Annual report pursuant to Section 13 and 15(d)

Equity-Based Compensation (Tables)

v2.4.0.8
Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Options
We apply the following assumptions in our Black-Scholes-Merton Model option-pricing formula:
 
Year Ended
December 31,
2013
 
Year Ended
December 31,
2012
 
Year Ended
December 31,
2011
Expected term (in years)
1.0 - 7.0
 
1.0 - 7.0
 
0.6 - 7.0
Risk-free interest rate
0.15% - 2.45%
 
0.09% - 2.61%
 
1.3% - 2.7%
Expected volatility
31% - 83%
 
69%
 
69% - 74%
Expected dividend yield
0%
 
0%
 
0%
Summary of Option Activity Under Stock Plans
A summary of option activity under our stock option plans as of December 31, 2013, and the changes during the year is presented below: 
Options
Number of
options
 
Weighted
average
exercise
price
 
Weighted
average
remaining
contractual
term (years)
 
Aggregate
intrinsic value
(in thousands)
Outstanding at December 31, 2012
17,761,804

 
$
2.90

 
3.8
 
$
34,227

Granted
5,722,000

 
$
7.76

 
 
 
 
Assumed from PROLOR
7,612,537

 
$
3.09

 
 
 
 
Exercised
(9,254,744
)
 
$
2.46

 
 
 
 
Forfeited
(488,500
)
 
$
2.44

 
 
 
 
Expired
(2,500
)
 
$
4.02

 
 
 
 
Outstanding at December 31, 2013
21,350,597

 
$
4.47

 
4.85
 
$
85,186

Vested and expected to vest at December 31, 2013
19,765,840

 
$
4.35

 
4.79
 
$
81,229

Exercisable at December 31, 2013
11,088,879

 
$
3.13

 
4.21
 
$
58,889

Summary of Grant Date Fair Value Under Stock Option Activity
The following table provides the grant date fair value for each of the following groups of stock option activity during 2013: 
Options
Number of
options
 
Weighted
average
grant
date fair
value
Nonvested at December 31, 2012
6,227,914

 
$
1.45

Granted
5,722,000

 
$
4.00

Forfeited
488,500

 
$
1.37

Nonvested at December 31, 2013
10,261,718

 
$
3.20