Corcept Therapeutics (CORT) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	000-50679
Entity Registrant Name	CORCEPT THERAPEUTICS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0487658
Entity Address, Address Line One	149 Commonwealth Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	650
Local Phone Number	327-3270
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CORT
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		113,688,837
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001088856
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 58,141	$ 41,625
Short-term marketable securities	143,396	165,135
Trade receivables, net of allowances	19,774	17,588
Inventory	5,142	4,732
Prepaid expenses and other current assets	6,202	7,740
Total current assets	232,655	236,820
Strategic inventory	12,726	11,510
Operating lease right-of-use asset	1,106
Property and equipment, net of accumulated depreciation	1,177	655
Long-term marketable securities	24,165	0
Other assets	150	50
Deferred tax assets, net	56,700	62,659
Total assets	328,679	311,694
Current liabilities:
Accounts payable	7,026	8,266
Accrued clinical expenses	5,770	3,521
Accrued and other liabilities	16,437	23,786
Operating lease liability	1,148
Total current liabilities	30,381	35,573
Long-term accrued income taxes	245	239
Total liabilities	30,626	35,812
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock	0	0
Common stock	118	117
Additional paid-in capital	436,622	417,228
Treasury stock	(59,732)	(23,657)
Accumulated other comprehensive gain (loss)	321	(70)
Accumulated deficit	(79,276)	(117,736)
Total stockholders’ equity	298,053	275,882
Total liabilities and stockholders’ equity	$ 328,679	$ 311,694

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Product revenue, net	$ 72,257	$ 62,312	$ 137,086	$ 119,971
Operating expenses:
Cost of sales	1,377	1,154	2,617	2,328
Research and development	21,656	20,543	41,900	37,593
Selling, general and administrative	24,591	19,981	48,980	38,421
Total operating expenses	47,624	41,678	93,497	78,342
Income from operations	24,633	20,634	43,589	41,629
Interest and other income	1,178	562	2,275	856
Income before income taxes	25,811	21,196	45,864	42,485
Income tax expense	(5,625)	(3,000)	(7,404)	(6,830)
Net income	20,186	18,196	38,460	35,655
Other comprehensive income (loss):
Net unrealized income (loss) on available-for-sale investments, net of tax impact of $(73), $(7), $(124) and $41, respectively	227	25	391	(127)
Total comprehensive income	$ 20,413	$ 18,221	$ 38,851	$ 35,528
Basic net income per share (in dollars per share)	$ 0.18	$ 0.16	$ 0.34	$ 0.31
Diluted net income per share (in dollars per share)	$ 0.17	$ 0.14	$ 0.31	$ 0.28
Weighted-average shares outstanding used in computing net income per share
Basic (in shares)	114,340	115,492	114,590	115,189
Diluted (in shares)	121,783	127,515	122,831	127,610

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net unrealized income (loss) on available-for-sale investments, tax impact	$ (73)	$ (7)	$ (124)	$ 41

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 38,460	$ 35,655
Adjustments to reconcile net income to net cash generated from operations:
Stock-based compensation	14,432	10,971
Deferred income taxes	5,834	5,642
Accretion of interest income	(1,053)	(546)
Depreciation and amortization of property and equipment	263	105
Amortization of right-of-use asset	772
Changes in operating assets and liabilities:
Trade receivables	(2,186)	(13,404)
Other receivable	0	12,896
Inventory	(1,543)	(2,071)
Prepaid expenses and other current assets	1,538	(910)
Other assets	(100)	(3)
Accounts payable	(1,299)	(2,214)
Accrued clinical expenses	2,197	3,150
Accrued and other liabilities	(7,349)	370
Operating lease liability	(730)
Net cash provided by operating activities	49,236	49,641
Cash flows from investing activities:
Purchases of property and equipment	(667)	(140)
Proceeds from maturities of marketable securities	130,145	40,300
Purchases of marketable securities	(131,001)	(95,664)
Net cash used in investing activities	(1,523)	(55,504)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of options, net of issuance costs	3,947	5,966
Repurchase of common stock	(30,975)	0
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercise	(4,169)	0
Net cash (used in) provided by financing activities	(31,197)	5,966
Net increase in cash and cash equivalents	16,516	103
Cash and cash equivalents, at beginning of period	41,625	31,062
Cash and cash equivalents, at end of period	58,141	31,165
Supplemental disclosure:
Exercise price of shares tendered in net settlement of cashless option exercise	931	$ 0
Recognition of right-of-use asset and lease liability	$ 1,878

