Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MONOLITHIC POWER SYSTEMS INC | ||
Trading Symbol | mpwr | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 40,199,618 | ||
Entity Public Float | $ 1,300,000,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,280,452 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 90,860 | $ 126,266 |
Short-term investments | 144,103 | 112,452 |
Accounts receivable, net | 30,830 | 25,630 |
Inventories | 63,209 | 40,918 |
Prepaid expenses and other current assets | 2,926 | 2,646 |
Total current assets | 331,928 | 307,912 |
Property and equipment, net | 65,359 | 62,942 |
Long-term investments | 5,361 | 5,389 |
Goodwill | 6,571 | 6,571 |
Acquisition-related intangible assets, net | 5,053 | 6,812 |
Deferred tax assets, net | 672 | 1,283 |
Other long-term assets | 16,341 | 8,457 |
Total assets | 431,285 | 399,366 |
Current liabilities: | ||
Accounts payable | 13,487 | 13,138 |
Accrued compensation and related benefits | 9,812 | 9,020 |
Accrued liabilities | 19,984 | 14,703 |
Total current liabilities | 43,283 | 36,861 |
Income tax liabilities | 2,941 | 5,876 |
Other long-term liabilities | 16,545 | 10,204 |
Total liabilities | $ 62,769 | $ 52,941 |
Commitments and contingencies (notes 11, 12 and 13) | ||
Stockholders' equity: | ||
Common stock and additional paid-in capital, $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 39,689 and 38,832 as of December 31, 2015 and December 31, 2014, respectively | $ 265,763 | $ 240,500 |
Retained earnings | 101,287 | 100,114 |
Accumulated other comprehensive income | 1,466 | 5,811 |
Total stockholders’ equity | 368,516 | 346,425 |
Total liabilities and stockholders’ equity | $ 431,285 | $ 399,366 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 39,689 | 38,832 |
Common stock, shares outstanding | 39,689 | 38,832 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $ 333,067 | $ 282,535 | $ 238,091 |
Cost of revenue | 152,898 | 129,917 | 110,190 |
Gross profit | 180,169 | 152,618 | 127,901 |
Operating expenses: | |||
Research and development | 65,787 | 58,590 | 49,733 |
Selling, general and administrative | 72,312 | 66,755 | 54,624 |
Litigation expense (benefit), net | 1,000 | (8,027) | (371) |
Total operating expenses | 139,099 | 117,318 | 103,986 |
Income from operations | 41,070 | 35,300 | 23,915 |
Interest and other income, net | 1,421 | 1,092 | 92 |
Income before income taxes | 42,491 | 36,392 | 24,007 |
Income tax provision | 7,319 | 897 | 1,109 |
Net income | $ 35,172 | $ 35,495 | $ 22,898 |
Net income per share: | |||
Basic (in Dollars per share) | $ 0.89 | $ 0.92 | $ 0.61 |
Diluted (in Dollars per share) | $ 0.86 | $ 0.89 | $ 0.59 |
Weighted-average shares outstanding: | |||
Basic (in Shares) | 39,470 | 38,686 | 37,387 |
Diluted (in Shares) | 40,869 | 39,793 | 38,620 |
Cash dividends declared per common share (in Dollars per share) | $ 0.80 | $ 0.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 35,172 | $ 35,495 | $ 22,898 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (4,166) | (609) | 1,988 |
Total other comprehensive income (loss), net of tax | (4,345) | (449) | 2,085 |
Comprehensive income | 30,827 | 35,046 | 24,983 |
Available-for-sale Securities [Member] | |||
Other comprehensive income (loss), net of tax: | |||
Change in unrealized losses on securities, net of tax | (151) | (19) | (33) |
Auction Rate Securities [Member] | |||
Other comprehensive income (loss), net of tax: | |||
Change in unrealized losses on securities, net of tax | $ (28) | $ 179 | $ 130 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities [Member] | |||
Change in unrealized losses on securities, tax | $ 0 | $ 0 | $ 0 |
Auction Rate Securities [Member] | |||
Change in unrealized losses on securities, tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2012 | $ 194,079 | $ 60,040 | $ 4,175 | $ 258,294 |
Balance (in Shares) at Dec. 31, 2012 | 35,673 | |||
Net income | 22,898 | 22,898 | ||
Other comprehensive income (loss) | 2,085 | 2,085 | ||
Exercise of stock options | $ 37,877 | $ 37,877 | ||
Exercise of stock options (in Shares) | 2,446 | 2,446 | ||
Repurchase of common shares | $ (20,615) | $ (20,615) | ||
Repurchase of common shares (in Shares) | (664) | |||
Shares issued under the employee stock purchase plan | $ 2,145 | 2,145 | ||
Shares issued under the employee stock purchase plan (in Shares) | 111 | |||
Stock-based compensation expense | $ 20,715 | 20,715 | ||
Release of restricted stock (in Shares) | 725 | |||
Balance at Dec. 31, 2013 | $ 234,201 | 82,938 | 6,260 | 323,399 |
Balance (in Shares) at Dec. 31, 2013 | 38,291 | |||
Net income | 35,495 | 35,495 | ||
Other comprehensive income (loss) | (449) | (449) | ||
Dividends and dividend equivalents declared | (18,319) | (18,319) | ||
Exercise of stock options | $ 11,941 | $ 11,941 | ||
Exercise of stock options (in Shares) | 742 | 742 | ||
Repurchase of common shares | $ (41,198) | $ (41,198) | ||
Repurchase of common shares (in Shares) | (1,051) | |||
Shares issued under the employee stock purchase plan | $ 2,078 | 2,078 | ||
Shares issued under the employee stock purchase plan (in Shares) | 78 | |||
Stock-based compensation expense | $ 33,459 | 33,459 | ||
Tax benefits from equity awards | $ 19 | 19 | ||
Release of restricted stock (in Shares) | 772 | |||
Balance at Dec. 31, 2014 | $ 240,500 | 100,114 | 5,811 | $ 346,425 |
Balance (in Shares) at Dec. 31, 2014 | 38,832 | 38,832 | ||
Net income | 35,172 | $ 35,172 | ||
Other comprehensive income (loss) | (4,345) | (4,345) | ||
Dividends and dividend equivalents declared | (33,999) | (33,999) | ||
Exercise of stock options | $ 7,744 | $ 7,744 | ||
Exercise of stock options (in Shares) | 498 | 498 | ||
Repurchase of common shares | $ (32,286) | $ (32,286) | ||
Repurchase of common shares (in Shares) | (645) | |||
Shares issued under the employee stock purchase plan | $ 2,227 | 2,227 | ||
Shares issued under the employee stock purchase plan (in Shares) | 56 | |||
Stock-based compensation expense | $ 41,650 | 41,650 | ||
Tax benefits from equity awards | $ 5,928 | 5,928 | ||
Release of restricted stock (in Shares) | 948 | |||
Balance at Dec. 31, 2015 | $ 265,763 | $ 101,287 | $ 1,466 | $ 368,516 |
Balance (in Shares) at Dec. 31, 2015 | 39,689 | 39,689 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 35,172 | $ 35,495 | $ 22,898 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of intangible assets | 13,783 | 13,130 | 12,160 |
Loss (gain) on sales of property and equipment | (339) | 31 | |
Premium amortization and loss on investments | 596 | 96 | 443 |
Change in fair value of contingent consideration | (2,507) | ||
Deferred taxes, net | 42 | 17 | (81) |
Stock-based compensation expense | 41,563 | 33,454 | 20,701 |
Excess tax benefit from equity awards | (5,928) | (10) | |
Changes in operating assets and liabilities, net of effects of an acquisition: | |||
Accounts receivable | (5,201) | (1,870) | (4,347) |
Inventories | (22,210) | (1,142) | (7,606) |
Prepaid expenses and other assets | (390) | (2,029) | 121 |
Accounts payable | 147 | 1,632 | 1,440 |
Accrued liabilities | 9,942 | (3,102) | 12,149 |
Income tax liabilities | 3,998 | (248) | 86 |
Accrued compensation and related benefits | 1,068 | (1,290) | 2,691 |
Net cash provided by operating activities | 69,736 | 74,133 | 60,686 |
Cash flows from investing activities: | |||
Property and equipment purchases | (16,024) | (9,511) | (15,764) |
Proceeds from sales of property and equipment | 340 | 88 | |
Purchases of short-term investments | (223,018) | (136,872) | (125,756) |
Proceeds from sales of short-term investments | 189,549 | 149,291 | 85,700 |
Proceeds from sales of long-term investments | 4,650 | 2,025 | |
Contributions to employee deferred compensation plan, net | (8,044) | (5,335) | (617) |
Cash paid for an acquisition, net of cash acquired | (11,590) | ||
Net cash used in investing activities | (57,197) | (9,367) | (54,324) |
Cash flows from financing activities: | |||
Property and equipment purchased on extended payment terms | (300) | (400) | (557) |
Proceeds from exercise of stock options | 7,744 | 11,941 | 37,877 |
Proceeds from shares issued under the employee stock purchase plan | 2,227 | 2,078 | 2,145 |
Repurchases of common shares | (32,286) | (41,198) | (20,615) |
Dividends and dividend equivalents paid | (29,965) | (11,658) | |
Excess tax benefit from equity awards | 5,928 | 10 | |
Net cash provided by (used in) financing activities | (46,652) | (39,227) | 18,850 |
Effect of change in exchange rates | (1,293) | (486) | 897 |
Net increase (decrease) in cash and cash equivalents | (35,406) | 25,053 | 26,109 |
Cash and cash equivalents, beginning of period | 126,266 | 101,213 | 75,104 |
Cash and cash equivalents, end of period | 90,860 | 126,266 | 101,213 |
Supplemental disclosures for cash flow information: | |||
Cash paid for taxes and interest | 3,322 | 1,235 | 1,116 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Liability accrued for property and equipment purchases | 2,184 | 1,487 | $ 1,941 |
Liability accrued for dividends and dividend equivalents | $ 10,109 | 6,660 | |
Sensima [Member] | |||
Supplemental disclosures of non-cash investing and financing activities: | |||
Fair value of contingent consideration related to an acquisition | $ 2,507 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Monolithic Power Systems, Inc. (“MPS” or the “Company”) was incorporated in the State of California on August 22, 1997. On November 17, 2004, the Company was reincorporated in the State of Delaware. MPS designs, develops and markets integrated power semiconductor solutions and power delivery architectures. MPS's mission is to provide innovative power solutions in communications, storage and computing, consumer and industrial market segments. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions used in these consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, valuation of goodwill and acquisition-related intangible assets, contingencies and tax valuation allowances. Actual results could differ from those estimates. Certain Significant Risks and Uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. The Company’s cash consists of checking and savings accounts. The Company’s cash equivalents include short-term, highly liquid investments purchased with remaining maturities at the date of purchase of three months or less. The Company’s short-term investments consist of certificates of deposit, government agency bonds and treasuries, and the long-term investments consist of government-backed student loan auction-rate securities. The Company generally does not require its customers to provide collateral or other security to support accounts receivable. To manage credit risk, management performs ongoing credit evaluations of its customers’ financial condition. The Company requires cash in advance for certain customers in addition to ongoing credit evaluations for those where credit has been extended. Accounts receivable allowances were not material in any of the periods presented. The Company participates in the dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on its future financial position, results of operations or cash flows: advances and trends in new technologies and industry standards; competitive pressures in the form of new products or price reductions on current products; changes in product mix; changes in the overall demand for products offered by the Company; changes in third-party manufacturers; changes in key suppliers; changes in certain strategic relationships or customer relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; fluctuations in foreign currency exchange rates; risk associated with changes in domestic and international economic and/or political regulations; availability of necessary components or sub-assemblies; availability of foundry capacity; ability to integrate acquired companies; and the Company’s ability to attract and retain employees necessary to support its growth. Foreign Currency The functional currency of the Company’s international subsidiaries is generally the local currency. The primary subsidiaries are located in China and Taiwan, which utilize the Renminbi and the New Taiwan Dollar as their currencies, respectively. Accordingly, assets and liabilities of the foreign subsidiaries are translated using exchange rates in effect at the end of the period. Revenue and costs are translated using average exchange rates for the period. The resulting translation adjustments are presented as a separate component of accumulated other comprehensive income in stockholders’ equity in the Consolidated Balance Sheets. In addition, the Company incurs foreign currency exchange gains or losses related to the timing of payments for transactions between the U.S. and its foreign subsidiaries. Foreign currency transaction gains (losses) are reported in interest and other income, net, in the Consolidated Statements of Operations and totaled $0.6 million, $0.1 million and $(0.6) million for the years ended December 31, 2015, 2014 and 2013, respectively. Cash and Cash Equivalents The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents. Fair Value of Financial Instruments Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3: Significant unobservable inputs The Company’s financial instruments include cash and cash equivalents, and short-term and long-term investments. Cash equivalents are stated at cost, which approximates fair market value. The Company’s short-term and long-term investments are classified as available-for-sale securities and are stated at their fair market value. The Company determines whether an impairment is temporary or other-than temporary. Unrealized gains or losses that are deemed to be temporary are recorded as a component of accumulated other comprehensive income in stockholders’ equity in the Consolidated Balance Sheets, and changes in unrealized gains or losses are recorded in the Consolidated Statements of Comprehensive Income. The Company records an impairment charge in interest and other income, net, in the Consolidated Statements of Operations when an available-for-sale investment has experienced a decline in value that is deemed to be other-than-temporary. Other-than-temporary impairment exists when the Company either has the intent to sell the security, it will more likely than not be required to sell the security before anticipated recovery, or it does not expect to recover the entire amortized cost basis of the security. As of December 31, 2015 and 2014, the fair value of the Company’s holdings in auction-rate securities was $5.4 million, all of which was classified as long-term available-for-sale investments. The valuation of the auction-rate securities is subject to fluctuations in the future, which will depend on many factors, including the quality of the underlying collateral, estimated time to liquidity including potential to be called or restructured, underlying final maturity, insurance guaranty and market conditions, among others. Inventories Inventories are stated at the lower of standard cost (which approximates actual cost determined on a first-in first-out basis) or current market value. Market is based on estimated net realizable value. The Company writes down excess and obsolete inventory based on its age and forecasted demand, which includes estimates taking into consideration the Company’s outlook on market and economic conditions, technology changes, new product introductions and changes in strategic direction. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. When the Company records a write-down on inventory, it establishes a new, lower cost basis for that inventory, and subsequent changes in facts and circumstances will not result in the restoration or increase in that newly established cost basis. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Buildings and building improvements have estimated useful lives of 30 to 40 years. Leasehold improvements are amortized over the shorter of the estimated useful lives or the lease period. Computer, software and production equipment have estimated useful lives of three to seven years. Transportation equipment has estimated useful lives of 5 to 15 years. Furniture and fixtures have estimated useful lives of three to five years. Goodwill and Acquisition-Related Intangible Assets Goodwill represents the excess of the fair value of purchase consideration over the fair value of net tangible and identified intangible assets as of the date of acquisition. In-process research and development (“IPR&D”) assets represent the fair value of incomplete R&D projects that had not reached technological feasibility as of the date of acquisition. The IPR&D assets are initially capitalized at fair value as intangible assets with indefinite lives and assessed for impairment at each reporting period. When the IPR&D projects are completed, they are reclassified as amortizable intangible assets and are amortized over their estimated useful lives. Alternatively, if the IPR&D projects are abandoned, they are impaired and expensed to research and development. Acquisition-related intangible assets with finite lives consist of know-how and developed technologies. These assets are amortized on a straight-line basis over the estimated useful lives of three to five years and the amortization expense is recorded in cost of revenue in the Consolidated Statements of Operations. Other Long-Term Assets Other assets primarily consist of intangible assets for the land use rights in Chengdu, China, purchased patents, long-term lease deposits and investments related to the employee deferred compensation plan. The Company amortizes the land use rights over 50 years and the purchased patents over five years. Impairment of Long-Lived Assets The Company evaluates long-lived assets, other than goodwill and acquisition-related intangible assets with indefinite useful lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. Such impairment loss would be measured as the difference between the carrying amount of the asset and its fair value based on the present value of estimated future cash flows. The Company tests goodwill for impairment at least annually in the fourth quarter of the year, or whenever events or changes in circumstances indicate that goodwill may be impaired. The Company has elected to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that its fair value is less than the carrying amount, then the two-step goodwill impairment test is performed. The first step compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds its fair value, the second step measures the impairment loss by comparing the implied fair value of the goodwill with the carrying amount. No impairment of goodwill has been identified in any of the periods presented. Deferred Compensation Plan The Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive management, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not make contributions to the plan or guarantee returns on the investments. The Company is responsible for the plan’s administrative expenses. Participants’ deferrals and investment gains and losses remain as the Company’s liabilities and the underlying assets are subject to claims of general creditors. The liabilities for compensation deferred under the plan are recorded at fair value in each reporting period and are included in other long-term liabilities in the Consolidated Balance Sheets. Changes in the fair value of the liabilities are recorded as an operating expense (credit) in the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies and mutual funds that offset a substantial portion of the exposure. The investments are recorded in other long-term assets in the Consolidated Balance Sheets at the cash surrender value of the corporate-owned life insurance policies and the fair value of the mutual funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund investments are included in interest and other income, net in the Consolidated Statements of Operations. As of December 31, 2015 and 2014, the plan assets totaled $14.0 million and $6.1 million, and the plan liabilities totaled $14.1 million and $6.2 million, respectively. Warranty Reserves The Company generally provides a one to two-year warranty against defects in materials and workmanship and will either repair the goods or provide replacement products at no charge to the customer for defective products. Reserve requirements are recorded in the period of sale and are based on an assessment of the products sold with warranty and historical warranty costs incurred. Historically, the warranty expenses have not been material to the Company’s consolidated financial statements. Revenue Recognition The Company recognizes revenue when the following four basic criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the fees charged for products delivered and the collectability of those fees. The application of these criteria has resulted in the Company generally recognizing revenue upon shipment (when title and risk of loss have transferred to customers), including distributors, original equipment manufacturers and electronic manufacturing service providers. The Company’s revenue consists primarily of sales of assembled and tested finished goods. The Company also sells die in wafer form to its customers and value-added resellers, and the Company receives royalty revenue from third parties and value-added resellers. For the years ended December 31, 2015, 2014 and 2013, approximately 96%, 92% and 91% of the Company’s distributor sales, respectively, including sales to the Company’s value-added resellers, were made through distribution arrangements with third parties. These arrangements generally do not include any special payment terms (the Company’s normal payment terms are 30-45 days for its distributors), price protection or exchange rights. Returns are limited to the Company’s standard product warranty. Certain of the Company’s large distributors have contracts that include limited stock rotation rights that permit the return of a small percentage of the previous six months’ purchases. For the years ended December 31, 2015, 2014 and 2013, approximately 4%, 8% and 9% of the Company’s distributor sales, respectively, were made through small distributors primarily based on purchase orders. These distributors typically have no stock rotation rights. The Company generally recognizes revenue upon shipment of products to the distributors based on the following considerations: (1) The price is fixed or determinable at the date of sale. The Company does not offer special payment terms, price protection or price adjustments to distributors when the Company recognizes revenue upon shipment. (2) The distributors are obligated to pay the Company and this obligation is not contingent on the resale of the Company’s products. (3) The distributors’ obligation is unchanged in the event of theft or physical destruction or damage to the products. (4) The distributors have stand-alone economic substance apart from the Company’s relationship. (5) The Company does not have any obligations for future performance to directly bring about the resale of its products by the distributors. (6) The amount of future returns can be reasonably estimated. The Company has the ability and the information necessary to track inventory sold to and held at its distributors. The Company maintains a history of returns and has the ability to estimate the stock rotation returns on a quarterly basis. The Company maintains a sales reserve for stock rotation rights, which is based on historical experience of actual stock rotation returns on a per distributor basis, where available, and information related to products in the distribution channel. This reserve is recorded at the time of sale. Historically, these returns were not material to the Company’s consolidated financial statements. If the Company enters into arrangements that have rights of return that are not estimable, the Company recognizes revenue under such arrangements only after the distributors have sold the products to end customers. Four of the Company’s distributors have distribution agreements where revenue is recognized upon sale by these distributors to their end customers because these distributors have certain rights of return which management believes are not estimable. The deferred revenue balance from these distributors as of December 31, 2015 and 2014 was $2.8 million and $2.0 million, respectively. The deferred costs as of December 31, 2015 and 2014 were $0.2 million. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The Company recognizes compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. Compensation expense related to awards with service conditions is recorded on a straight-line basis over the requisite service period. Compensation expense related to awards subject to market conditions or performance conditions is recognized over the requisite service period for each separately vesting tranche. For awards with performance conditions, as well as awards containing both market conditions and performance conditions, the Company recognizes compensation expense when it becomes probable that the performance criteria set by the Board of Directors will be achieved. Management performs the probability assessment on a quarterly basis by reviewing external factors, such as macroeconomic conditions and the analog industry forecasts, and internal factors, such as the Company’s business and operations strategy, product roadmaps and revenue forecasts. Changes in the probability assessment of achieving the performance conditions are accounted for in the period of change by recording a cumulative catch-up adjustment as if the new estimate had been applied since the service inception date. Any previously recognized compensation expense is reversed if the performance conditions are not expected to be satisfied. For awards with only market conditions, compensation expense is not reversed if the market conditions are not satisfied. The amount of compensation expense that the Company recognizes is based on an expected forfeiture rate. If there is a difference between the forfeiture assumptions used in determining stock-based compensation costs and the actual forfeitures which become known over time, the Company may change the forfeiture rate, which could have a significant impact on its stock-based compensation expense. Research and Development Costs incurred in research and development are expensed as incurred. Accounting for Income Taxes The Company recognizes federal, state and foreign current tax liabilities or assets based on its estimate of taxes payable or refundable in the current fiscal year by tax jurisdiction. The Company also recognizes federal, state and foreign deferred tax assets or liabilities for its estimate of future tax effects attributable to temporary differences and carryforwards. The Company records a valuation allowance to reduce any deferred tax assets by the amount of any tax benefits that, based on available evidence and judgment, are not expected to be realized. The Company’s calculation of current and deferred tax assets and liabilities is based on certain estimates and judgments and involves dealing with uncertainties in the application of complex tax laws. The Company’s estimates of current and deferred tax assets and liabilities may change based, in part, on added certainty or finality or uncertainty to an anticipated outcome, changes in accounting or tax laws in the U.S. or foreign jurisdictions where the Company operates, or changes in other facts or circumstances. In addition, the Company recognizes liabilities for potential U.S. and foreign income tax for uncertain income tax positions taken on its tax returns if it has less than a 50% likelihood of being sustained. If the Company determines that payment of these amounts is unnecessary or if the recorded tax liability is less than its current assessment, the Company may be required to recognize an income tax benefit or additional income tax expense in its financial statements in the period such determination is made. The Company has calculated its uncertain tax positions which were attributable to certain estimates and judgments primarily related to transfer pricing, cost sharing and its international tax structure exposure. Contingencies The Company is a party to actions and proceedings in the ordinary course of business, including litigation regarding its shareholders and its intellectual property, challenges to the enforceability or validity of its intellectual property, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. The pending proceedings involve complex questions of fact and law and will require the expenditure of significant funds and the diversion of other resources to prosecute and defend. In addition, from time to time, the Company becomes aware that it is subject to other contingent liabilities. When this occurs, the Company will evaluate the appropriate accounting for the potential contingent liabilities to determine whether a contingent liability should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. Based on the facts and circumstances in each matter, the Company uses its judgment to determine whether it is probable that a contingent loss has occurred and whether the amount of such loss can be estimated. If the Company determines a loss is probable and estimable, the Company records a contingent loss. In determining the amount of a contingent loss, the Company takes into account advice received from experts for each specific matter regarding the status of legal proceedings, settlement negotiations, prior case history and other factors. Should the judgments and estimates made by management need to be adjusted as additional information becomes available, the Company may need to record additional contingent losses. Alternatively, if the judgments and estimates made by management are adjusted, for example, if a particular contingent loss does not occur, the contingent loss recorded would be reversed. Litigation Expense (Benefit) The Company records litigation costs in the period in which they are incurred. Due to the uncertainties inherent in litigation proceedings, the Company generally recognizes the proceeds resulting from settlement of litigation or favorable judgments when the cash is received and there is no further contingency related to the litigation. The proceeds are recorded as a reduction against litigation expense to the extent that litigation costs were previously incurred in the related case. Proceeds in excess of cumulative costs incurred for the case is recorded in interest and other income, net, in the Consolidated Statements of Operations. Litigation expense (benefit), net, includes primarily patent litigation and other contract-related matters. Net Income p er Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock, and calculated using the treasury stock method. Contingently issuable shares, including equity awards with performance conditions or market conditions, are considered outstanding common shares and included in the basic net income per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in the diluted net income per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period. The Company’s outstanding restrict stock units contain forfeitable rights to receive dividend equivalents, which are accumulated quarterly during the vesting periods of the restricted stock units and are payable to the employees when the awards vest. Dividend equivalents accumulated on the restricted stock units are forfeited if the employees do not fulfill their service requirement during the vesting periods. Accordingly, these awards are not treated as participating securities in the net income per share calculation. Comprehensive Income Comprehensive income represents the change in the Company’s net assets during the period from non-owner sources. Accumulated other comprehensive income presented in the Consolidated Balance Sheets primarily consists of unrealized gains and losses related to available-for-sale investments and foreign currency translation adjustments. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , Company has elected to early adopt the standard as of December 31, 2015 on a retrospective basis. As of December 31, 2014, the Company reclassified $0.2 million of current deferred tax assets to non-current deferred tax assets on the Consolidated Balance Sheet. The adoption did not affect the Company's operating results, comprehensive income or cash flows for the periods presented. |
Note 2 - Acquisition
