Annual report pursuant to Section 13 and 15(d)

Stock Incentive Plan (Tables)

v2.4.1.9
Stock Incentive Plan (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of ESPP Stock Plan Activity

The activity for the 2014 ESPP Stock Plan is as follows:

 

 

First Offering

 

 

Second Offering

 

 

Period

 

 

Period*

 

Employee accumulated payroll deductions

 

414

 

 

 

250

 

Total Shares Purchased

 

30,358

 

 

 

 

Payroll deductions used to purchase shares

 

413

 

 

 

 

Transfer to next offering period

 

1

 

 

 

 

FMV at enrollment date

$

16.00

 

 

$

21.69

 

FMV at purchase date

$

21.69

 

 

 

 

Purchase price

$

13.60

 

 

 

 

*Offering period ends March 2, 2015

 

 

 

 

 

 

 

 

Summary of Stock Options Activity

The activity for stock options under our option plans is as follows:

 

 

 

Options

 

 

Price per share

 

Weighted-average exercise price

 

 

Remaining weighted-average contractual terms (in years)

 

 

Per share average intrinsic value

 

Outstanding as of December 31, 2012

 

 

1,646,223

 

 

$0.60-$8.70

 

$

1.06

 

 

 

6.99

 

 

$

0.41

 

Granted

 

 

716,326

 

 

$1.17-$8.37

 

$

3.95

 

 

 

 

 

 

 

 

 

Exercised

 

 

(8,874

)

 

$0.60-$8.70

 

$

1.35

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(23,106

)

 

$0.60-$8.37

 

$

2.46

 

 

 

 

 

 

 

 

 

Expired

 

 

(1,894

)

 

$0.60-$8.70

 

$

1.53

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2013

 

 

2,328,675

 

 

$0.60-$8.70

 

$

1.94

 

 

 

7.04

 

 

$

10.23

 

Vested and exercisable at December 31, 2013

 

 

1,524,325

 

 

$0.60-$8.70

 

$

1.16

 

 

 

5.95

 

 

$

11.01

 

Vested and expected to vest, at December 31, 2013

 

 

2,226,738

 

 

$0.60-$8.70

 

$

1.88

 

 

 

6.95

 

 

$

10.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2013

 

 

2,328,675

 

 

$0.60-$8.70

 

$

1.94

 

 

 

 

 

 

 

 

 

Granted

 

 

754,916

 

 

$16.62-$24.52

 

$

17.81

 

 

 

 

 

 

 

 

 

Exercised

 

 

(736,519

)

 

$0.60-$16.62

 

$

1.28

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(80,640

)

 

$0.60-$16.62

 

$

5.81

 

 

 

 

 

 

 

 

 

Expired

 

 

(4,799

)

 

$0.60-$8.37

 

$

1.09

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2014

 

 

2,261,633

 

 

$0.60-$24.52

 

$

7.31

 

 

 

6.43

 

 

$

24.06

 

Vested and exercisable at December 31, 2014

 

 

1,100,539

 

 

$0.60-$18.93

 

$

2.02

 

 

 

5.73

 

 

$

29.35

 

Vested and expected to vest, at December 31, 2014

 

 

2,144,974

 

 

$0.60-$24.52

 

$

7.19

 

 

 

6.38

 

 

$

24.18

 

 

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2014:

 

 

 

 

 

Outstanding

 

 

Exercisable

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

life

 

 

exercise

 

 

 

 

 

 

exercise

 

Exercise price per share

 

 

Shares

 

 

(years)

 

 

price

 

 

Shares

 

 

price

 

$

0.60

 

 

 

515,582

 

 

 

5.00

 

 

$

0.60

 

 

 

515,582

 

 

$

0.60

 

$

0.75

 

 

 

84,724

 

 

 

6.75

 

 

 

0.75

 

 

 

66,276

 

 

 

0.75

 

$

0.81

 

 

 

221,593

 

 

 

7.27

 

 

 

0.81

 

 

 

143,955

 

 

 

0.81

 

$

1.17

 

 

 

293,436

 

 

 

8.15

 

 

 

1.17

 

 

 

109,748

 

 

 

1.17

 

$2.40-$6.00

 

 

 

148,490

 

 

 

3.22

 

 

 

2.42

 

 

 

148,490

 

 

 

2.42

 

$

8.37

 

 

 

257,471

 

 

 

8.77

 

 

 

8.37

 

 

 

73,035

 

 

 

8.37

 

$

8.70

 

 

 

9,962

 

 

 

1.12

 

 

 

8.70

 

 

 

9,962

 

 

 

8.70

 

$

16.62

 

 

 

608,153

 

 

 

6.25

 

 

 

16.62

 

 

 

33,121

 

 

 

16.62

 

$

18.93

 

 

 

12,222

 

 

 

6.62

 

 

 

18.93

 

 

 

370

 

 

 

18.93

 

$

24.52

 

 

 

110,000

 

 

 

6.89

 

 

 

24.52

 

 

 

 

 

 

 

 

 

 

 

 

2,261,633

 

 

 

6.43

 

 

$

7.31

 

 

 

1,100,539

 

 

$

2.02

 

 

The following table summarizes information about stock options outstanding at December 31, 2013:

 

 

 

 

 

Outstanding

 

 

Exercisable

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

life

 

 

exercise

 

 

 

 

 

 

exercise

 

Exercise price per share

 

 

Shares

 

 

(years)

 

 

price

 

 

Shares

 

 

price

 

$

0.60

 

 

 

920,687

 

 

 

5.96

 

 

$

0.60

 

 

 

916,917

 

 

$

0.60

 

$

0.75

 

 

 

128,845

 

 

 

7.75

 

 

 

0.75

 

 

 

76,466

 

 

 

0.75

 

$

0.81

 

 

 

244,979

 

 

 

8.26

 

 

 

0.81

 

 

 

102,329

 

 

 

0.81

 

$

1.17

 

 

 

427,805

 

 

 

9.09

 

 

 

1.17

 

 

 

82,249

 

 

 

1.17

 

$

2.10

 

 

 

66

 

 

 

0.09

 

 

 

2.10

 

 

 

66

 

 

 

2.10

 

$

2.40

 

 

 

316,089

 

 

 

4.13

 

 

 

2.40

 

 

 

316,089

 

 

 

2.40

 

$

4.24

 

 

 

7,461

 

 

 

0.52

 

 

 

4.50

 

 

 

7,461

 

 

 

4.24

 

$

8.37

 

 

 

271,829

 

 

 

9.77

 

 

 

8.37

 

 

 

11,834

 

 

 

8.37

 

$

8.70

 

 

 

10,914

 

 

 

2.19

 

 

 

8.70

 

 

 

10,914

 

 

 

8.70

 

 

 

 

 

 

2,328,675

 

 

 

7.04

 

 

$

1.94

 

 

 

1,524,325

 

 

$

1.16

 

 

Assumptions Used to Estimate Fair Value of Employee Options

The value of employee options was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used:

 

 

 

2014

 

2013

 

2012

Expected term (years)

 

4.02-6.99

 

5.26-6.03

 

5.51-6.07

Risk free interest rate

 

1.32-2.02%

 

1.08-1.76%

 

0.73-1.33%

Expected dividend yield

 

None

 

None

 

None

Volatility

 

42.15-52.73%

 

50.1-52.77%

 

48.95-50.52%