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2017		114,717
Beginning balance at Dec. 31, 2017	$ 190,968	$ 115	$ 384,074	$ 0	$ (75)	$ (193,146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		479
Issuance of common stock upon exercise of options	1,922		1,922
Stock-based compensation related to employee and director options	4,954		4,954
Net unrealized gain on marketable securities, net of tax	(77)				(77)
Net income	17,459					17,459
Ending balance (in shares) at Mar. 31, 2018		115,196
Ending balance at Mar. 31, 2018	215,226	$ 115	390,950	0	(152)	(175,687)
Beginning balance (in shares) at Dec. 31, 2017		114,717
Beginning balance at Dec. 31, 2017	190,968	$ 115	384,074	0	(75)	(193,146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		1,300
Net income	35,655
Ending balance (in shares) at Jun. 30, 2018		116,017
Ending balance at Jun. 30, 2018	243,507	$ 116	401,010	0	(128)	(157,491)
Beginning balance (in shares) at Mar. 31, 2018		115,196
Beginning balance at Mar. 31, 2018	215,226	$ 115	390,950	0	(152)	(175,687)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		821
Issuance of common stock upon exercise of options	4,044	$ 1	4,043
Stock-based compensation related to employee and director options	6,017		6,017
Net unrealized gain on marketable securities, net of tax	24				24
Net income	18,196					18,196
Ending balance (in shares) at Jun. 30, 2018		116,017
Ending balance at Jun. 30, 2018	243,507	$ 116	401,010	0	(128)	(157,491)
Beginning balance (in shares) at Dec. 31, 2018		115,031
Beginning balance at Dec. 31, 2018	275,882	$ 117	417,228	(23,657)	(70)	(117,736)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		1,497
Issuance of common stock upon exercise of options	3,366	$ 1	3,365
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercise (in shares)		(428)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercise	(5,100)			(5,100)
Stock-based compensation related to employee and director options	6,724		6,724
Net unrealized gain on marketable securities, net of tax	164				164
Purchases of treasury stock (in shares)		(1,168)
Purchases of treasury stock	(13,555)			(13,555)
Net income	18,274					18,274
Ending balance (in shares) at Mar. 31, 2019		114,932
Ending balance at Mar. 31, 2019	285,755	$ 118	427,317	(42,312)	94	(99,462)
Beginning balance (in shares) at Dec. 31, 2018		115,031
Beginning balance at Dec. 31, 2018	275,882	$ 117	417,228	(23,657)	(70)	(117,736)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		1,800
Net income	38,460
Ending balance (in shares) at Jun. 30, 2019		113,637
Ending balance at Jun. 30, 2019	298,053	$ 118	436,622	(59,732)	321	(79,276)
Beginning balance (in shares) at Mar. 31, 2019		114,932
Beginning balance at Mar. 31, 2019	285,755	$ 118	427,317	(42,312)	94	(99,462)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		317
Issuance of common stock upon exercise of options	1,514	$ 0	1,514
Stock-based compensation related to employee and director options	7,791		7,791
Net unrealized gain on marketable securities, net of tax	227				227
Purchases of treasury stock (in shares)		(1,612)
Purchases of treasury stock	(17,420)			(17,420)
Net income	20,186					20,186
Ending balance (in shares) at Jun. 30, 2019		113,637
Ending balance at Jun. 30, 2019	$ 298,053	$ 118	$ 436,622	$ (59,732)	$ 321	$ (79,276)

