Equity Compensation (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Equity Compensation |
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| Summary of stock option activity |
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Weighted
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Weighted
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Average
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Shares Subject
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Average
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Weighted
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Remaining
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to Options
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Grant Date
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Average
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Contractual
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Outstanding
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Fair Value
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Exercise Price
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Life (Years)
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Balance at December 31, 2015
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4,572,672
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$
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10.72
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Granted
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50,000
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4.63
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8.16
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Exercised
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(619,757)
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4.87
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Expired
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(69,832)
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14.79
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Forfeited
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(51,588)
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15.68
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Balance at September 30, 2016
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3,881,495
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11.48
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Exercisable options at September 30, 2016
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2,990,429
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10.41
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5.6
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Vested and expected to vest at September 30, 2016
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3,822,911
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11.44
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6.1
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| Summary of stock options outstanding and exercisable |
The following table summarizes information about stock options outstanding and exercisable at September 30, 2016:
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Options Outstanding
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Options Exercisable
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Weighted-
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Weighted-
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Weighted
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Average
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Average
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Average
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Number of
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Remaining
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Number of
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Remaining
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Exercise
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Underlying
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Contractual
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Underlying
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Contractual
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Range of Exercise Prices
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Price
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Shares
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Life (in years)
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Shares
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Life (in years)
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$
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2.34
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-
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3.59
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3.25
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60,694
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0.8
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60,694
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0.8
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$
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4.78
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-
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7.28
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5.94
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1,246,543
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4.6
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1,225,444
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4.5
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$
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7.49
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-
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11.28
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9.77
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1,044,374
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5.9
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838,969
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5.4
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$
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11.72
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-
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17.66
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14.75
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863,004
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8.1
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427,361
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8.0
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$
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19.56
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-
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22.92
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21.04
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666,880
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7.2
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437,961
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7.1
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3,881,495
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2,990,429
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| Summary of aggregate intrinsic-value of options exercised, exercisable, and vested and expected to vest |
The following table summarizes the aggregate intrinsic-value of options exercised, exercisable and vested and expected to vest (in thousands):
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For the Nine Months Ended
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and as of September 30,
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2016
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2015
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Options Exercised
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$
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2,978
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$
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1,327
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Options Exercisable
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10,491
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5,333
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Options Vested and Expected to Vest
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11,065
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5,389
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| Schedule of assumptions used to estimate fair value of option awards |
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2016
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2015
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2016
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2015
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Expected volatility
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—
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53
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%
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62
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%
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53
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-
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55
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%
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Expected dividends
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—
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0
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%
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0
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%
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0
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%
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Expected terms (in years)
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—
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5.3
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-
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6.1
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6.1
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5.3
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-
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6.1
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Risk-free rate
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—
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1.5
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-
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1.8
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%
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1.1
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%
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1.3
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-
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1.8
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%
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| Summary of restricted stock unit activity |
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Number of
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Weighted Average
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Shares
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Grant Date Fair Value
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Non-vested balance at December 31, 2015
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425,000
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$
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8.18
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Awarded
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1,139,846
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7.37
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Vested
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(17,670)
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7.85
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Forfeited
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(89,719)
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7.84
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Non-vested balance at September 30, 2016
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1,457,457
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7.57
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| Schedule of total stock-based compensation expense classified in statements of operations |
Total stock-based compensation expense has been classified as follows in the accompanying Condensed Consolidated Statements of Operations (in thousands):
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2016
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2015
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2016
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2015
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Cost of revenue
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$
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38
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$
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40
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$
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128
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$
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126
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Research and development
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789
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706
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2,493
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2,145
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Sales and marketing
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496
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457
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1,605
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1,298
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General and administrative
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660
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605
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1,707
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1,767
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Total stock-based compensation expense
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$
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1,983
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$
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1,808
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$
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5,933
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$
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5,336
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