Equity (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Schedule of Stock Option Activity |
A summary of the stock option
activity for the year ended December 31, 2016 is as follows:
|
|
|
|
|
Weighted Average |
|
|
Number of Options |
|
Exercise Price |
| Options outstanding as of December 31, 2015 |
|
2,449,742 |
|
|
$ |
39.73 |
| Granted |
|
559,340 |
|
|
|
23.03 |
| Exercised |
|
(119,564 |
) |
|
|
9.91 |
| Forfeited |
|
(274,057 |
) |
|
|
42.74 |
| Options outstanding as of December 31, 2016 |
|
2,615,461 |
|
|
$ |
37.21 |
| Options exercisable
as of December 31, 2016 |
|
1,426,304 |
|
|
$ |
38.63 |
|
| Schedule of Stock Options Outstanding |
The following table summarizes
information about stock options outstanding at December 31, 2016:
|
|
|
|
|
|
Options
Outstanding |
|
Options
Exercisable |
|
|
|
|
|
|
Outstanding |
|
Weighted- Average |
|
|
|
Exercisable |
|
|
|
|
|
|
|
|
options at |
|
Remaining |
|
Weighted- Average |
|
options at |
|
Weighted- Average |
| Range of |
|
December 31, |
|
Contractual |
|
Exercise |
|
December 31, |
|
Exercise |
| Exercise
Prices |
|
2016 |
|
Life in
Years |
|
Price |
|
2016 |
|
Price |
| $ |
2.21 |
- |
$ |
22.16 |
|
|
666,353 |
|
|
2.21 |
|
$ |
11.03 |
|
$ |
604,717 |
|
$ |
10.04 |
| |
23.41 |
- |
|
25.50 |
|
|
663,895 |
|
|
6.17 |
|
|
23.93 |
|
|
100,661 |
|
|
25.10 |
|
29.37 |
- |
|
45.00 |
|
|
654,586 |
|
|
7.29 |
|
|
34.99 |
|
|
247,231 |
|
|
35.14 |
| $ |
46.87 |
- |
$ |
120.51 |
|
|
630,627 |
|
|
4.19 |
|
|
81.16 |
|
|
473,695 |
|
|
79.82 |
|
|
|
|
|
|
|
2,615,461 |
|
$ |
4.96 |
|
$ |
37.21 |
|
|
1,426,304 |
|
$ |
38.63 |
| |
|
Aggregate intrinsic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
value (U.S. $ in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
thousands) |
|
$ |
4,100 |
|
|
|
|
|
|
|
$ |
4,082 |
|
|
|
| Summary of RSUs activity |
A summary of the Companys
RSUs activity for the year ended December 31, 2016 is as follows:
|
|
|
|
Weighted Average |
|
|
|
|
Grant Date Fair |
|
Number of
RSUs |
|
Value |
| Unvested RSUs outstanding as of December 31, 2015 |
559,124 |
|
|
$ |
81.35 |
| Vested |
(184,621 |
) |
|
|
94.36 |
| Forfeited |
(106,747 |
) |
|
|
81.90 |
| Unvested RSUs outstanding as of December 31, 2016 |
267,756 |
|
|
$ |
72.17 |
|
| Schedule of Equity classified stock-based compensation |
Stock-based
compensation expense for stock options and equity classified RSUs included in
the Companys Statements of Operations were allocated as follows:
|
2016 |
|
2015 |
|
2014 |
|
(U.S. $ in thousands) |
| Cost
of sales |
$ |
2,780 |
|
$ |
5,381 |
|
$ |
4,493 |
| Research and development, net |
|
4,768 |
|
|
5,759 |
|
|
4,862 |
| Selling, general and administrative |
|
13,225 |
|
|
18,870 |
|
|
20,852 |
| Total stock-based compensation expenses |
$ |
20,773 |
|
$ |
30,010 |
|
$ |
30,207 |
|
| Schedule of Accumulated other comprehensive income (loss) |
The following tables present
the changes in the components of accumulated other comprehensive loss, net of