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of presentation and summary of significant accounting policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business and Basis of Presentation Corcept Therapeutics Incorporated was incorporated in the State of Delaware in May 1998. Our headquarters are in Menlo Park, California. We are a commercial-stage pharmaceutical company engaged in the discovery and development of medications that treat severe metabolic, oncologic and psychiatric disorders by modulating the effect of the hormone cortisol. In 2012, the U.S. Food and Drug Administration (“FDA”) approved Korlym ® (“mifepristone”) 300 mg tablets, as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery. We have discovered and patented three structurally distinct series of selective cortisol modulators, consisting of more than 500 compounds. We are developing compounds from these series as potential treatments for a broad range of serious disorders. Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of June 30, 2019, (ii) statements of comprehensive income and stockholders' equity for the three and six months ended June 30, 2019 and 2018 and (iii) statements of cash flows for the six months ended June 30, 2019 and 2018. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results for the remainder of 2019 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2018 included in our Annual Report on Form 10-K. The December 31, 2018 balance sheet was derived from audited financial statements at that date. There have been no material changes in the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2018 except for the adoption of the accounting pronouncements set forth below. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lease transactions with terms longer than 12 months to be recognized on the balance sheet as a liability (“lease liabilities”), offset by an asset of equal amount (“right-of-use assets”). ASU No. 2016-02 supersedes the lease accounting requirements of ASC Topic 840, "Leases" and creates Topic 842, "Leases." We adopted this standard using the modified retrospective approach on January 1, 2019. Prior comparative periods are not adjusted under this approach. We have reviewed all contracts that may contain leases and have determined that the only impact is to the accounting for our leased office space. We have elected to apply the practical expedients in Topic 842 that allow us not to reassess lease classification for any expired or existing lease contracts. On the date of adoption, we increased our “operating right-of-use assets" and “operating lease liability” by approximately $1.9 million , an amount equal to the present value of our expected payments over the remaining term of the lease. There was no change to our retained earnings. See Note 4 for more information regarding our leased office space. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The standard allows companies to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the “Act”). A company that elects to reclassify these amounts must reclassify stranded tax effects related to the Act’s change in US federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Act but do not directly relate to the change in the federal rate. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. We adopted this standard on January 1, 2019. It had no impact on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from nonemployees. This standard is effective for fiscal years and interim periods within those years beginning after December 15, 2018. We adopted ASC 718 on January 1, 2019. It had no impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which changes the methodology for measuring credit losses on financial instruments and when such losses are recorded. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted beginning after December 15, 2018. We plan to adopt this standard on January 1, 2020. Although we have not concluded our analysis, we do not expect adoption of this standard to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements (Topic 820),” which eliminates or modifies certain disclosure requirements for fair value measurements and requires disclosure of new information. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which requires a customer that is a party to a cloud computing service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to recognize as deferred assets. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements.

Composition of Certain Balance

Composition of Certain Balance Sheet Items	6 Months Ended
	Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Composition of certain balance sheet items	Composition of Certain Balance Sheet Items Inventory June 30, December 31, (in thousands) Raw materials $ 7,395 $ 4,195 Work in progress 5,271 5,624 Finished goods 5,202 6,423 Total inventory 17,868 16,242 Less strategic inventory classified as non-current (12,726 ) (11,510 ) Total inventory classified as current $ 5,142 $ 4,732 Because we rely on single manufacturers of both the active pharmaceutical ingredient (“API”) for Korlym and Korlym tablets, we have purchased and hold significant quantities of these materials. We classify inventory we do not expect to sell within 12 months of the balance sheet date as “Strategic Inventory,” a long-term asset. Accrued and other liabilities June 30, December 31, (in thousands) Government rebates $ 7,688 $ 11,132 Accrued compensation 5,083 7,879 Accrued selling and marketing costs 1,275 261 Legal fees 967 314 Professional fees 694 240 Accrued manufacturing costs 261 2,032 Income taxes payable — 1,542 Other 469 386 Total accrued and other liabilities $ 16,437 $ 23,786

