%
convertible senior notes in a public offering and received total cash proceeds of approximately $648.0 million, net of underwriting discounts and
offering costs (see Note 6).
8. Equity Incentive Plans
In July 2003, we adopted the 2003 Equity Incentive Plan. Concurrent with the effectiveness of our registration statement on Form S-1 on
June 28, 2010, we adopted the 2010 Equity Incentive Plan (the Plan) and all remaining common shares reserved for future grant or issuance
under the 2003 Equity Incentive Plan were added to the 2010 Equity Incentive Plan. The Plan provides for the granting of stock options, RSUs
and stock purchase rights to our employees, directors and consultants. Options granted under the Plan may be either incentive options or
nonqualified stock options. Incentive stock options may be granted only to our employees including officers and directors. Nonqualified stock
options and stock purchase rights may be granted to our employees and consultants. Generally, our stock options and RSUs vest over four years
and are exercisable over a period not to exceed the contractual term of ten years from the date the stock options are granted. Continued vesting
typically terminates when the employment or consulting relationship ends. As of December 31, 2014, 22,853,070 shares of common stock were
reserved for issuance under the Plan.
The following table summarizes stock option and RSU activity under the Plan:
82
Outstanding Stock Options Outstanding RSUs
Weighted
Weighted
Average
Grant
Shares
Available
Number of Average Number Date Fair
for Grant Options Exercise
Price of RSUs Value
Balance, December 31, 2011
9,919,107
15,806,663
$
13.35
—
$
—
Additional options reserved
1,064,046
—
—
—
—
Granted
(11,854,941
)
11,854,941
31.18
—
—
Exercised
(1,312,439
)
12.52
—
—
Cancelled
1,341,319
(1,341,389
)
25.51
—
—
Balance, December 31, 2012
469,531
25,007,776
21.20
—
—
Additional options reserved
3,426,428
—
—
—
Granted
(3,345,899
)
2,643,821
74.17
702,078
155.51
Exercised
—
(
3,852,673
)
21.42
—
—
Cancelled
1,170,445
(1,157,982
)
36.47
(12,463
)
154.92
Released
—
—
—
(
12,031
)
160.98
Balance, December 31, 2013
1,720,505
22,640,942
26.70
677,584
155.41
Additional options reserved
3,077,274
—
—
—
Granted
(2,525,246
)
1,432,171
181.56
1,093,075
223.66
Exercised
—
(
2,266,697
)
31.80
—
—
Cancelled
556,765
(433,456
)
56.25
(123,309
)
187.90
Released
—
—
—
(
167,240
)
155.70
Traded for taxes
6,786
—
—
—
—
Balance, December 31, 2014
2,836,084
21,372,960
$
35.93
1,480,110
$
203.08