taxes for the years ended December 31, 2016, 2015 and 2014:
|
Year ended December 31,
2016 |
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
|
hedges |
|
adjustments |
|
Total |
|
|
|
|
|
U.S. $ in
thousands |
|
|
|
|
| Balance as of January 1, 2016 |
$ |
(107 |
) |
|
$ |
(10,667 |
) |
|
$ |
(10,774 |
) |
| Other comprehensive
loss before |
|
|
|
|
|
|
|
|
|
|
|
| reclassifications |
|
523 |
|
|
|
(2,788 |
) |
|
|
(2,265 |
) |
| Amounts reclassified from accumulated |
|
|
|
|
|
|
|
|
|
|
|
| other comprehensive
loss |
|
(440 |
) |
|
|
- |
|
|
|
(440 |
) |
| Other comprehensive
income (loss) |
|
83 |
|
|
|
(2,788 |
) |
|
|
(2,705 |
) |
| Balance as of December 31, 2016 |
$ |
(24 |
) |
|
$ |
(13,455 |
) |
|
$ |
(13,479 |
) |
|
Year ended December 31,
2015 |
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
|
|
hedges |
|
adjustments |
|
|
Total |
|
|
|
|
|
U.S. $ in thousands |
|
|
|
|
| Balance as of January 1, 2015 |
$ |
(1,243 |
) |
|
$ |
(2,404 |
) |
|
$ |
(3,647 |
) |
| Other comprehensive loss before |
|
|
|
|
|
|
|
|
|
|
|
| reclassifications |
|
(288 |
) |
|
|
(8,263 |
) |
|
$ |
(8,551 |
) |
| Amounts reclassified from
accumulated |
|
|
|
|
|
|
|
|
|
|
|
| other comprehensive
loss |
|
1,424 |
|
|
|
- |
|
|
$ |
1,424 |
|
| Other comprehensive income (loss) |
|
1,136 |
|
|
|
(8,263 |
) |
|
|
(7,127 |
) |
| Balance as of December 31, 2015 |
$ |
(107 |
) |
|
$ |
(10,667 |
) |
|
$ |
(10,774 |
) |
|
Year ended December 31,
2014 |
|
Net unrealized gain |
|
Foreign currency |
|
|
|
|
|
|
|
|
|
(loss) on cash flow |
|
translation |
|
|
|
|
|
|
|
|
|
hedges |
|
adjustments |
|
Other |
|
Total |
|
(U.S. $ in
thousands) |
| Balance as
of January 1, 2014 |
$ |
153 |
|
|
$ |
1,922 |
|
|
$ |
(167 |
) |
|
$ |
1,908 |
|
| Other
comprehensive income before |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| reclassifications |
|
(2,222 |
) |
|
|
(4,326 |
) |
|
|
|
|
|
|
(6,548 |
) |
| Amounts
reclassified from accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| other
comprehensive income |
|
826 |
|
|
|
|
|
|
|
167 |
|
|
|
993 |
|
| Other
comprehensive income (loss) |
|
(1,396 |
) |
|
|
(4,326 |
) |
|
|
167 |
|
|
|
(5,555 |
) |
| Balance as
of December 31, 2014 |
$ |
(1,243 |
) |
|
$ |
(2,404 |
) |
|
$ |
|
|
|
$ |
(3,647 |
) |
|
| Employee Stock Option [Member] |
|
| Schedule of Stock Option Assumptions |
The Company used the
Black-Scholes option-pricing model to determine the fair value of options
granted during 2016, 2015 and 2014. The following assumptions were applied in
determining the options fair value on their grant date:
|
|
2016 |
|
2015 |
|
2014 |
| Risk-free interest rate |
|
1.1%-1.5% |
|
1.6% - 1.9% |
|
1.3% - 2.0% |
| Expected option term
(years) |
|
5.2-6.0 |
|
6.0 |
|
4.2 -
6.5 |
| Expected share price volatility |
|
53.6%-56.1% |
|
50.1%-53.5% |
|
45.8% - 47.6% |
| Dividend
yield |
|
|
- |
|
|
- |
|
|
- |
| Weighted average grant date fair value |
|
$ |
12.36 |
|
$ |
15.49 |
|
$ |
60.82 |
|