Available-for-Sale Securities a

Available-for-Sale Securities and Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Available For Sale Securities And Fair Value Measurements [Abstract]
Available-for-sale securities and fair value measurements	Available-for-Sale Securities and Fair Value Measurements The available-for-sale securities in our Condensed Consolidated Balance Sheets are as follows: June 30, 2019 December 31, 2018 (in thousands) Cash equivalents $ 43,269 $ 27,075 Short-term marketable securities 143,396 165,135 Long-term marketable securities 24,165 — Total marketable securities $ 210,830 $ 192,210 The following table presents our available-for-sale securities grouped by asset type: Fair Value Hierarchy Level June 30, 2019 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Corporate bonds Level 2 $ 91,501 $ 183 $ (2 ) $ 91,682 $ 54,513 $ 2 $ (46 ) $ 54,469 Commercial paper Level 2 17,881 — — 17,881 67,906 — — 67,906 Asset-backed securities Level 2 38,452 106 — 38,558 10,970 — (5 ) 10,965 Repurchase agreements Level 2 30,000 — — 30,000 15,000 — — 15,000 U.S. treasury securities Level 1 19,406 34 — 19,440 39,308 — (21 ) 39,287 Money market funds Level 1 13,269 — — 13,269 4,583 — — 4,583 Total Marketable securities $ 210,509 $ 323 $ (2 ) $ 210,830 $ 192,280 $ 2 $ (72 ) $ 192,210 We estimate the fair value of marketable securities classified as Level 1 using quoted market prices for these or similar investments obtained from a commercial pricing service. We estimate the fair value of marketable securities classified as Level 2 using inputs that may include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. As of June 30, 2019, all our marketable securities had original maturities of less than two years . The weighted-average maturity of our holdings was six months . As of June 30, 2019, our long-term marketable securities had a remaining maturity of 12 to 14 months. None of our marketable securities changed from one fair value hierarchy to another during the three and six months ended June 30, 2019.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases We lease our office facilities in Menlo Park, California. Our lease expires on March 31, 2020. On January 1, 2019, we recognized a right-of-use asset and a corresponding lease liability of $1.9 million , which equals the present value of the remaining payments due under our lease. Because the discount rate implicit in our lease is not readily determinable, we calculated the present value of remaining lease payments using a discount rate equal to the interest rate we would pay on a loan with monthly payments and a term equal to the payments and remaining term of our lease. We recognize operating lease payments as expenses using the straight-line method over the term of the lease. For any future lease transactions, we will recognize operating lease right-of-use assets and liabilities equal to the present value of the expected lease payments at the time the lease is executed. Operating lease expense for the three and six months ended June 30, 2019 was approximately $0.4 million and $0.8 million , respectively. Our right-of-use assets and related lease liabilities were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in thousands) Cash paid for operating lease liability $ 391 $ 769 Right-of-use assets obtained in exchange for new operating lease liability $ — $ 1,878 Weighted-average remaining lease term 9 months 9 months Weighted-average discount rate 5.0 % 5.0 % As of June 30, 2019, future minimum lease payments under non-cancelable operating leases due in each of the next two years were as follows (in thousands) : 2019 (remainder) $ 781 2020 391 1,172 Less imputed interest (24 ) Total lease liability $ 1,148

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and Contingencies There have been no material changes in our obligations under contractual agreements described in our Annual Report on Form 10-K for the year ended December 31, 2018. In the ordinary course of business, we may be subject to legal claims and regulatory actions that could have a material adverse effect on our business or financial position. We assess our potential liability in such situations by analyzing potential outcomes under various litigation, regulatory and settlement strategies. If we determine a loss is probable and its amount can be reasonably estimated, we accrue an amount equal to the estimated loss. No losses and no provision for a loss contingency have been recorded to date.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' equity	Stockholders' Equity Stock Option Plans We have two stock option plans – the 2004 Equity Incentive Plan (the “2004 Plan”) and the 2012 Incentive Award Plan (the “2012 Plan”). In February 2019, our Board of Directors authorized a 4.6 million increase in the shares available for grant under the 2012 Plan. During the three and six months ended June 30, 2019, we issued 0.3 million and 1.8 million shares, respectively, of our common stock upon the exercise of stock options, compared to 0.8 million and 1.3 million shares during the same periods of 2018, respectively. The following table summarizes our stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Stock-based compensation capitalized in inventory $ 55 $ — $ 83 $ — Cost of sales 55 — 83 — Research and development 2,505 1,963 4,484 3,427 Selling, general and administrative 5,176 4,054 9,865 7,544 Total stock-based compensation $ 7,791 $ 6,017 $ 14,515 $ 10,971 Stock Repurchase Program On August 9, 2018, we announced a program to repurchase up to $100 million of our common stock (the “Stock Repurchase Program”). The terms of this program did not require us to acquire any shares and allowed for repurchases by a variety of methods, including in the open market, in block trades, through privately negotiated transactions, accelerated share repurchase transactions or any combination of such methods. During the three and six months ended June 30, 2019 , we repurchased 1.6 million and 2.8 million shares of common stock under the Stock Repurchase Program in open market transactions at costs of $17.4 million and $31.0 million (average prices of $10.81 and $11.14 per share), respectively. In total, we repurchased 4.6 million shares under the Program at a cost of $54.6 million (an average price of $11.91 per share). We recorded shares repurchased as treasury stock at cost on our consolidated balance sheet. The Stock Repurchase Program expired on June 30, 2019 .