Note 2 - Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. ACQUISITION On July 22, 2014 (the “Acquisition Date”), the Company acquired 100% of the outstanding capital stock of Sensima Technology SA (“Sensima”), a company based in Switzerland that develops magnetic sensor technologies for angle measurements as well as three-dimensional magnetic field sensing. The acquisition creates new opportunities with customers by offering enhanced solutions in power management for key industries such as automotive, industrial and cloud computing. As a result of the acquisition, Sensima became a subsidiary of the Company and changed its name to MPS Tech Switzerland Sarl. Its results of operations have been included in the Company’s consolidated financial statements subsequent to the acquisition. Purchase Consideration The fair value of the purchase consideration as of the Acquisition Date consisted of the following (in thousands): Cash paid at the Acquisition Date $ 11,735 Contingent consideration 2,507 Total $ 14,242 Cash paid at the Acquisition Date included $1.2 million that was held in an escrow account for a one-year period, which was subject to Sensima’s satisfaction of certain representations and warranties. The full amount was released from the escrow account on July 22, 2015. The contingent consideration arrangement requires the Company to pay up to an additional $8.9 million to former Sensima shareholders if Sensima achieves a new product introduction as well as certain product revenue and direct margin targets in 2016. The fair value of the contingent consideration at the Acquisition Date was $2.5 million, which was estimated based on a probability-weighted analysis of possible future revenue outcomes. The fair value of the contingent consideration was recorded in other long-term liabilities in the Consolidated Balance Sheets and was remeasured at the end of each reporting period, with any changes in fair value recorded in operating expense in the Consolidated Statements of Operations. During the fourth quarter of 2015, the Company determined the fair value of contingent consideration was $0 and recorded the release of the liability of $2.5 million as a credit to selling, general and administrative expenses (see Note 4). The Company incurred $0.6 million of transaction costs that were expensed as incurred and included in selling, general and administrative expenses in the Consolidated Statements of Operations. Purchase Consideration Allocation The fair value of assets acquired and liabilities assumed as of the Acquisition Date was as follows (in thousands): Cash $ 145 Other tangible assets acquired, net of liabilities assumed 42 Intangible assets: Know-how 1,018 Developed technologies 4,421 IPR&D 2,045 Total identifiable net assets acquired 7,671 Goodwill 6,571 Total net assets acquired $ 14,242 Intangible assets with finite lives included know-how and developed technologies with estimated useful lives of three to five years. The fair value of know-how was determined using the relief from royalty method, and the fair value of the developed technologies was determined using the income approach. Intangible assets with indefinite lives included in-process research and development (“IPR&D”), which consisted of incomplete R&D projects that had not reached technological feasibility as of the Acquisition Date. The fair value of the IPR&D assets was determined using the income approach. During the third quarter of 2015, management determined that the acquired IPR&D was completed and reclassified it as a finite-lived intangible asset with an estimated useful life of four years. Goodwill arising from the acquisition was primarily attributed to synergies which will enable the Company to develop advanced solutions in power management by integrating Sensima’s magnetic sensor technologies. Goodwill is not deductible for tax purposes. Equity Awards On the Acquisition Date, the Board of Directors granted $1.7 million of time-based RSUs (or 40,000 shares) to key Sensima employees who became employees of the Company. These awards vest over four years. In addition, the Board of Directors granted $2.0 million of PSUs (or 47,000 shares) to these employees, with the right to earn up to a maximum of $8.0 million based on the achievement of certain cumulative Sensima product revenue targets during the performance period from the Acquisition Date to July 22, 2019. 50% of the awards subject to each revenue goal will vest immediately when the revenue goal is met during the performance period. The remaining shares will vest over the following two years. Vesting is subject to the employees’ continued employment with the Company. These equity awards are considered arrangements for post-acquisition services and the related compensation cost is recognized over the requisite service period if it is probable that the performance goals will be met. Pro Forma Information (Unaudited) Supplemental information of the Company’s results of operations on a pro forma basis, as if the Sensima acquisition had been consummated on January 1, 2013, is presented as follows (in thousands, except per-share amounts): Year Ended December 31, 2014 2013 Revenue $ 282,584 $ 238,181 Net income $ 33,777 $ 20,187 Diluted net income per share $ 0.85 $ 0.52 These pro forma results are not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that would have been realized had the Company acquired Sensima during the periods presented. The pro forma results include adjustments primarily related to Sensima’s results of operations, amortization of intangible assets, stock-based compensation expense and the related tax effects. |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents and Investments | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 3. CASH, CASH EQUIVALENTS AND INVESTMENTS The following is a summary of the Company’s cash, cash equivalents and short-term and long-term investments (in thousands): December 31, 2015 2014 Cash, cash equivalents and investments: Cash $ 58,217 $ 66,188 Money market funds 31,640 60,078 Certificates of deposit 21,574 22,778 U.S. treasuries and government agency bonds 123,532 89,674 Auction-rate securities backed by student-loan notes 5,361 5,389 Total $ 240,324 $ 244,107 December 31, Reported as: 2015 2014 Cash and cash equivalents $ 90,860 $ 126,266 Short-term investments 144,103 112,452 Long-term investments 5,361 5,389 Total $ 240,324 $ 244,107 The contractual maturities of the Company’s short-term and long-term available-for-sale investments are as follows (in thousands): December 31, 2015 2014 Due in less than 1 year $ 110,898 $ 91,335 Due in 1 - 5 years 33,205 21,117 Due in greater than 5 years 5,361 5,389 Total $ 149,464 $ 117,841 The following tables summarize the unrealized gain and loss positions related to the Company’s investments in marketable securities designated as available-for sale (in thousands): December 31, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 31,640 $ - $ - $ 31,640 $ - Certificates of deposit 21,574 - - 21,574 - U.S. treasuries and government agency bonds 123,698 4 (170 ) 123,532 110,720 Auction-rate securities backed by student-loan notes 5,570 - (209 ) 5,361 5,361 Total $ 182,482 $ 4 $ (379 ) $ 182,107 $ 116,081 December 31, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 60,078 $ - $ - $ 60,078 $ - Certificates of deposit 22,778 - - 22,778 - U.S. treasuries and government agency bonds 89,689 14 (29 ) 89,674 35,062 Auction-rate securities backed by student-loan notes 5,570 - (181 ) 5,389 5,389 Total $ 178,115 $ 14 $ (210 ) $ 177,919 $ 40,451 Except for the auction-rate securities, there were no individual securities that had been in a continuous loss position for 12 months or longer as of December 31, 2015 and 2014. There were no redemptions of auction-rate securities for the year ended December 31, 2015. For the year ended December 31, 2014, the Company redeemed $4.7 million of auction-rate securities at par. The underlying maturities of the outstanding auction-rate securities are up to 32 years. As of December 31, 2015 and 2014, the impairment of $0.2 million was determined to be temporary based on the following management assessment: (1) The decline in the fair value of these securities is not largely attributable to adverse conditions specifically related to these securities or to specific conditions in an industry or in a geographic area; (2) Management possesses both the intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in fair value; (3) Management believes that it is more likely than not that the Company will not have to sell these securities before recovery of its cost basis; (4) Except for the credit loss of $70,000 recognized in the year ended December 31, 2009, the Company does not believe that there is any additional credit loss associated with these securities because the Company expects to recover the entire amortized cost basis; (5) There have been no further downgrades on these securities since 2009; (6) All scheduled interest payments have been made pursuant to the reset terms and conditions; and (7) All redemptions of these securities to date, representing 87% of the original portfolio, have been at par. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. FAIR VALUE MEASUREMENT The following tables detail the fair value measurement of the financial assets and liabilities (in thousands): Fair Value Measurement at December 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 31,640 $ 31,640 $ - $ - Certificates of deposit 21,574 - 21,574 - U.S. treasuries and government agency bonds 123,532 - 123,532 - Auction-rate securities backed by student-loan notes 5,361 - - 5,361 Mutual funds under deferred compensation plan 8,279 8,279 - - Total $ 190,386 $ 39,919 $ 145,106 $ 5,361 Fair Value Measurement at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 60,078 $ 60,078 $ - $ - Certificates of deposit 22,778 - 22,778 - U.S. treasuries and government agency bonds 89,674 - 89,674 - Auction-rate securities backed by student-loan notes 5,389 - - 5,389 Mutual funds under deferred compensation plan 2,236 2,236 - - Total $ 180,155 $ 62,314 $ 112,452 $ 5,389 Liabilities: Contingent consideration $ 2,507 $ - $ - $ 2,507 Total $ 2,507 $ - $ - $ 2,507 The Company’s level 3 assets consist of government-backed student loan auction-rate securities, with interest rates that reset through a Dutch auction every 7 to 35 days and which became illiquid in 2008. The following table provides a rollforward of the fair value of the auction-rate securities (in thousands): Balance at January 1, 2014 $ 9,860 Sales and settlement at par (4,650 ) Change in unrealized loss included in other comprehensive income 179 Ending balance at December 31, 2014 5,389 Change in unrealized loss included in other comprehensive income (28 ) Ending balance at December 31, 2015 $ 5,361 The Company determined the fair value of the auction-rate securities using a discounted cash flow model with the following assumptions: December 31, 2015 2014 Time-to-liquidity (months) 24 24 Expected return 2.9% 2.9% Discount rate 4.3% - 7.3% 4.0% - 7.0% The Company’s level 3 liabilities consisted of contingent consideration related to the acquisition of Sensima in July 2014. The arrangement requires the Company to pay up to $8.9 million to certain former Sensima shareholders if Sensima achieves a new product introduction as well as certain product revenue and direct margin targets in 2016. The fair value of the contingent consideration at the Acquisition Date was $2.5 million, which was estimated based on a probability-weighted analysis of possible future revenue outcomes. The fair value was calculated using the following assumptions: December 31, 2014 Projected revenue (in millions) $2.1 - $3.8 Discount rate 9.0% Probability of occurrence 20% - 50% As part of the quarterly assessment in the fourth quarter of 2015, management reviewed the sales forecast for the products and concluded that the projected product revenue in 2016 will not likely meet the minimum target required to earn the contingent consideration, primarily because the product adoption process by customers will take longer than the Company had originally anticipated. Accordingly, the fair value of the contingent consideration was deemed to be $0 as of December 31, 2015, and the Company recorded the release of the liability of $2.5 million as a credit to selling, general and administrative expenses in the Consolidated Statement of Operations. The Company will continue to assess the probability of former Sensima shareholders earning the contingent consideration in 2016 and may record additional adjustment to the fair value. |
Note 5 - Balance Sheet Componen
Note 5 - Balance Sheet Components | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. BALANCE SHEET COMPONENTS Inventories Inventories consist of the following (in thousands): December 31, 2015 2014 Raw materials $ 14,907 $ 7,298 Work in process 21,177 18,950 Finished goods 27,125 14,670 Total $ 63,209 $ 40,918 Property and Equipment, Net Property and equipment, net, consist of the following (in thousands): December 31, 2015 2014 Production equipment and software $ 92,208 $ 88,929 Buildings and improvements 34,736 29,386 Land 5,600 5,600 Transportation equipment 4,694 4,694 Furniture and fixtures 2,962 2,883 Leasehold improvements 2,283 2,350 Property and equipment, gross 142,483 133,842 Less: accumulated depreciation and amortization (77,124 ) (70,900 ) Total $ 65,359 $ 62,942 Depreciation and amortization expense was $12.0 million, $12.4 million and $12.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Other Long-Term Assets Other long-term assets consist of the following (in thousands): December 31, 2015 2014 Deferred compensation plan assets $ 13,985 $ 6,084 Prepaid expense 1,257 1,418 Other 1,099 955 Total $ 16,341 $ 8,457 Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2015 2014 Dividends and dividend equivalents $ 8,675 $ 6,080 Deferred revenue and customer prepayments 5,236 3,908 Stock rotation reserve 2,372 1,757 Commissions 763 767 Income tax payable 465 - Warranty 289 240 Sales rebate 268 586 Other 1,916 1,365 Total $ 19,984 $ 14,703 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): December 31, 2015 2014 Deferred compensation plan liabilities $ 14,147 $ 6,177 Dividend equivalents 2,019 580 Contingent consideration - 2,507 Other 379 940 Total $ 16,545 $ 10,204 |
Note 6 - Goodwill and Acuisitio
Note 6 - Goodwill and Acuisition-Related Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. GOODWILL AND ACQUISITION-RELATED INTANGIBLE ASSETS, NET There have been no changes in the balance of goodwill from the Acquisition Date to December 31, 2015. The Company did not identify any goodwill impairment in 2015 and 2014. Acquisition-related intangible assets consist of the following (in thousands): December 31, 2015 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (297 ) $ 721 Developed technologies 6,466 (2,134 ) 4,332 Total $ 7,484 $ (2,431 ) $ 5,053 December 31, 2014 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (93 ) $ 925 Developed technologies 4,421 (579 ) 3,842 Not subject to amortization: IPR&D 2,045 - 2,045 Total $ 7,484 $ (672 ) $ 6,812 During the third quarter of 2015, management determined that the acquired IPR&D from the Sensima acquisition was completed and the products incorporating the technologies were ready to be commercially introduced. Accordingly, the acquired IPR&D was reclassified into developed technologies as a finite-lived intangible asset and is being amortized over its estimated useful life. Amortization expense is recorded in cost of revenue in the Consolidated Statements of Operations and totaled $1.8 million and $0.7 million for the years ended December 31, 2015 and 2014, respectively. The estimated future amortization expense as of December 31, 2015 is as follows (in thousands): 2016 $ 2,051 2017 2,051 2018 841 2019 110 Total $ 5,053 |
Note 7 - Stock-Based Compensati
