Shareholders' Equity and Share-based Compensation | 3 Months Ended |
Sep. 30, 2013 |
Share-based Compensation [Abstract] | ' |
Shareholders' Equity and Share-based Compensation | ' |
Shareholders' Equity and Share-based Compensation |
Share Repurchase |
On October 22, 2010, the Company's board of directors authorized a $25.0 million share repurchase program. Under this repurchase program the Company may, from time to time, repurchase shares from the open market or in privately negotiated transactions, subject to supervision and oversight by the board. The Company accounts for treasury stock under the cost method. Shares repurchased are accounted for as treasury shares and the total cost of shares repurchased is recorded as a reduction of shareholders' equity. From time to time, treasury shares may be reissued as part of the Company's stock-based compensation programs. Gains on re-issuance of treasury stock are credited to additional paid-in capital; losses are charged to additional paid-in capital to offset the net gains, if any, from previous sales or re-issuance of treasury stock. Any remaining balance of the losses are charged to retained earnings. |
During the three months ended September 30, 2013, the Company did not repurchase any shares under the program. During the three months ended September 30, 2013, the Company reissued 250 shares, with weighted average repurchase cost of $13.82 per share, upon vesting of certain restricted stock units ("RSU"). |
As of September 30, 2013, the Company repurchased an aggregate of 241,770 shares for a total cost of $2.3 million, at an average repurchase price of $9.40 per share since inception of the program. Of the 241,770 repurchased shares, 16,050 shares with a weighted average repurchase price of $13.80 per share were reissued at an average price of $4.05 per share for option exercises and vested RSUs. |
Stock Options |
The following table summarizes the Company's stock option activities for the three months ended September 30, 2013: |
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| | | Weighted | | | | | | | |
| | | Average | | | | | | | |
| Number of | | Exercise Price | | Aggregate | | | | | |
| Shares | | Per Share | | Intrinsic Value | | | | | |
Outstanding at June 30, 2013 | 3,593,854 | | | $ | 10.24 | | | $ | 3,144,506 | | | | | | |
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Granted | — | | | — | | | | | | | | |
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Exercised | (27,750 | ) | | 0.83 | | | 195,606 | | | | | | |
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Canceled or forfeited | (1,025 | ) | | 4.66 | | | | | | | | |
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Outstanding at September 30, 2013 | 3,565,079 | | | $ | 10.32 | | | $ | 3,569,027 | | | | | | |
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Information with respect to stock options outstanding and exercisable at September 30, 2013 is as follows: |
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| Options Outstanding | | Options Vested and Exercisable |
| Number Outstanding | | Weighted-Average | | Weighted-Average | | Number Exercisable | | Weighted-Average |
Remaining Contractual Life (years) | Exercise Price | Exercise Price |
Total options outstanding | 3,565,079 | | | 5.21 | | $ | 10.32 | | | 2,794,573 | | | $ | 9.97 | |
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Options vested and expected to vest | 3,514,239 | | | 5.17 | | $ | 10.3 | | | | | |
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Options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding options. |
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Restricted Stock Units ("RSU") |
The following table summarizes the Company's RSU activities for the three months ended September 30, 2013: |
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| Number of Restricted Stock | | Weighted Average | | Weighted Average | | Aggregate Intrinsic Value | | | |
Units | Grant Date Fair | Remaining | | | |
| Value Per Share | Recognition | | | |
| | Period (Years) | | | |
Nonvested at June 30, 2013 | 549,553 | | | $ | 9.5 | | | 1.87 | | $ | 4,198,585 | | | | |
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Granted | 26,804 | | | 7.65 | | | | | | | | |
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Vested | (20,847 | ) | | 9.48 | | | | | | | | |
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Forfeited | (23,050 | ) | | 9.66 | | | | | | | | |
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Nonvested at September 30, 2013 | 532,460 | | | $ | 9.4 | | | 1.69 | | $ | 4,477,989 | | | | |
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RSUs vested and expected to vest | 481,109 | | | | | 1.62 | | $ | 4,046,123 | | | | |
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The fair value of RSU is estimated based on the market price of the Company's share on the date of grant. |
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Share-based Compensation Expense |
The total share-based compensation expense related to stock options, Employee Share Purchase Plan and RSUs described above, recognized in the condensed consolidated statements of operations for the periods presented was as follows: |
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| Three Months Ended September 30, | | | | | | | | |
| 2013 | | 2012 | | | | | | | | |
| (in thousands) | | | | | | | | |
Cost of goods sold | $ | 196 | | | $ | 198 | | | | | | | | | |
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Research and development | 295 | | | 393 | | | | | | | | | |
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Selling, general and administrative | 718 | | | 850 | | | | | | | | | |
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| $ | 1,209 | | | $ | 1,441 | | | | | | | | | |
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Total unrecognized stock-based compensation expense as of September 30, 2013 was $4.5 million, which includes estimated forfeitures and is expected to be recognized over a weighted-average period of 1.3 years. |