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income per share	Net Income Per Share We compute basic and diluted net income per share by dividing our net income by the weighted-average number of common shares outstanding during the period. We used the treasury stock method to determine the number of dilutive shares of common stock resulting from the potential exercise of stock options. The statements of comprehensive income show the computation of net income per share for each period, including the number of weighted-average shares outstanding. The following table shows the computation of net income per share for each period: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Numerator: Net income $ 20,186 $ 18,196 $ 38,460 $ 35,655 Denominator: Weighted-average shares used to compute basic net income per share 114,340 115,492 114,590 115,189 Dilutive effect of employee stock options 7,443 12,023 8,241 12,421 Weighted-average shares used to compute diluted net income per share 121,783 127,515 122,831 127,610 Net income per share Basic $ 0.18 $ 0.16 $ 0.34 $ 0.31 Diluted $ 0.17 $ 0.14 $ 0.31 $ 0.28 As of June 30, 2019 and 2018, we had 24.7 million and 23.0 million stock options outstanding, respectively. Because including them would have reduced dilution, we excluded from the computation of diluted net income per share, on a weighted-average basis, 10.8 million and 9.8 million stock options outstanding during the three and six months ended June 30, 2019, respectively, and 5.0 million and 3.9 million stock options outstanding during the three and six months ended June 30, 2018 , respectively.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income taxes	Income taxes We recorded income tax expense of $5.6 million and $7.4 million for the three and six months ended June 30, 2019 , respectively, net of discrete benefits related to stock option exercises and dispositions of $0.3 million and $3.2 million , respectively. Income tax expense in these periods consisted primarily of reductions in our deferred tax assets of $4.9 million and $5.8 million , respectively, caused by utilization of our federal and state net operating losses, and income tax expense of $0.7 million and $1.6 million , respectively, in states where we do not have net operating loss carryforwards. In the three and six month ended June 30, 2018 , our income tax expense was $3.0 million and $6.8 million , respectively, consisting primarily of reductions of $2.5 million and $5.6 million , respectively, in our deferred tax assets caused by utilization of our federal and state net operating losses, and income tax expense of $0.5 million and $1.2 million , respectively, in states where we do not have net operating loss carryforwards. Our effective tax rate differed from the federal statutory rate in these periods due to state income taxes and non-deductible stock-based compensation, which increased our tax expense, offset by research and development tax credits and the excess tax deduction arising from the exercise of employee stock options, which reduced our taxable income. Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. In the fourth quarter of 2017, we determined that it was more likely than not that we would generate sufficient taxable income to utilize all of our federal deferred tax assets and all of our state deferred tax assets in every state except California. We therefore included in our balance sheet at December 31, 2017 the net value of our federal deferred tax assets and all of state deferred tax assets except those related to California income tax.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of June 30, 2019, (ii) statements of comprehensive income and stockholders' equity for the three and six months ended June 30, 2019 and 2018 and (iii) statements of cash flows for the six months ended June 30, 2019 and 2018. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results for the remainder of 2019 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2018 included in our Annual Report on Form 10-K. The December 31, 2018 balance sheet was derived from audited financial statements at that date.
Recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lease transactions with terms longer than 12 months to be recognized on the balance sheet as a liability (“lease liabilities”), offset by an asset of equal amount (“right-of-use assets”). ASU No. 2016-02 supersedes the lease accounting requirements of ASC Topic 840, "Leases" and creates Topic 842, "Leases." We adopted this standard using the modified retrospective approach on January 1, 2019. Prior comparative periods are not adjusted under this approach. We have reviewed all contracts that may contain leases and have determined that the only impact is to the accounting for our leased office space. We have elected to apply the practical expedients in Topic 842 that allow us not to reassess lease classification for any expired or existing lease contracts. On the date of adoption, we increased our “operating right-of-use assets" and “operating lease liability” by approximately $1.9 million , an amount equal to the present value of our expected payments over the remaining term of the lease. There was no change to our retained earnings. See Note 4 for more information regarding our leased office space. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The standard allows companies to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the “Act”). A company that elects to reclassify these amounts must reclassify stranded tax effects related to the Act’s change in US federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Act but do not directly relate to the change in the federal rate. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. We adopted this standard on January 1, 2019. It had no impact on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from nonemployees. This standard is effective for fiscal years and interim periods within those years beginning after December 15, 2018. We adopted ASC 718 on January 1, 2019. It had no impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which changes the methodology for measuring credit losses on financial instruments and when such losses are recorded. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted beginning after December 15, 2018. We plan to adopt this standard on January 1, 2020. Although we have not concluded our analysis, we do not expect adoption of this standard to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements (Topic 820),” which eliminates or modifies certain disclosure requirements for fair value measurements and requires disclosure of new information. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which requires a customer that is a party to a cloud computing service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to recognize as deferred assets. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements.
Income taxes	Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. In the fourth quarter of 2017, we determined that it was more likely than not that we would generate sufficient taxable income to utilize all of our federal deferred tax assets and all of our state deferred tax assets in every state except California. We therefore included in our balance sheet at December 31, 2017 the net value of our federal deferred tax assets and all of state deferred tax assets except those related to California income tax.