Note 7 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. STOCK-BASED COMPENSATION 2004 Equity Incentive Plan (the “2004 Plan”) The Board of Directors adopted the 2004 Plan in March 2004, and the stockholders approved it in November 2004. The 2004 Plan provided for annual increases in the number of shares available for issuance equal to the least of 5% of the outstanding shares of common stock on the first day of the year, 2.4 million shares, or a number of shares determined by the Board of Directors. The 2004 Plan expired on November 12, 2014 and equity awards can no longer be granted under the 2004 Plan. As of November 12, 2014, 2.9 million shares that were available for issuance expired under the 2004 Plan. 2014 Equity Incentive Plan (the “2014 Plan”) The Board of Directors adopted the 2014 Plan in April 2013, and the stockholders approved it in June 2013. In October 2014, the Board of Directors approved certain amendments to the 2014 Plan. The 2014 Plan became effective on November 13, 2014 and provides for the issuance of up to 5.5 million shares. The 2014 Plan will expire on November 13, 2024. As of December 31, 2015, 4.7 million shares remained available for future issuance. Stock-Based Compensation Expense The Company recognized stock-based compensation expense as follows (in thousands): Year Ended December 31, 2015 2014 2013 Cost of revenue $ 1,166 $ 903 $ 631 Research and development 11,156 9,019 6,219 Selling, general and administrative 29,241 23,532 13,851 Total $ 41,563 $ 33,454 $ 20,701 RSUs The Company’s restricted stock units (“RSUs”) include time-based RSUs, RSUs with performance conditions (“PSUs”), RSUs with market conditions and performance conditions (“MPSUs”), and RSUs with market conditions (“MSUs”). Vesting of all awards requires continued employment with the Company. In addition, vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance goals. A summary of the RSUs is presented in the table below: Time-Based RSUs Weighted- Average Grant Date Fair Value Per Share PSUs and MPSUs Weighted- Average Grant Date Fair Value Per Share MSUs Weighted- Average Grant Date Fair Value Per Share Total Weighted- Average Grant Date Fair Value Per Share (in thousands) (in thousands) (in thousands) (in thousands) Outstanding at January 1, 2013 1,099 $ 16.96 531 $ 18.49 - $ - 1,630 $ 17.46 Granted 299 $ 24.25 875 (1) $ 24.43 1,800 $ 23.57 2,974 $ 23.89 Performance adjustment - $ - (124 )(2) $ 21.98 - $ - (124 ) $ 21.98 Released (519 ) $ 17.57 (206 ) $ 18.90 - $ - (725 ) $ 17.95 Forfeited (125 ) $ 17.06 (48 ) $ 19.06 - $ - (173 ) $ 17.61 Outstanding at December 31, 2013 754 $ 19.41 1,028 $ 23.02 1,800 $ 23.57 3,582 $ 22.53 Granted 335 $ 36.71 1,091 (1) $ 34.23 - $ - 1,426 $ 34.82 Performance adjustment - $ - (139 )(2) $ 31.40 - $ - (139 ) $ 31.40 Released (468 ) $ 20.36 (304 ) $ 18.12 - $ - (772 ) $ 19.48 Forfeited (32 ) $ 19.75 (17 ) $ 19.79 - $ - (49 ) $ 19.77 Outstanding at December 31, 2014 589 $ 28.48 1,659 $ 28.11 1,800 $ 23.57 4,048 $ 26.14 Granted 271 $ 49.82 1,291 (1) $ 45.24 - $ - 1,562 $ 46.03 Performance adjustment - $ - (364 )(2) $ 39.20 - $ - (364 ) $ 39.20 Released (319 ) $ 26.56 (629 ) $ 23.40 - $ - (948 ) $ 24.47 Forfeited (42 ) $ 35.60 (24 ) $ 28.68 - $ - (66 ) $ 33.06 Outstanding at December 31, 2015 499 $ 40.75 1,933 $ 38.99 1,800 $ 23.57 4,232 $ 32.64 _________________ (1) Amount reflects the maximum number of PSUs and MPSUs that can be earned assuming the achievement of the highest level of performance conditions. (2) Amount reflects the number of PSUs and MPSUs that have not been earned or may not be earned based on management’s probability assessment at each reporting period. The intrinsic value related to awards released for the years ended December 31, 2015, 2014 and 2013 was $49.2 million, $28.9 million and $18.6 million, respectively. As of December 31, 2015, the total intrinsic value of all outstanding awards was $269.6 million, based on the closing stock price of $63.71. As of December 31, 2015, unamortized compensation expense related to all outstanding awards was approximately $86.0 million with a weighted-average remaining recognition period of approximately five years. Time-Based RSUs: For the years ended December 31, 2015, 2014 and 2013, the Board of Directors granted 271,000, 335,000 and 299,000 shares with service conditions, respectively, to employees and non-employee directors. The RSUs generally vest over one to four years, subject to continued employment with the Company. 2015 MPSUs: On December 31, 2015, the Board of Directors granted 127,000 shares to the executive officers and certain key employees, which represent a target number of RSUs to be awarded upon achievement of both market conditions and performance conditions (“2015 MPSUs”). The maximum number of 2015 MPSUs that an employee can earn is 500% of the target shares. The 2015 MPSUs consist of four separate tranches with various performance periods ending on December 31, 2019. The first tranche contains market conditions only, which require the achievement of five MPS stock price targets ranging from $71.36 to $95.57 over a four-year period. The second, third and fourth tranches contain both market conditions and performance conditions. Each tranche requires the achievement of five MPS stock price targets to be measured against a base price equal to the greater of: (1) the average closing stock price during the 20 consecutive trading days immediately before the start of the measurement period for that tranche, or (2) the closing stock price immediately before the start of the measurement period for that tranche. In addition, each of the second, third and fourth tranches requires the achievement of one of following six operating metrics: ● Successful implementation of full digital solutions vs. current analog topology for certain products. ● Successful implementation and adoption by a key player of an integrated, software-based, field-oriented-control with 3D hall sensor to motor drive. ● Successful implementation of certain advanced power analog processes. ● Successful design wins and achievement of a specific level of revenues with a global networking customer. ● Achievement of a specific level of revenues with a global electronics manufacturer. ● Achievement of a specific level of market share with certain core power products. Subject to the employees’ continued employment with the Company, the 2015 MPSUs will fully vest on January 1, 2020 if the pre-determined individual market and performance goals in each tranche are met during the performance periods. In addition, the 2015 MPSUs contain post-vesting restrictions on sales of the vested shares by employees for up to two years. The Company determined the grant date fair value of the 2015 MPSUs using a Monte Carlo simulation model with the following weighted-average assumptions: stock price of $61.35, expected volatility of 33.2%, risk-free interest rate of 1.3%, dividend yield of 0.0% and an illiquidity discount of 7.8% to account for the post-vesting sales restrictions. Assuming the achievement of all of the required performance goals, the total stock-based compensation cost for the 2015 MPSUs is approximately $26.4 million to be recognized for each tranche as follows: $9.2 million for the first tranche, $4.6 million for the second tranche, $5.3 million for the third tranche, and $7.3 million for the fourth tranche. For the first tranche, stock-based compensation expense will be recognized over four years even if the market conditions are not satisfied. For the second, third and fourth tranches, stock-based compensation expense for each tranche will be recognized over one to four years depending upon the number of the operating metrics management deems probable of achievement in each reporting period. If it becomes probable in a reporting period that more than one operating metric is expected to be achieved during the performance periods, the Company will recognize stock-based compensation expense for more than one tranche in the reporting period. 2015 PSUs: In February 2015, the Board of Directors granted 172,000 shares to the executive officers, which represent a target number of RSUs to be awarded based on the Company’s average two-year (2015 and 2016) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2015 Executive PSUs”). The maximum number of 2015 Executive PSUs that an executive officer can earn is 300% of the target shares. 50% of the 2015 Executive PSUs will vest in the first quarter of 2017 if the pre-determined performance goals are met during the performance period. The remaining shares will vest over the following two years on a quarterly basis. Vesting is subject to the employees’ continued employment with the Company. Assuming the achievement of the highest level of performance goals, the total stock-based compensation cost for the 2015 Executive PSUs is approximately $25.0 million. In February 2015, the Board of Directors granted 58,000 shares to certain non-executive employees, which represent a target number of RSUs to be awarded based on the Company’s 2016 revenue goals for certain regions or product line divisions, or the Company’s average two-year (2015 and 2016) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2015 Non-Executive PSUs”). The maximum number of 2015 Non-Executive PSUs that an employee can earn is either 200% or 300% of the target shares, depending on the job classification of the employee. 50% of the 2015 Non-Executive PSUs will vest in the first quarter of 2017 if the pre-determined performance goals are met during the performance period. The remaining shares will vest over the following two years on an annual or quarterly basis. Vesting is subject to the employees’ continued employment with the Company. Assuming the achievement of the highest level of performance goals, the total stock-based compensation cost for the 2015 Non-Executive PSUs is approximately $7.0 million. 2014 PSUs: In February 2014, the Board of Directors granted 252,000 shares to the executive officers, which represented a target number of RSUs that would be awarded based on the Company’s average two-year (2014 and 2015) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2014 Executive PSUs”). The maximum number of 2014 Executive PSUs that an executive officer could earn was 300% of the target shares. 50% of the 2014 Executive PSUs vest in the first quarter of 2016 if the pre-determined performance goals are met during the performance period. The remaining shares vest over the following two years on a quarterly basis. Vesting is subject to the employees’ continued employment with the Company. In February 2016, the Compensation Committee approved the revenue achievement for the 2014 Executive PSUs and a total of 694,000 shares were earned by the executive officers. Based on the actual achievement of the performance goals, the total stock-based compensation cost for the 2014 Executive PSUs is approximately $21.9 million. In April 2014, the Board of Directors granted 61,000 shares to certain non-executive employees, which represented a target number of RSUs that would be awarded based on the Company’s 2015 revenue goals for certain regions or product line divisions, or the Company’s average two-year (2014 and 2015) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as determined by the Semiconductor Industry Association (“2014 Non-Executive PSUs”). The maximum number of 2014 Non-Executive PSUs that an employee could earn was either 200% or 300% of the target shares, depending on the job classification of the employee. 50% of the 2014 Non-Executive PSUs vest in the second quarter of 2016 if the pre-determined performance goals are met during the performance period. The remaining shares will vest over the following two years on an annual or quarterly basis. Vesting is subject to the employees’ continued employment with the Company. In February 2016, the Compensation Committee approved the revenue achievement for the 2014 Non-Executive PSUs and a total of 103,000 shares were earned by the non-executive employees. Based on the actual achievement of the performance goals, the total stock-based compensation cost for the 2014 Non-Executive PSUs is approximately $3.8 million. 2013 MSUs: In December 2013, the Board of Directors granted 360,000 shares to the executive officers and certain key employees, which represented a target number of RSUs that would be awarded upon achievement of five MPS stock price targets ranging from $40.00 to $56.00 during a five-year performance period from January 1, 2014 to December 31, 2018 (“2013 MSUs”). The maximum number of 2013 MSUs that an employee could earn was 500% of the target shares. The 2013 MSUs will vest quarterly from January 1, 2019 to December 31, 2023 if the pre-determined performance goals are met during the performance period. Vesting is subject to the employees’ continued employment with the Company. As of December 31, 2015, all five MPS stock price targets have been achieved and the employees earned a total of 1.8 million shares. The Company determined the grant date fair value of the 2013 MSUs using a Monte Carlo simulation model with the following assumptions: stock price of $31.73, expected volatility of 38.7%, risk-free interest rate of 1.6% and dividend yield of 0.0%. The total stock-based compensation cost for the 2013 MSUs is approximately $42.4 million. 2013 PSUs: In February 2013, the Board of Directors granted 220,000 shares to the executive officers, which represented a target number of RSUs that would be awarded upon achievement of certain pre-determined revenue targets in 2014 (“2013 Executive PSUs”). The maximum number of 2013 Executive PSUs that an executive officer could earn was 300% of the target shares. In February 2015, the Compensation Committee approved the revenue achievement for the 2013 Executive PSUs and a total of 622,000 shares were earned by the executive officers. 50% of the 2013 Executive PSUs vested in the first quarter of 2015 and the remaining shares vest over the following two years on a quarterly basis. Vesting is subject to the employees’ continued employment with the Company. Based on the actual achievement of the performance goals, the total stock-based compensation cost for the 2013 Executive PSUs is approximately $15.5 million. In February 2013, the Board of Directors granted 91,000 shares to certain non-executive employees, which represented a target number of RSUs that would be awarded upon achievement of certain pre-determined revenue targets for the Company as a whole, certain regions or product-line divisions in 2014 (“2013 Non-Executive PSUs”). The maximum number of 2013 Non-Executive PSUs that an employee could earn was either 200% or 300% of the target shares, depending on the job classification of the employee. In February 2015, the Compensation Committee approved the revenue achievement for the 2013 Non-Executive PSUs and a total of 154,000 shares were earned by the non-executive employees. 50% of the 2013 Non-Executive PSUs vested in the first quarter of 2015 and the remaining shares vest over the following two years on an annual or quarterly basis. Vesting is subject to the employees’ continued employment with the Company. Based on the actual achievement of the performance goals, the total stock-based compensation cost for the 2013 Non-Executive PSUs is approximately $3.0 million. Stock Options A summary of stock option activity is presented in the table below: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2013 3,813 $ 15.62 2.6 $ 25,380 Exercised (2,446 ) $ 15.49 Forfeited and expired (11 ) $ 15.27 Outstanding at December 31, 2013 1,356 $ 15.86 1.9 $ 25,506 Exercised (742 ) $ 16.09 Forfeited and expired (24 ) $ 10.07 Outstanding at December 31, 2014 590 $ 15.80 1.2 $ 20,039 Exercised (498 ) $ 15.55 Forfeited and expired (2 ) $ 6.10 Outstanding at December 31, 2015 90 $ 17.50 1.3 $ 4,134 Options exercisable at December 31, 2015 and expected to vest 90 $ 17.50 1.3 $ 4,134 Options exercisable at December 31, 2015 89 $ 17.50 1.3 $ 4,126 The following table summarizes certain information related to outstanding and exercisable options as of December 31, 2015: Options Outstanding Options Exercisable Range of Exercises Prices Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Shares Weighted- Average Exercise Price (in thousands) (in years) (in thousands) $11.09 - $19.29 69 $ 16.25 1.5 69 $ 16.25 $19.56 - $23.02 21 $ 21.76 0.7 20 $ 21.76 90 $ 17.50 1.3 89 $ 17.50 Total intrinsic value of options exercised was $18.6 million, $17.3 million and $27.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Proceeds from the exercise of stock options were $7.7 million, $11.9 million and $37.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, unamortized compensation expense related to unvested options was not material. Employee Stock Purchase Plan Under the 2004 Employee Stock Purchase Plan (the “ESPP”), eligible employees may purchase common stock through payroll deductions. Participants may not purchase more than 2,000 shares in a six-month offering period or stock having a value greater than $25,000 in any calendar year as measured at the beginning of the offering period in accordance with the Internal Revenue Code and applicable Treasury Regulations. The ESPP provides for an automatic annual increase by an amount equal to the lesser of 1.0 million shares, 2% of the outstanding shares of common stock on the first day of the year, or a number of shares as determined by the Board of Directors. As of December 31, 2015, approximately 4.7 million shares were available for future issuance. For the years ended December 31, 2015, 2014 and 2013, 56,000, 78,000 and 111,000 shares, respectively, were issued under the ESPP. The intrinsic value of shares issued was $0.6 million, $0.9 million and $0.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. The unamortized expense as of December 31, 2015 was $78,000. The Black-Scholes model was used to value the employee stock purchase rights with the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Expected term (years) 0.5 0.5 0.5 Expected volatility 30.3 % 29.4 % 28.0 % Risk-free interest rate 0.2 % 0.1 % 0.1 % Dividend yield 1.4 % 0.7 % - Cash proceeds from the ESPP were $2.2 million, $2.1 million and $2.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Note 8 - Stock Repurchase Progr
