Pacira Pharmaceuticals, Inc.

10578 Science Center Drive
Suite 125
San Diego, CA 92121
(858) 625 2424

5 Sylvan Way
Parsippany, NJ 07054
(973) 254 3560

TAKING CARE OF PATIENTS, TODAY AND TOMORROW

SEC Filings

10-K
PACIRA PHARMACEUTICALS, INC. filed this Form 10-K on 03/01/2017
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PACIRA PHARMACEUTICALS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

NOTE 11—STOCK PLANS (Continued)

In November 2014, the Company’s Board of Directors approved amendments to stock options held by a departing Vice President. The amendments accelerated the vesting of nine months’ worth of options and as a result the Company recognized an additional $0.6 million in stock-based compensation expense for the year ended December 31, 2014.

The following table summarizes the Company’s stock option activity and related information for the period from January 1, 2014 to December 31, 2016:
 
Number of
Options
 
Weighted
Average
Exercise Price (Per Share)
 
Weighted Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic Value
(in Thousands)
Outstanding at December 31, 2013
3,840,038

 
$
13.50

 
8.01
 
$
168,905

Granted
1,638,575

 
79.68

 
 
 
 

Exercised
(624,229
)
 
11.60

 
 
 
$
45,289

Forfeited
(175,967
)
 
44.32

 
 
 
 

Expired
(561
)
 
21.70

 
 
 
 

Outstanding at December 31, 2014
4,677,856

 
35.78

 
7.86
 
$
248,276

Granted
906,706

 
75.35

 
 
 
 

Exercised
(618,434
)
 
16.29

 
 
 
$
39,401

Forfeited
(294,880
)
 
64.29

 
 
 
 

Expired
(25,526
)
 
81.94

 
 
 
 

Outstanding at December 31, 2015
4,645,722

 
44.03

 
7.31
 
$
162,340

Granted
1,656,598

 
38.20

 
 
 
 

Exercised
(518,226
)
 
11.13

 
 
 
$
21,750

Forfeited
(401,048
)
 
70.27

 
 
 
 

Expired
(175,303
)
 
80.91

 
 
 
 

Outstanding at December 31, 2016
5,207,743

 
$
42.16

 
7.39
 
$
37,581

Exercisable at December 31, 2016
2,798,083

 
$
35.30

 
5.93
 
$
37,403

Vested and expected to vest at December 31, 2016
4,858,131

 
$
41.92

 
7.25
 
$
37,567

As of December 31, 2016, $57.1 million of total unrecognized compensation cost related to non-vested stock options is expected to be recognized over a weighted average period of 2.8 years. The Company’s stock options have a maximum expiration date of ten years from the date of grant.
The weighted average fair value of stock options granted for the years ended December 31, 2016, 2015 and 2014 was $19.13, $37.82 and $42.62 per share, respectively. The fair values of stock options granted were estimated using the Black-Scholes model with the following weighted average assumptions:
 
Year Ended December 31,
 
2016
 
2015
 
2014
Expected dividend yield
None
 
None
 
None
Risk free interest rate
1.03% - 2.48%
 
1.40% - 2.28%
 
0.02% - 2.16%
Expected volatility
53.5%
 
52.9%
 
57.2%
Expected term of options
5.77 years
 
5.76 years
 
5.86 years


F- 25

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Contact Investor Relations:
Susan Mesco
(973) 451-4030
Susan.Mesco@pacira.com


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