Composition of Certain Balanc_2

Composition of Certain Balance Sheet Items (Tables)	6 Months Ended
	Jun. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Schedule of composition of inventory, current	June 30, December 31, (in thousands) Raw materials $ 7,395 $ 4,195 Work in progress 5,271 5,624 Finished goods 5,202 6,423 Total inventory 17,868 16,242 Less strategic inventory classified as non-current (12,726 ) (11,510 ) Total inventory classified as current $ 5,142 $ 4,732
Schedule of composition of inventory, noncurrent	June 30, December 31, (in thousands) Raw materials $ 7,395 $ 4,195 Work in progress 5,271 5,624 Finished goods 5,202 6,423 Total inventory 17,868 16,242 Less strategic inventory classified as non-current (12,726 ) (11,510 ) Total inventory classified as current $ 5,142 $ 4,732
Schedule of other accrued liabilities	June 30, December 31, (in thousands) Government rebates $ 7,688 $ 11,132 Accrued compensation 5,083 7,879 Accrued selling and marketing costs 1,275 261 Legal fees 967 314 Professional fees 694 240 Accrued manufacturing costs 261 2,032 Income taxes payable — 1,542 Other 469 386 Total accrued and other liabilities $ 16,437 $ 23,786

Available-for-Sale Securities_2

Available-for-Sale Securities and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Available For Sale Securities And Fair Value Measurements [Abstract]
Summary of the classification of available-for-sale securities in condensed consolidated balance sheets	The available-for-sale securities in our Condensed Consolidated Balance Sheets are as follows: June 30, 2019 December 31, 2018 (in thousands) Cash equivalents $ 43,269 $ 27,075 Short-term marketable securities 143,396 165,135 Long-term marketable securities 24,165 — Total marketable securities $ 210,830 $ 192,210
Schedule of Available-for-Sale Securities	The following table presents our available-for-sale securities grouped by asset type: Fair Value Hierarchy Level June 30, 2019 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Corporate bonds Level 2 $ 91,501 $ 183 $ (2 ) $ 91,682 $ 54,513 $ 2 $ (46 ) $ 54,469 Commercial paper Level 2 17,881 — — 17,881 67,906 — — 67,906 Asset-backed securities Level 2 38,452 106 — 38,558 10,970 — (5 ) 10,965 Repurchase agreements Level 2 30,000 — — 30,000 15,000 — — 15,000 U.S. treasury securities Level 1 19,406 34 — 19,440 39,308 — (21 ) 39,287 Money market funds Level 1 13,269 — — 13,269 4,583 — — 4,583 Total Marketable securities $ 210,509 $ 323 $ (2 ) $ 210,830 $ 192,280 $ 2 $ (72 ) $ 192,210