Note 8 - Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 8. STOCK REPURCHASE PROGRAM In July 2013, the Board of Directors approved a stock repurchase program that authorized the Company to repurchase up to $100 million in the aggregate of its common stock through June 30, 2015. In April 2015, the Board of Directors approved an extension of the program through December 31, 2015. All shares were retired upon repurchase. The following table summarizes the repurchase activity under the program (in thousands, except per-share amounts): Shares Repurchased Average Price Per Share Total Amount Cumulative balance at January 1, 2013 - $ - $ - Repurchases 664 $ 31.06 20,615 Cumulative balance at December 31, 2013 664 $ 31.06 20,615 Repurchases 1,051 $ 39.19 41,198 Cumulative balance at December 31, 2014 1,715 $ 36.04 61,813 Repurchases 645 $ 50.05 32,286 Cumulative balance at December 31, 2015 2,360 $ 39.87 $ 94,099 As of December 31, 2015, the stock repurchase program expired with a remaining balance of $5.9 million. |
Note 9 - Dividends and Dividend
Note 9 - Dividends and Dividend Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
Dividends And Dividend Equivalents [Abstract] | |
Dividends And Dividend Equivalents [Text Block] | 9. DIVIDENDS AND DIVIDEND EQUIVALENTS Cash Dividend Program In June 2014, the Board of Directors approved a dividend program pursuant to which the Company intends to pay quarterly cash dividends on its common stock. Stockholders of record as of the last day of the quarter are entitled to receive the quarterly cash dividends when and if declared by the Board of Directors, which are generally payable on the 15th of the following month. The Board of Directors declared the following cash dividends (in thousands, except per-share amounts): Dividend Declared per Share Total Amount 2015: First quarter $ 0.20 $ 7,854 Second quarter $ 0.20 $ 7,925 Third quarter $ 0.20 $ 7,901 Fourth quarter $ 0.20 $ 7,938 2014: Second quarter $ 0.15 $ 5,817 Third quarter $ 0.15 $ 5,823 Fourth quarter $ 0.15 $ 5,826 As of December 31, 2015, accrued dividends totaled $7.9 million, which were paid to stockholders on January 15, 2016. The declaration of any future cash dividends is at the discretion of the Board of Directors and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, business conditions, statutory requirements of Delaware law, compliance with the terms of future indebtedness and credit facilities and other factors that the Board of Directors may deem relevant, as well as a determination that cash dividends are in the best interests of the stockholders. The Company anticipates that the cash used for future dividends will come from its current domestic cash and cash generated from ongoing U.S. operations. If cash held by the Company’s international subsidiaries is needed for the payment of dividends, the Company may be required to accrue and pay U.S. taxes to repatriate the funds. Cash Dividend Equivalent Rights Under the Company’s stock plan, outstanding RSU awards contain rights to receive cash dividend equivalents, which entitle employees who hold RSUs to the same dividend value per share as holders of common stock. The dividend equivalents are accumulated during the vesting periods of the RSUs and are payable to the employees when the awards vest. Dividend equivalents accumulated on the RSUs are forfeited if the employees do not fulfill their service requirement during the vesting periods. As of December 31, 2015 and 2014, accrued dividend equivalents totaled $2.8 million and $0.8 million, respectively, which will be paid to the employees when the RSUs vest. |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 10. NET INCOME PER SHARE The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Net income $ 35,172 $ 35,495 $ 22,898 Denominator: Weighted-average outstanding shares used to compute basic net income per share 39,470 38,686 37,387 Effect of dilutive securities 1,399 1,107 1,233 Weighted-average outstanding shares used to compute diluted net income per share 40,869 39,793 38,620 Net income per share: Basic $ 0.89 $ 0.92 $ 0.61 Diluted $ 0.86 $ 0.89 $ 0.59 Anti-dilutive common stock equivalents were not material in any of the periods presented. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES The components of income before income taxes are as follows (in thousands): Year Ended December 31, 2015 2014 2013 United States $ (247 ) $ 3,173 $ (2,309 ) International 42,738 33,219 26,316 Total income before income taxes $ 42,491 $ 36,392 $ 24,007 Management’s intent is to indefinitely reinvest any undistributed earnings from its foreign subsidiaries. Accordingly, no provision for Federal and state income or foreign withholding taxes has been provided thereon, nor is it practical to determine the amount of this liability. Upon distribution of those earnings in the form of dividends or otherwise, the Company will be subject to U.S. income taxes and potential foreign withholding taxes. As of December 31, 2015 and 2014, the unremitted earnings of foreign subsidiaries were $214.3 million and $172.7 million, respectively. The Company has sufficient cash reserves in the U.S. and intends to use the undistributed foreign earnings to fund foreign operations and research and development needs, planned capital outlay and expansion. The components of the income tax provision are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 6,042 $ 18 $ 77 State 2 (28 ) 67 Foreign 1,213 943 1,053 Deferred: Foreign 62 (36 ) (88 ) Total income tax provision $ 7,319 $ 897 $ 1,109 The effective tax rate differs from the applicable U.S. statutory federal income tax rate as follows: Year Ended December 31, 2015 2014 2013 U.S. statutory federal tax rate 34.0 % 34.0 % 34.0 % Settlement with tax authorities 6.2 - - Foreign income at lower rates (43.1 ) (27.7 ) (33.8 ) Changes in valuation allowance 17.6 5.9 16.8 Stock-based compensation - (9.3 ) (13.7 ) Reserves and other 2.5 (0.4 ) 1.3 Effective tax rate 17.2 % 2.5 % 4.6 % The components of net deferred tax assets consist of the following (in thousands): December 31, 2015 2014 Deferred tax assets: Research tax credits $ 8,869 $ 10,393 Deferred compensation 5,038 2,326 Other expenses not currently deductible 3,519 2,535 Stock-based compensation 1,912 4,068 Net operating losses - 298 Depreciation and amortization (52 ) 181 Total deferred tax assets 19,286 19,801 Valuation allowance (18,614 ) (19,051 ) Net deferred tax assets $ 672 $ 750 As a result of the cost sharing arrangements with the Company’s international subsidiaries (cost share arrangements), relatively small changes in costs that are not subject to sharing under the cost share arrangements can significantly impact the overall profitability of the U.S. entity. Because of the U.S. entity’s inconsistent earnings history and uncertainty of future earnings, the Company has determined that it is more likely than not that the U.S. deferred tax benefits would not be realized. The Company will continue to evaluate if its facts and circumstances warrant a reversal of the valuation allowance against the U.S. deferred tax benefits in future periods. As of December 31, 2015 and 2014, the Company had a valuation allowance of $18.6 million and $19.1 million, respectively, attributable to management’s determination that it is more likely than not that most of the deferred tax assets in the U.S. will not be realized. Should it be determined that additional amounts of the net deferred tax asset will not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance will be charged to income in the period such determination is made. Likewise, in the event the Company were to determine that it is more likely than not that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance for the deferred tax asset would increase income in the period such determination was made. As of December 31, 2015, the federal and state net operating loss carryforwards for income tax purposes were approximately $0.7 million and $22.8 million, respectively. The federal net operating loss carryforwards will begin to expire in 2034 and the state net operating loss carry forwards will expire beginning in 2017. $0.7 million of the federal net operating loss carry forwards and $22.8 million of the state operating loss carry forwards are related to excess tax benefits as a result of stock option exercises and therefore will be recorded in additional paid-in-capital in the period that they become realized. The Company has elected to follow the “with and without” approach to account for excess tax benefits from stock options exercises. In addition, the Company only considers the direct effects of stock option exercises when calculating the amount of windfalls or shortfalls. As of December 31, 2015, the Company had research tax credit carryforwards of $16.3 million for federal income tax purposes, which will begin to expire in 2026, and $15.6 million for state income tax purposes, which can be carried forward indefinitely. $7.4 million of the federal research tax credit and $1.6 million of the state research tax credit carryforwards are related to excess tax benefits as a result of stock option exercises and therefore will be recorded in additional paid-in-capital in the period that they become realized. In the event of a change in ownership, as defined under federal and state tax laws, the Company's net operating loss and tax credit carryforwards could be subject to annual limitations. The annual limitations could result in the expiration of the net operating loss and tax credit carryforwards prior to utilization. The R&D credit extension, part of the Protecting Americans from Tax Hikes (“PATH”) Act of 2015, was signed into law by the President on December 18, 2015. Under prior law, R&D credit was extended as of December 31 2014. The PATH Act of 2015 permanently extends the R&D credit retroactively as of January 1, 2015. As a result of the retroactive extension, the Company had an increase to its federal R&D credits of approximately $1.9 million for qualifying amounts incurred in 2015. However, due to the Company’s current valuation allowance position, the credit did not result in a tax benefit. On July 27, 2015, in Altera Corp. v. Commissioner At December 31, 2015, the Company had $12.1 million of unrecognized tax benefits, $2.7 million of which would affect its effective tax rate if recognized after considering the valuation allowance. At December 31, 2014, the Company had $16.4 million of unrecognized tax benefits, $4.8 million of which would affect its effective tax rate if recognized after considering the valuation allowance. A reconciliation of the gross unrecognized tax benefits is as follows (in thousands): Balance as at January 1, 2013 $ 13,081 Increases for tax position of prior year 646 Increases for tax position of current year 1,528 Decreases due to lapse of statue of limitations (333 ) Balance as of December 31, 2013 14,922 Increases for tax position of prior year 584 Increases for tax position of current year 1,760 Decreases due to lapse of statue of limitations (860 ) Balance as of December 31, 2014 16,406 Increases for tax position of current year 1,964 Decreases related to settlement with tax authorities (4,162 ) Decreases due to lapse of statue of limitations (669 ) Decreases for tax position of prior year (1,446 ) Balance as of December 31, 2015 $ 12,093 The Company recognizes interest and penalties, if any, related to uncertain tax positions in its income tax provision. As of December 31, 2015 and 2014, the Company has approximately $0.2 million and $0.5 million, respectively, of accrued interest related to uncertain tax positions, which were recorded in long-term income tax liabilities in the Consolidated Balance Sheets. Uncertain tax positions relate to the allocation of income and deductions among the Company’s global entities and to the determination of the research and development tax credit. It is reasonably possible that over the next twelve-month period, the Company may experience increases or decreases in its unrecognized tax benefits. However, it is not possible to determine either the magnitude or the range of increases or decreases at this time. In Switzerland where the Company designs and sells certain of its products, the Company’s earnings are currently subject to a tax holiday through 2018. The benefit resulting from the tax holiday had an insignificant impact on earnings per share for the periods presented. On September 13, 2013, the U.S. Treasury Department and the IRS issued final regulations that address costs incurred in acquiring, producing, or improving tangible property (the "tangible property regulations"). The tangible property regulations are effective for tax years beginning on or after January 1, 2014. Given its full valuation allowance, the regulations did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. Income Tax Audits The Company is subject to examination of its income tax returns by the IRS and other tax authorities. The Company’s U.S. Federal income tax returns for the years ended December 31, 2005 through December 31, 2007 were under examination by the IRS. In April 2011, the Company received from the IRS a Notice of Proposed Adjustment ("NOPA") relating to a cost-sharing agreement entered into by the Company and its international subsidiaries on January 1, 2004. In the NOPA, the IRS objected to the Company’s allocation of certain litigation expenses between the Company and its international subsidiaries and the amount of "buy-in payments" made by the international subsidiaries to the Company in connection with the cost-sharing agreement, and proposed to increase the Company’s U.S. taxable income according to a few alternative methodologies. In February 2012, the Company received a revised NOPA from the IRS (“Revised NOPA”). In this Revised NOPA, the IRS raised the same issues as in the NOPA issued in April 2011 but under a different methodology. Under the Revised NOPA, the largest potential federal income tax payment, if the IRS were to prevail on all matters in dispute, was $10.5 million, plus interest and penalties, if any. The Company responded to the Revised NOPA in May 2012. In June 2013, the IRS responded and continued to disagree with the Company’s rebuttal. The Company met with the IRS Office of Appeals in 2014 and both parties engaged in continuous discussions for a resolution of the matter in the first quarter of 2015. Meanwhile, the Company granted the IRS an extension of the statute of limitations for taxable years 2005 through 2007 to September 30, 2015. The IRS also audited the research and development credits carried forward into year 2005 and the credits generated in the years 2005 through 2007. The Company received a NOPA from the IRS in February 2011, proposing to reduce the research and development credits generated in years 2005 through 2007 and the carryforwards, which would then reduce the value of such credits carried forward to subsequent tax years. In April 2015, the Company reached a final resolution with the IRS in connection with the income tax audits for the years 2005 through 2007. Under the agreement, the Company made a one-time buy-in payment of $1.2 million for taxes related primarily to the revaluation of a license for certain intellectual property rights of the Company to one of its international subsidiaries. This buy-in payment is final and no additional payment will be required with respect to the intellectual property license for the years under examination or for a previous or subsequent tax year. In addition, the Company made an interest payment of $1.0 million as well as a tax payment of $0.1 million for the tax years 2008 to 2013 in 2015. There were no penalties assessed on the Company as a result of the audits. For the second quarter of 2015, the Company's income tax provision included a one-time net charge of approximately $2.7 million reflecting the taxes and interest, partially offset by the reversal of previously accrued tax liabilities and valuation allowances. Of the $2.7 million charge, approximately $1.6 million was related to taxes and $1.1 million was related to interest. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 12 . COMMITMENTS AND CONTINGENCIES Lease Obligations As of December 31, 2015, future minimum payments under the non-cancelable operating leases were as follows (in thousands): 2016 $ 1,354 2017 631 2018 258 2019 169 2020 116 Total $ 2,528 In September 2004, the Company entered into a lease arrangement for its manufacturing facility located in Chengdu, China. In September 2015, the Company exercised the option to acquire the facility for approximately $1.7 million, which consists of total construction costs minus total rent paid by the Company during the lease term. The Company expects to close the transaction in the first half of 2016. The Company also leases sales and research and development offices in China, Europe, Japan, Korea, Taiwan, and the United States. Certain of the Company’s facility leases provide for periodic rent increases. Rent expense for the years ended December 31, 2015, 2014 and 2013 was $1.8 million, $1.5 million and $1.2 million, respectively. Warranty and Indemnification Provisions The Company generally provides a standard one to two-year warranty against defects in materials and workmanship and will either repair the goods or provide replacements at no charge to the customer for defective units. In such cases, the Company accrues for the related costs at the time the decision to permit the return is made. Reserve requirements are recorded in the period of sale and are based on an assessment of the products sold with warranty and historical warranty costs incurred. The changes in warranty reserves are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ 240 $ 451 $ 331 Warranty provision for product sales 333 282 476 Settlements made (158 ) (42 ) (117 ) Unused warranty provision (126 ) (451 ) (239 ) Balance at end of period $ 289 $ 240 $ 451 The Company provides indemnification agreements to certain direct or indirect customers. The Company agrees to reimburse these parties for any damages, costs and expenses incurred by them as a result of legal actions taken against them by third parties for infringing upon their intellectual property rights as a result of using the Company’s products and technologies. These indemnification provisions are varied in their scope and are subject to certain terms, conditions, limitations and exclusions. In addition, the Company has entered into indemnification agreements with its directors and officers. It is not possible to predict the maximum potential amount of future payments under these agreements due to the limited history of indemnification claims and the unique facts and circumstances involved in each particular agreement. There were no indemnification liabilities incurred in any of the periods presented. However, there can be no assurances that the Company will not incur any financial liabilities in the future as a result of these obligations. |
Note 13 - Litigation
Note 13 - Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 13. LITIGATION The Company is a party to actions and proceedings in the ordinary course of business, including litigation regarding its shareholders and its intellectual property, challenges to the enforceability or validity of its intellectual property, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. These proceedings often involve complex questions of fact and law and may require the expenditure of significant funds and the diversion of other resources to prosecute and defend. The Company defends itself vigorously against any such claims. O2 Micro In May 2012, the United States District Court for the Northern District of California (the “District Court”) issued an order finding O2 Micro International, Ltd. (“O2 Micro”) liable for approximately $9.1 million in attorneys’ fees and non-taxable costs, plus interest, in connection with the patent litigation that the Company won in 2010. This award was in addition to the approximately $0.3 million in taxable costs that the District Court had earlier ordered O2 Micro to pay to the Company in connection with the same lawsuit. In October 2012, O2 Micro appealed the District Court’s judgment to the United States Court of Appeals for the Federal Circuit (the “Federal Circuit”). In August 2013, the Federal Circuit affirmed O2 Micro’s liability for the full amount of the award. In September 2013, O2 Micro filed a petition for rehearing of that ruling, but the Federal Circuit denied O2 Micro’s petition for rehearing in October 2013. In November 2013, the Company received a cash payment of $9.5 million from O2 Micro. In January 2014, O2 Micro filed an appeal with the United States Supreme Court. Had O2 Micro been successful in obtaining a favorable ruling against the Company, the Company could have been liable to return a portion or all of the $9.5 million to O2 Micro. Accordingly, the Company recorded the $9.5 million as a current liability as of December 31, 2013. In March 2014, the Supreme Court declined to hear the case. As O2 Micro had no further legal avenues to appeal, the Company released the current liability of $9.5 million and recorded the award as a litigation benefit in the Consolidated Statements of Operations in the first quarter of 2014. In addition, the Company incurred additional legal fees of $0.5 million in connection with the final resolution of the lawsuit. Silergy In December 2011, the Company entered into a settlement and license agreement with Silergy Corp. and Silergy Technology for infringement of the Company’s patent whereby the Company would receive a total of $2.0 million. The first $1.2 million was paid in equal installments of $0.3 million in each quarter of 2012 and the remainder was paid in two equal installments in the first two quarters of 2013. All amounts were recorded as litigation benefits in the Consolidated Statements of Operations in the periods the proceeds were received. |
Note 14 - Employee 401(k) Plan
Note 14 - Employee 401(k) Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14. EMPLOYEE 401(k) PLAN The Company sponsors a 401(k) retirement savings plan for all employees in the United States who meet certain eligibility requirements. Participants may contribute up to the amount allowable as a deduction for federal income tax purposes. The Company is not required to contribute and did not contribute to the plan in 2015, 2014 and 2013. |
Note 15 - Significant Customers
Note 15 - Significant Customers | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 15. SIGNIFICANT CUSTOMERS The Company sells its products primarily through third-party distributors, value-added resellers and directly to original equipment manufacturers, original design manufacturers, and electronic manufacturing service providers. The following table summarizes those customers with sales greater than 10% of the Company's total revenue: Year Ended December 31, Customers 2015 2014 2013 Distributor A 24 % 26 % 32 % Distributor B * * 10 % ____________ * Represents less than 10%. The following table summarizes those customers with accounts receivable balances greater than 10% of the Company’s total accounts receivable: December 31, Customers 2015 2014 Distributor A 28 % 31 % Distributor B 17 % 10 % Both of the customers are third-party distributors. The Company’s agreements with these distributors were made in the ordinary course of business and may be terminated with or without cause by these distributors with advance notice. Although the Company may experience a short-term disruption in the distribution of its products and a short-term decline in revenue if its agreement with either of these distributors was terminated, the Company believes that such termination would not have a material adverse effect on its financial statements because it would be able to engage alternative distributors, resellers and other distribution channels to deliver its products to end customers within a few quarters following the termination of the agreement with the distributor. |
Note 16 - Segment and Geographi
Note 16 - Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. SEGMENT AND GEOGRAHPIC INFORMATION The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance power solutions for the communications, storage and computing, consumer and industrial markets. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations. The following is a summary of revenue by geographic regions (in thousands): Year Ended December 31, Country or Region 2015 2014 2013 China $ 213,119 $ 181,050 $ 141,400 Taiwan 41,521 38,460 34,248 Europe 22,603 19,830 15,351 Korea 20,519 14,362 9,992 Southeast Asia 18,592 13,993 21,760 Japan 9,727 8,251 7,495 United States 6,732 6,392 7,525 Other 254 197 320 Total $ 333,067 $ 282,535 $ 238,091 The following is a summary of revenue by product family (in thousands): Year Ended December 31, Product Family 2015 2014 2013 DC to DC products $ 299,726 $ 253,083 $ 211,337 Lighting control products 33,341 29,452 26,754 Total $ 333,067 $ 282,535 $ 238,091 The following is a summary of long-lived assets by geographic regions (in thousands): December 31, Country 2015 2014 China $ 40,738 $ 37,147 United States 40,405 33,913 Bermuda 11,624 13,383 Other 557 339 Total $ 93,324 $ 84,782 |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 17. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated other comprehensive income (in thousands): Unrealized Losses on Auction-Rate Securities Unrealized Gains (Losses) on Other Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2014 $ (360 ) $ 4 $ 6,616 $ 6,260 Other comprehensive income (loss) before reclassifications 179 (17 ) (609 ) (447 ) Amounts reclassified from accumulated other comprehensive income - (2 ) - (2 ) Net current period other comprehensive income (loss) 179 (19 ) (609 ) (449 ) Balance as of December 31, 2014 (181 ) (15 ) 6,007 5,811 Other comprehensive loss before reclassifications (28 ) (146 ) (4,166 ) (4,340 ) Amounts reclassified from accumulated other comprehensive income - (5 ) - (5 ) Net current period other comprehensive loss (28 ) (151 ) (4,166 ) (4,345 ) Balance as of December 31, 2015 $ (209 ) $ (166 ) $ 1,841 $ 1,466 The amounts reclassified from accumulated other comprehensive income were recorded in interest and other income, net, in the Consolidated Statements of Operations. |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 18. SUBSEQUENT EVEN T S Stock Repurchase Program In February 2016, the Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to $50.0 million in the aggregate of its common stock through December 31, 2016. 2016 PSUs In February 2016, the Board of Directors granted a total of 349,000 shares to the executive officers and certain non-executive employees, which represent a target number of RSUs to be awarded upon achievement of certain performance conditions. The maximum number of shares that an employee can earn is either 200% or 300% of the target shares. The PSUs contain a purchase price feature, which requires the employees to pay the Company $20 per share upon vesting of the shares. Shares that do not vest will not be subject to the purchase price payment. |
Note 19 - Quarterly Financial D
Note 19 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 1 9 . QUARTERLY FINANCIAL DATA (UNAUDITED) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 (in thousands, except per share amounts) Revenue $ 73,538 $ 81,416 $ 91,194 $ 86,918 Cost of revenue 33,855 37,287 41,754 40,001 Gross profit 39,683 44,129 49,440 46,917 Operating expenses: Research and development 16,038 15,743 17,272 16,734 Selling, general and administrative 17,518 17,964 18,722 18,107 Litigation expense 270 311 136 283 Total operating expenses 33,826 34,018 36,130 35,124 Income from operations 5,857 10,111 13,310 11,793 Interest and other income (expense), net 642 235 (6 ) 550 Income before income taxes 6,499 10,346 13,304 12,343 Income tax provision 536 2,447 2,103 2,233 Net income $ 5,963 $ 7,899 $ 11,201 $ 10,110 Net income per share: Basic $ 0.15 $ 0.20 $ 0.28 $ 0.26 Diluted $ 0.15 $ 0.19 $ 0.28 $ 0.24 Weighted-average shares outstanding: Basic 39,105 39,570 39,592 39,615 Diluted 40,596 40,745 40,689 41,445 Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 (in thousands, except per share amounts) Revenue $ 60,061 $ 68,436 $ 78,335 $ 75,703 Cost of revenue 27,964 31,337 35,872 34,744 Gross profit 32,097 37,099 42,463 40,959 Operating expenses: Research and development 15,603 13,368 14,679 14,941 Selling, general and administrative 16,109 16,853 17,006 16,787 Litigation expense (benefit), net (8,700 ) 274 332 66 Total operating expenses 23,012 30,495 32,017 31,794 Income from operations 9,085 6,604 10,446 9,165 Interest and other income, net 190 295 202 407 Income before income taxes 9,275 6,899 10,648 9,572 Income tax provision (benefit) 257 502 (573 ) 712 Net income $ 9,018 $ 6,397 $ 11,221 $ 8,860 Net income per share: Basic $ 0.23 $ 0.17 $ 0.29 $ 0.23 Diluted $ 0.23 $ 0.16 $ 0.28 $ 0.22 Weighted-average shares outstanding: Basic 38,470 38,684 38,785 38,807 Diluted 39,517 39,608 39,727 40,321 Cash dividends declared per common share $ - $ 0.15 $ 0.15 $ 0.15 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions used in these consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, valuation of goodwill and acquisition-related intangible assets, contingencies and tax valuation allowances. Actual results could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Certain Significant Risks and Uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. The Company’s cash consists of checking and savings accounts. The Company’s cash equivalents include short-term, highly liquid investments purchased with remaining maturities at the date of purchase of three months or less. The Company’s short-term investments consist of certificates of deposit, government agency bonds and treasuries, and the long-term investments consist of government-backed student loan auction-rate securities. The Company generally does not require its customers to provide collateral or other security to support accounts receivable. To manage credit risk, management performs ongoing credit evaluations of its customers’ financial condition. The Company requires cash in advance for certain customers in addition to ongoing credit evaluations for those where credit has been extended. Accounts receivable allowances were not material in any of the periods presented. The Company participates in the dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on its future financial position, results of operations or cash flows: advances and trends in new technologies and industry standards; competitive pressures in the form of new products or price reductions on current products; changes in product mix; changes in the overall demand for products offered by the Company; changes in third-party manufacturers; changes in key suppliers; changes in certain strategic relationships or customer relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; fluctuations in foreign currency exchange rates; risk associated with changes in domestic and international economic and/or political regulations; availability of necessary components or sub-assemblies; availability of foundry capacity; ability to integrate acquired companies; and the Company’s ability to attract and retain employees necessary to support its growth. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The functional currency of the Company’s international subsidiaries is generally the local currency. The primary subsidiaries are located in China and Taiwan, which utilize the Renminbi and the New Taiwan Dollar as their currencies, respectively. Accordingly, assets and liabilities of the foreign subsidiaries are translated using exchange rates in effect at the end of the period. Revenue and costs are translated using average exchange rates for the period. The resulting translation adjustments are presented as a separate component of accumulated other comprehensive income in stockholders’ equity in the Consolidated Balance Sheets. In addition, the Company incurs foreign currency exchange gains or losses related to the timing of payments for transactions between the U.S. and its foreign subsidiaries. Foreign currency transaction gains (losses) are reported in interest and other income, net, in the Consolidated Statements of Operations and totaled $0.6 million, $0.1 million and $(0.6) million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company classifies all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3: Significant unobservable inputs The Company’s financial instruments include cash and cash equivalents, and short-term and long-term investments. Cash equivalents are stated at cost, which approximates fair market value. The Company’s short-term and long-term investments are classified as available-for-sale securities and are stated at their fair market value. The Company determines whether an impairment is temporary or other-than temporary. Unrealized gains or losses that are deemed to be temporary are recorded as a component of accumulated other comprehensive income in stockholders’ equity in the Consolidated Balance Sheets, and changes in unrealized gains or losses are recorded in the Consolidated Statements of Comprehensive Income. The Company records an impairment charge in interest and other income, net, in the Consolidated Statements of Operations when an available-for-sale investment has experienced a decline in value that is deemed to be other-than-temporary. Other-than-temporary impairment exists when the Company either has the intent to sell the security, it will more likely than not be required to sell the security before anticipated recovery, or it does not expect to recover the entire amortized cost basis of the security. As of December 31, 2015 and 2014, the fair value of the Company’s holdings in auction-rate securities was $5.4 million, all of which was classified as long-term available-for-sale investments. The valuation of the auction-rate securities is subject to fluctuations in the future, which will depend on many factors, including the quality of the underlying collateral, estimated time to liquidity including potential to be called or restructured, underlying final maturity, insurance guaranty and market conditions, among others. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of standard cost (which approximates actual cost determined on a first-in first-out basis) or current market value. Market is based on estimated net realizable value. The Company writes down excess and obsolete inventory based on its age and forecasted demand, which includes estimates taking into consideration the Company’s outlook on market and economic conditions, technology changes, new product introductions and changes in strategic direction. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. When the Company records a write-down on inventory, it establishes a new, lower cost basis for that inventory, and subsequent changes in facts and circumstances will not result in the restoration or increase in that newly established cost basis. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Buildings and building improvements have estimated useful lives of 30 to 40 years. Leasehold improvements are amortized over the shorter of the estimated useful lives or the lease period. Computer, software and production equipment have estimated useful lives of three to seven years. Transportation equipment has estimated useful lives of 5 to 15 years. Furniture and fixtures have estimated useful lives of three to five years. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Acquisition-Related Intangible Assets Goodwill represents the excess of the fair value of purchase consideration over the fair value of net tangible and identified intangible assets as of the date of acquisition. In-process research and development (“IPR&D”) assets represent the fair value of incomplete R&D projects that had not reached technological feasibility as of the date of acquisition. The IPR&D assets are initially capitalized at fair value as intangible assets with indefinite lives and assessed for impairment at each reporting period. When the IPR&D projects are completed, they are reclassified as amortizable intangible assets and are amortized over their estimated useful lives. Alternatively, if the IPR&D projects are abandoned, they are impaired and expensed to research and development. Acquisition-related intangible assets with finite lives consist of know-how and developed technologies. These assets are amortized on a straight-line basis over the estimated useful lives of three to five years and the amortization expense is recorded in cost of revenue in the Consolidated Statements of Operations. |
Other Assets Policy [Policy Text Block] | Other Long-Term Assets Other assets primarily consist of intangible assets for the land use rights in Chengdu, China, purchased patents, long-term lease deposits and investments related to the employee deferred compensation plan. The Company amortizes the land use rights over 50 years and the purchased patents over five years. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company evaluates long-lived assets, other than goodwill and acquisition-related intangible assets with indefinite useful lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. Such impairment loss would be measured as the difference between the carrying amount of the asset and its fair value based on the present value of estimated future cash flows. The Company tests goodwill for impairment at least annually in the fourth quarter of the year, or whenever events or changes in circumstances indicate that goodwill may be impaired. The Company has elected to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company determines that it is more likely than not that its fair value is less than the carrying amount, then the two-step goodwill impairment test is performed. The first step compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds its fair value, the second step measures the impairment loss by comparing the implied fair value of the goodwill with the carrying amount. No impairment of goodwill has been identified in any of the periods presented. |
Deferred Compensation Plan Policy [Policy Text Block] | Deferred Compensation Plan The Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive management, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not make contributions to the plan or guarantee returns on the investments. The Company is responsible for the plan’s administrative expenses. Participants’ deferrals and investment gains and losses remain as the Company’s liabilities and the underlying assets are subject to claims of general creditors. The liabilities for compensation deferred under the plan are recorded at fair value in each reporting period and are included in other long-term liabilities in the Consolidated Balance Sheets. Changes in the fair value of the liabilities are recorded as an operating expense (credit) in the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies and mutual funds that offset a substantial portion of the exposure. The investments are recorded in other long-term assets in the Consolidated Balance Sheets at the cash surrender value of the corporate-owned life insurance policies and the fair value of the mutual funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund investments are included in interest and other income, net in the Consolidated Statements of Operations. As of December 31, 2015 and 2014, the plan assets totaled $14.0 million and $6.1 million, and the plan liabilities totaled $14.1 million and $6.2 million, respectively. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserves The Company generally provides a one to two-year warranty against defects in materials and workmanship and will either repair the goods or provide replacement products at no charge to the customer for defective products. Reserve requirements are recorded in the period of sale and are based on an assessment of the products sold with warranty and historical warranty costs incurred. Historically, the warranty expenses have not been material to the Company’s consolidated financial statements. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue when the following four basic criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the fees charged for products delivered and the collectability of those fees. The application of these criteria has resulted in the Company generally recognizing revenue upon shipment (when title and risk of loss have transferred to customers), including distributors, original equipment manufacturers and electronic manufacturing service providers. The Company’s revenue consists primarily of sales of assembled and tested finished goods. The Company also sells die in wafer form to its customers and value-added resellers, and the Company receives royalty revenue from third parties and value-added resellers. For the years ended December 31, 2015, 2014 and 2013, approximately 96%, 92% and 91% of the Company’s distributor sales, respectively, including sales to the Company’s value-added resellers, were made through distribution arrangements with third parties. These arrangements generally do not include any special payment terms (the Company’s normal payment terms are 30-45 days for its distributors), price protection or exchange rights. Returns are limited to the Company’s standard product warranty. Certain of the Company’s large distributors have contracts that include limited stock rotation rights that permit the return of a small percentage of the previous six months’ purchases. For the years ended December 31, 2015, 2014 and 2013, approximately 4%, 8% and 9% of the Company’s distributor sales, respectively, were made through small distributors primarily based on purchase orders. These distributors typically have no stock rotation rights. The Company generally recognizes revenue upon shipment of products to the distributors based on the following considerations: (1) The price is fixed or determinable at the date of sale. The Company does not offer special payment terms, price protection or price adjustments to distributors when the Company recognizes revenue upon shipment. (2) The distributors are obligated to pay the Company and this obligation is not contingent on the resale of the Company’s products. (3) The distributors’ obligation is unchanged in the event of theft or physical destruction or damage to the products. (4) The distributors have stand-alone economic substance apart from the Company’s relationship. (5) The Company does not have any obligations for future performance to directly bring about the resale of its products by the distributors. (6) The amount of future returns can be reasonably estimated. The Company has the ability and the information necessary to track inventory sold to and held at its distributors. The Company maintains a history of returns and has the ability to estimate the stock rotation returns on a quarterly basis. The Company maintains a sales reserve for stock rotation rights, which is based on historical experience of actual stock rotation returns on a per distributor basis, where available, and information related to products in the distribution channel. This reserve is recorded at the time of sale. Historically, these returns were not material to the Company’s consolidated financial statements. If the Company enters into arrangements that have rights of return that are not estimable, the Company recognizes revenue under such arrangements only after the distributors have sold the products to end customers. Four of the Company’s distributors have distribution agreements where revenue is recognized upon sale by these distributors to their end customers because these distributors have certain rights of return which management believes are not estimable. The deferred revenue balance from these distributors as of December 31, 2015 and 2014 was $2.8 million and $2.0 million, respectively. The deferred costs as of December 31, 2015 and 2014 were $0.2 million. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The Company recognizes compensation expense equal to the grant-date fair value for all share-based payment awards that are expected to vest. Compensation expense related to awards with service conditions is recorded on a straight-line basis over the requisite service period. Compensation expense related to awards subject to market conditions or performance conditions is recognized over the requisite service period for each separately vesting tranche. For awards with performance conditions, as well as awards containing both market conditions and performance conditions, the Company recognizes compensation expense when it becomes probable that the performance criteria set by the Board of Directors will be achieved. Management performs the probability assessment on a quarterly basis by reviewing external factors, such as macroeconomic conditions and the analog industry forecasts, and internal factors, such as the Company’s business and operations strategy, product roadmaps and revenue forecasts. Changes in the probability assessment of achieving the performance conditions are accounted for in the period of change by recording a cumulative catch-up adjustment as if the new estimate had been applied since the service inception date. Any previously recognized compensation expense is reversed if the performance conditions are not expected to be satisfied. For awards with only market conditions, compensation expense is not reversed if the market conditions are not satisfied. The amount of compensation expense that the Company recognizes is based on an expected forfeiture rate. If there is a difference between the forfeiture assumptions used in determining stock-based compensation costs and the actual forfeitures which become known over time, the Company may change the forfeiture rate, which could have a significant impact on its stock-based compensation expense. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs incurred in research and development are expensed as incurred. |
Income Tax, Policy [Policy Text Block] | Accounting for Income Taxes The Company recognizes federal, state and foreign current tax liabilities or assets based on its estimate of taxes payable or refundable in the current fiscal year by tax jurisdiction. The Company also recognizes federal, state and foreign deferred tax assets or liabilities for its estimate of future tax effects attributable to temporary differences and carryforwards. The Company records a valuation allowance to reduce any deferred tax assets by the amount of any tax benefits that, based on available evidence and judgment, are not expected to be realized. The Company’s calculation of current and deferred tax assets and liabilities is based on certain estimates and judgments and involves dealing with uncertainties in the application of complex tax laws. The Company’s estimates of current and deferred tax assets and liabilities may change based, in part, on added certainty or finality or uncertainty to an anticipated outcome, changes in accounting or tax laws in the U.S. or foreign jurisdictions where the Company operates, or changes in other facts or circumstances. In addition, the Company recognizes liabilities for potential U.S. and foreign income tax for uncertain income tax positions taken on its tax returns if it has less than a 50% likelihood of being sustained. If the Company determines that payment of these amounts is unnecessary or if the recorded tax liability is less than its current assessment, the Company may be required to recognize an income tax benefit or additional income tax expense in its financial statements in the period such determination is made. The Company has calculated its uncertain tax positions which were attributable to certain estimates and judgments primarily related to transfer pricing, cost sharing and its international tax structure exposure. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies The Company is a party to actions and proceedings in the ordinary course of business, including litigation regarding its shareholders and its intellectual property, challenges to the enforceability or validity of its intellectual property, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. The pending proceedings involve complex questions of fact and law and will require the expenditure of significant funds and the diversion of other resources to prosecute and defend. In addition, from time to time, the Company becomes aware that it is subject to other contingent liabilities. When this occurs, the Company will evaluate the appropriate accounting for the potential contingent liabilities to determine whether a contingent liability should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. Based on the facts and circumstances in each matter, the Company uses its judgment to determine whether it is probable that a contingent loss has occurred and whether the amount of such loss can be estimated. If the Company determines a loss is probable and estimable, the Company records a contingent loss. In determining the amount of a contingent loss, the Company takes into account advice received from experts for each specific matter regarding the status of legal proceedings, settlement negotiations, prior case history and other factors. Should the judgments and estimates made by management need to be adjusted as additional information becomes available, the Company may need to record additional contingent losses. Alternatively, if the judgments and estimates made by management are adjusted, for example, if a particular contingent loss does not occur, the contingent loss recorded would be reversed. |