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Information of Leases Asset and Liabilities	Our right-of-use assets and related lease liabilities were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in thousands) Cash paid for operating lease liability $ 391 $ 769 Right-of-use assets obtained in exchange for new operating lease liability $ — $ 1,878 Weighted-average remaining lease term 9 months 9 months Weighted-average discount rate 5.0 % 5.0 %
Schedule of future minimum lease payments under non-cancelable operating leases	As of June 30, 2019, future minimum lease payments under non-cancelable operating leases due in each of the next two years were as follows (in thousands) : 2019 (remainder) $ 781 2020 391 1,172 Less imputed interest (24 ) Total lease liability $ 1,148

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of Stock-Based Compensation	The following table summarizes our stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Stock-based compensation capitalized in inventory $ 55 $ — $ 83 $ — Cost of sales 55 — 83 — Research and development 2,505 1,963 4,484 3,427 Selling, general and administrative 5,176 4,054 9,865 7,544 Total stock-based compensation $ 7,791 $ 6,017 $ 14,515 $ 10,971

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of computation of net income per share	The following table shows the computation of net income per share for each period: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Numerator: Net income $ 20,186 $ 18,196 $ 38,460 $ 35,655 Denominator: Weighted-average shares used to compute basic net income per share 114,340 115,492 114,590 115,189 Dilutive effect of employee stock options 7,443 12,023 8,241 12,421 Weighted-average shares used to compute diluted net income per share 121,783 127,515 122,831 127,610 Net income per share Basic $ 0.18 $ 0.16 $ 0.34 $ 0.31 Diluted $ 0.17 $ 0.14 $ 0.31 $ 0.28

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)series	Dec. 31, 2018compound	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of series of selective cortisol modulators | series	3
Number of compounds (more than) | compound		500
Total lease liability	$ 1,148
Operating lease right-of-use asset	$ 1,106
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total lease liability			$ 1,900
Operating lease right-of-use asset			$ 1,878

Composition of Certain Balanc_3

Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 7,395	$ 4,195
Work in progress	5,271	5,624
Finished goods	5,202	6,423
Total inventory	17,868	16,242
Less strategic inventory classified as non-current	(12,726)	(11,510)
Total inventory classified as current	$ 5,142	$ 4,732

Composition of Certain Balanc_4

Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Government rebates	$ 7,688	$ 11,132
Accrued compensation	5,083	7,879
Accrued selling and marketing costs	1,275	261
Legal fees	967	314
Professional fees	694	240
Accrued manufacturing costs	261	2,032
Income taxes payable	0	1,542
Other	469	386
Total accrued and other liabilities	$ 16,437	$ 23,786

Available-for-Sale Securities_3

Available-for-Sale Securities and Fair Value Measurements - Summary of the classification of available-for-sale securities in condensed consolidated balance sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 210,830	$ 192,210
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	43,269	27,075
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	143,396	165,135
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 24,165	$ 0

Available-for-Sale Securities_4

Available-for-Sale Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - Estimate of fair value measurement - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 210,509	$ 192,280
Gross Unrealized Gains	323	2
Gross Unrealized Losses	(2)	(72)
Estimated Fair Value	210,830	192,210
Corporate bonds | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	91,501	54,513
Gross Unrealized Gains	183	2
Gross Unrealized Losses	(2)	(46)
Estimated Fair Value	91,682	54,469
Commercial paper | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,881	67,906
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	17,881	67,906
Asset-backed securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	38,452	10,970
Gross Unrealized Gains	106	0
Gross Unrealized Losses	0	(5)
Estimated Fair Value	38,558	10,965
Repurchase agreements | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30,000	15,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	30,000	15,000
U.S. treasury securities | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,406	39,308
Gross Unrealized Gains	34	0
Gross Unrealized Losses	0	(21)
Estimated Fair Value	19,440	39,287
Money market funds | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,269	4,583
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 13,269	$ 4,583

Available-for-Sale Securities_5

Available-for-Sale Securities and Fair Value Measurements - Narrative (Details)	6 Months Ended
	Jun. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity period	2 years
Weighted average maturity period	6 months
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	12 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	14 months

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	$ 1,106	$ 1,106
Operating lease expenses	400	800
Cash paid for operating lease liability	391	$ 769
Right-of-use assets obtained in exchange for new operating lease liability	$ 0
Weighted-average remaining lease term	9 months	9 months
Weighted-average discount rate	5.00%	5.00%
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019 (remainder)	$ 781	$ 781
2020	391	391
Total	1,172	1,172
Less imputed interest	(24)	(24)
Total lease liability	$ 1,148	$ 1,148
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset			$ 1,878
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Total lease liability			$ 1,900

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Losses for contingent liability	$ 0
Provision for a loss contingency	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	1 Months Ended	3 Months Ended				6 Months Ended		11 Months Ended
	Feb. 28, 2019shares	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)shares	Jun. 30, 2018shares	Mar. 31, 2018shares	Jun. 30, 2019USD ($)stock_option_plan$ / sharesshares	Jun. 30, 2018shares	Jun. 30, 2019USD ($)$ / sharesshares	Aug. 09, 2018USD ($)
Shareholders Equity [Line Items]
Number of stock option plans | stock_option_plan						2
Common stock repurchased | $		$ 17,420,000	$ 13,555,000
Common Stock
Shareholders Equity [Line Items]
Common shares issued upon exercise of options (in shares)		317,000	1,497,000	821,000	479,000	1,800,000	1,300,000
Shares tendered to satisfy cost and withholding requirements (in shares)			428,000
Common stock repurchased (in shares)		1,612,000	1,168,000
Stock Repurchase Program | Common Stock
Shareholders Equity [Line Items]
Stock repurchase amount | $									$ 100,000,000
Common stock repurchased (in shares)		1,600,000				2,800,000		4,600,000
Common stock repurchased, average price (in dollars per share) | $ / shares		$ 10.81				$ 11.14		$ 11.91
Common stock repurchased | $		$ 17,400,000				$ 31,000,000
Stock repurchase program, remaining authorized amount available for repurchase | $		$ 54,600,000				$ 54,600,000		$ 54,600,000
2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Increase in shares authorized for grant (in shares)	4,600,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation capitalized in inventory	$ 55	$ 0	$ 83	$ 0
Total stock-based compensation	7,791	6,017	14,515	10,971
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	55	0	83	0
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	2,505	1,963	4,484	3,427
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 5,176	$ 4,054	$ 9,865	$ 7,544

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 20,186	$ 18,274	$ 18,196	$ 17,459	$ 38,460	$ 35,655
Denominator:
Weighted-average shares used to compute basic net income per share (in shares)	114,340		115,492		114,590	115,189
Dilutive effect of employee stock options (in shares)	7,443		12,023		8,241	12,421
Weighted-average shares used to compute diluted net income per share (in shares)	121,783		127,515		122,831	127,610
Net income per share
Basic (in dollars per share)	$ 0.18		$ 0.16		$ 0.34	$ 0.31
Diluted (in dollars per share)	$ 0.17		$ 0.14		$ 0.31	$ 0.28

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)	24.7	23	24.7	23
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average options excluded from the computation of diluted net income per share (in shares)	10.8	5	9.8	3.9

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 5,625	$ 3,000	$ 7,404	$ 6,830
Discrete benefit from stock option exercises	300		3,200
Reduction of deferred tax assets	4,900	2,500	5,800	5,600
State income tax expense	$ 700	$ 500	$ 1,600	$ 1,200