Legal Costs, Policy [Policy Text Block] | Litigation Expense (Benefit) The Company records litigation costs in the period in which they are incurred. Due to the uncertainties inherent in litigation proceedings, the Company generally recognizes the proceeds resulting from settlement of litigation or favorable judgments when the cash is received and there is no further contingency related to the litigation. The proceeds are recorded as a reduction against litigation expense to the extent that litigation costs were previously incurred in the related case. Proceeds in excess of cumulative costs incurred for the case is recorded in interest and other income, net, in the Consolidated Statements of Operations. Litigation expense (benefit), net, includes primarily patent litigation and other contract-related matters. |
Earnings Per Share, Policy [Policy Text Block] | Net Income p er Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock, and calculated using the treasury stock method. Contingently issuable shares, including equity awards with performance conditions or market conditions, are considered outstanding common shares and included in the basic net income per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in the diluted net income per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period. The Company’s outstanding restrict stock units contain forfeitable rights to receive dividend equivalents, which are accumulated quarterly during the vesting periods of the restricted stock units and are payable to the employees when the awards vest. Dividend equivalents accumulated on the restricted stock units are forfeited if the employees do not fulfill their service requirement during the vesting periods. Accordingly, these awards are not treated as participating securities in the net income per share calculation. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income represents the change in the Company’s net assets during the period from non-owner sources. Accumulated other comprehensive income presented in the Consolidated Balance Sheets primarily consists of unrealized gains and losses related to available-for-sale investments and foreign currency translation adjustments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , Company has elected to early adopt the standard as of December 31, 2015 on a retrospective basis. As of December 31, 2014, the Company reclassified $0.2 million of current deferred tax assets to non-current deferred tax assets on the Consolidated Balance Sheet. The adoption did not affect the Company's operating results, comprehensive income or cash flows for the periods presented. |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Cash paid at the Acquisition Date $ 11,735 Contingent consideration 2,507 Total $ 14,242 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 145 Other tangible assets acquired, net of liabilities assumed 42 Intangible assets: Know-how 1,018 Developed technologies 4,421 IPR&D 2,045 Total identifiable net assets acquired 7,671 Goodwill 6,571 Total net assets acquired $ 14,242 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2014 2013 Revenue $ 282,584 $ 238,181 Net income $ 33,777 $ 20,187 Diluted net income per share $ 0.85 $ 0.52 |
Note 3 - Cash, Cash Equivalen30
Note 3 - Cash, Cash Equivalents and Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2015 2014 Cash, cash equivalents and investments: Cash $ 58,217 $ 66,188 Money market funds 31,640 60,078 Certificates of deposit 21,574 22,778 U.S. treasuries and government agency bonds 123,532 89,674 Auction-rate securities backed by student-loan notes 5,361 5,389 Total $ 240,324 $ 244,107 December 31, Reported as: 2015 2014 Cash and cash equivalents $ 90,860 $ 126,266 Short-term investments 144,103 112,452 Long-term investments 5,361 5,389 Total $ 240,324 $ 244,107 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2015 2014 Due in less than 1 year $ 110,898 $ 91,335 Due in 1 - 5 years 33,205 21,117 Due in greater than 5 years 5,361 5,389 Total $ 149,464 $ 117,841 |
Unrealized Gain (Loss) on Investments [Table Text Block] | December 31, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 31,640 $ - $ - $ 31,640 $ - Certificates of deposit 21,574 - - 21,574 - U.S. treasuries and government agency bonds 123,698 4 (170 ) 123,532 110,720 Auction-rate securities backed by student-loan notes 5,570 - (209 ) 5,361 5,361 Total $ 182,482 $ 4 $ (379 ) $ 182,107 $ 116,081 December 31, 2014 Adjusted Cost Unrealized Gains Unrealized Losses Total Fair Value Fair Value of Investments in Unrealized Loss Position Money market funds $ 60,078 $ - $ - $ 60,078 $ - Certificates of deposit 22,778 - - 22,778 - U.S. treasuries and government agency bonds 89,689 14 (29 ) 89,674 35,062 Auction-rate securities backed by student-loan notes 5,570 - (181 ) 5,389 5,389 Total $ 178,115 $ 14 $ (210 ) $ 177,919 $ 40,451 |
Note 4 - Fair Value Measureme31
Note 4 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at December 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 31,640 $ 31,640 $ - $ - Certificates of deposit 21,574 - 21,574 - U.S. treasuries and government agency bonds 123,532 - 123,532 - Auction-rate securities backed by student-loan notes 5,361 - - 5,361 Mutual funds under deferred compensation plan 8,279 8,279 - - Total $ 190,386 $ 39,919 $ 145,106 $ 5,361 Fair Value Measurement at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Assets: Money market funds $ 60,078 $ 60,078 $ - $ - Certificates of deposit 22,778 - 22,778 - U.S. treasuries and government agency bonds 89,674 - 89,674 - Auction-rate securities backed by student-loan notes 5,389 - - 5,389 Mutual funds under deferred compensation plan 2,236 2,236 - - Total $ 180,155 $ 62,314 $ 112,452 $ 5,389 Liabilities: Contingent consideration $ 2,507 $ - $ - $ 2,507 Total $ 2,507 $ - $ - $ 2,507 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Balance at January 1, 2014 $ 9,860 Sales and settlement at par (4,650 ) Change in unrealized loss included in other comprehensive income 179 Ending balance at December 31, 2014 5,389 Change in unrealized loss included in other comprehensive income (28 ) Ending balance at December 31, 2015 $ 5,361 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | December 31, 2015 2014 Time-to-liquidity (months) 24 24 Expected return 2.9% 2.9% Discount rate 4.3% - 7.3% 4.0% - 7.0% |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | December 31, 2014 Projected revenue (in millions) $2.1 - $3.8 Discount rate 9.0% Probability of occurrence 20% - 50% |
Note 5 - Balance Sheet Compon32
Note 5 - Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2015 2014 Raw materials $ 14,907 $ 7,298 Work in process 21,177 18,950 Finished goods 27,125 14,670 Total $ 63,209 $ 40,918 |
Property, Plant and Equipment [Table Text Block] | December 31, 2015 2014 Production equipment and software $ 92,208 $ 88,929 Buildings and improvements 34,736 29,386 Land 5,600 5,600 Transportation equipment 4,694 4,694 Furniture and fixtures 2,962 2,883 Leasehold improvements 2,283 2,350 Property and equipment, gross 142,483 133,842 Less: accumulated depreciation and amortization (77,124 ) (70,900 ) Total $ 65,359 $ 62,942 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, 2015 2014 Deferred compensation plan assets $ 13,985 $ 6,084 Prepaid expense 1,257 1,418 Other 1,099 955 Total $ 16,341 $ 8,457 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2015 2014 Dividends and dividend equivalents $ 8,675 $ 6,080 Deferred revenue and customer prepayments 5,236 3,908 Stock rotation reserve 2,372 1,757 Commissions 763 767 Income tax payable 465 - Warranty 289 240 Sales rebate 268 586 Other 1,916 1,365 Total $ 19,984 $ 14,703 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | December 31, 2015 2014 Deferred compensation plan liabilities $ 14,147 $ 6,177 Dividend equivalents 2,019 580 Contingent consideration - 2,507 Other 379 940 Total $ 16,545 $ 10,204 |
Note 6 - Goodwill and Acuisit33
Note 6 - Goodwill and Acuisition-Related Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | December 31, 2015 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (297 ) $ 721 Developed technologies 6,466 (2,134 ) 4,332 Total $ 7,484 $ (2,431 ) $ 5,053 December 31, 2014 Gross Amount Accumulated Amortization Net Amount Subject to amortization: Know-how $ 1,018 $ (93 ) $ 925 Developed technologies 4,421 (579 ) 3,842 Not subject to amortization: IPR&D 2,045 - 2,045 Total $ 7,484 $ (672 ) $ 6,812 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2016 $ 2,051 2017 2,051 2018 841 2019 110 Total $ 5,053 |
Note 7 - Stock-Based Compensa34
Note 7 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Year Ended December 31, 2015 2014 2013 Cost of revenue $ 1,166 $ 903 $ 631 Research and development 11,156 9,019 6,219 Selling, general and administrative 29,241 23,532 13,851 Total $ 41,563 $ 33,454 $ 20,701 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Time-Based RSUs Weighted- Average Grant Date Fair Value Per Share PSUs and MPSUs Weighted- Average Grant Date Fair Value Per Share MSUs Weighted- Average Grant Date Fair Value Per Share Total Weighted- Average Grant Date Fair Value Per Share (in thousands) (in thousands) (in thousands) (in thousands) Outstanding at January 1, 2013 1,099 $ 16.96 531 $ 18.49 - $ - 1,630 $ 17.46 Granted 299 $ 24.25 875 (1) $ 24.43 1,800 $ 23.57 2,974 $ 23.89 Performance adjustment - $ - (124 )(2) $ 21.98 - $ - (124 ) $ 21.98 Released (519 ) $ 17.57 (206 ) $ 18.90 - $ - (725 ) $ 17.95 Forfeited (125 ) $ 17.06 (48 ) $ 19.06 - $ - (173 ) $ 17.61 Outstanding at December 31, 2013 754 $ 19.41 1,028 $ 23.02 1,800 $ 23.57 3,582 $ 22.53 Granted 335 $ 36.71 1,091 (1) $ 34.23 - $ - 1,426 $ 34.82 Performance adjustment - $ - (139 )(2) $ 31.40 - $ - (139 ) $ 31.40 Released (468 ) $ 20.36 (304 ) $ 18.12 - $ - (772 ) $ 19.48 Forfeited (32 ) $ 19.75 (17 ) $ 19.79 - $ - (49 ) $ 19.77 Outstanding at December 31, 2014 589 $ 28.48 1,659 $ 28.11 1,800 $ 23.57 4,048 $ 26.14 Granted 271 $ 49.82 1,291 (1) $ 45.24 - $ - 1,562 $ 46.03 Performance adjustment - $ - (364 )(2) $ 39.20 - $ - (364 ) $ 39.20 Released (319 ) $ 26.56 (629 ) $ 23.40 - $ - (948 ) $ 24.47 Forfeited (42 ) $ 35.60 (24 ) $ 28.68 - $ - (66 ) $ 33.06 Outstanding at December 31, 2015 499 $ 40.75 1,933 $ 38.99 1,800 $ 23.57 4,232 $ 32.64 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2013 3,813 $ 15.62 2.6 $ 25,380 Exercised (2,446 ) $ 15.49 Forfeited and expired (11 ) $ 15.27 Outstanding at December 31, 2013 1,356 $ 15.86 1.9 $ 25,506 Exercised (742 ) $ 16.09 Forfeited and expired (24 ) $ 10.07 Outstanding at December 31, 2014 590 $ 15.80 1.2 $ 20,039 Exercised (498 ) $ 15.55 Forfeited and expired (2 ) $ 6.10 Outstanding at December 31, 2015 90 $ 17.50 1.3 $ 4,134 Options exercisable at December 31, 2015 and expected to vest 90 $ 17.50 1.3 $ 4,134 Options exercisable at December 31, 2015 89 $ 17.50 1.3 $ 4,126 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercises Prices Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Shares Weighted- Average Exercise Price (in thousands) (in years) (in thousands) $11.09 - $19.29 69 $ 16.25 1.5 69 $ 16.25 $19.56 - $23.02 21 $ 21.76 0.7 20 $ 21.76 90 $ 17.50 1.3 89 $ 17.50 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2015 2014 2013 Expected term (years) 0.5 0.5 0.5 Expected volatility 30.3 % 29.4 % 28.0 % Risk-free interest rate 0.2 % 0.1 % 0.1 % Dividend yield 1.4 % 0.7 % - |
Note 8 - Stock Repurchase Pro35
Note 8 - Stock Repurchase Program (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | Shares Repurchased Average Price Per Share Total Amount Cumulative balance at January 1, 2013 - $ - $ - Repurchases 664 $ 31.06 20,615 Cumulative balance at December 31, 2013 664 $ 31.06 20,615 Repurchases 1,051 $ 39.19 41,198 Cumulative balance at December 31, 2014 1,715 $ 36.04 61,813 Repurchases 645 $ 50.05 32,286 Cumulative balance at December 31, 2015 2,360 $ 39.87 $ 94,099 |
Note 9 - Dividends and Divide36
Note 9 - Dividends and Dividend Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Dividends And Dividend Equivalents [Abstract] | |
Schedule of Dividends Payable [Table Text Block] | Dividend Declared per Share Total Amount 2015: First quarter $ 0.20 $ 7,854 Second quarter $ 0.20 $ 7,925 Third quarter $ 0.20 $ 7,901 Fourth quarter $ 0.20 $ 7,938 2014: Second quarter $ 0.15 $ 5,817 Third quarter $ 0.15 $ 5,823 Fourth quarter $ 0.15 $ 5,826 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2015 2014 2013 Numerator: Net income $ 35,172 $ 35,495 $ 22,898 Denominator: Weighted-average outstanding shares used to compute basic net income per share 39,470 38,686 37,387 Effect of dilutive securities 1,399 1,107 1,233 Weighted-average outstanding shares used to compute diluted net income per share 40,869 39,793 38,620 Net income per share: Basic $ 0.89 $ 0.92 $ 0.61 Diluted $ 0.86 $ 0.89 $ 0.59 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2015 2014 2013 United States $ (247 ) $ 3,173 $ (2,309 ) International 42,738 33,219 26,316 Total income before income taxes $ 42,491 $ 36,392 $ 24,007 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2015 2014 2013 Current: Federal $ 6,042 $ 18 $ 77 State 2 (28 ) 67 Foreign 1,213 943 1,053 Deferred: Foreign 62 (36 ) (88 ) Total income tax provision $ 7,319 $ 897 $ 1,109 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2015 2014 2013 U.S. statutory federal tax rate 34.0 % 34.0 % 34.0 % Settlement with tax authorities 6.2 - - Foreign income at lower rates (43.1 ) (27.7 ) (33.8 ) Changes in valuation allowance 17.6 5.9 16.8 Stock-based compensation - (9.3 ) (13.7 ) Reserves and other 2.5 (0.4 ) 1.3 Effective tax rate 17.2 % 2.5 % 4.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2015 2014 Deferred tax assets: Research tax credits $ 8,869 $ 10,393 Deferred compensation 5,038 2,326 Other expenses not currently deductible 3,519 2,535 Stock-based compensation 1,912 4,068 Net operating losses - 298 Depreciation and amortization (52 ) 181 Total deferred tax assets 19,286 19,801 Valuation allowance (18,614 ) (19,051 ) Net deferred tax assets $ 672 $ 750 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance as at January 1, 2013 $ 13,081 Increases for tax position of prior year 646 Increases for tax position of current year 1,528 Decreases due to lapse of statue of limitations (333 ) Balance as of December 31, 2013 14,922 Increases for tax position of prior year 584 Increases for tax position of current year 1,760 Decreases due to lapse of statue of limitations (860 ) Balance as of December 31, 2014 16,406 Increases for tax position of current year 1,964 Decreases related to settlement with tax authorities (4,162 ) Decreases due to lapse of statue of limitations (669 ) Decreases for tax position of prior year (1,446 ) Balance as of December 31, 2015 $ 12,093 |
Note 12 - Commitments and Con39
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2016 $ 1,354 2017 631 2018 258 2019 169 2020 116 Total $ 2,528 |
Schedule of Product Warranty Liability [Table Text Block] | Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ 240 $ 451 $ 331 Warranty provision for product sales 333 282 476 Settlements made (158 ) (42 ) (117 ) Unused warranty provision (126 ) (451 ) (239 ) Balance at end of period $ 289 $ 240 $ 451 |
Note 15 - Significant Custome40
Note 15 - Significant Customers (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, Customers 2015 2014 2013 Distributor A 24 % 26 % 32 % Distributor B * * 10 % |
Schedule of Accounts Receivable by Major Customers by Reporting Segments [Table Text Block] | December 31, Customers 2015 2014 Distributor A 28 % 31 % Distributor B 17 % 10 % |
Note 16 - Segment and Geograp41
Note 16 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year Ended December 31, Country or Region 2015 2014 2013 China $ 213,119 $ 181,050 $ 141,400 Taiwan 41,521 38,460 34,248 Europe 22,603 19,830 15,351 Korea 20,519 14,362 9,992 Southeast Asia 18,592 13,993 21,760 Japan 9,727 8,251 7,495 United States 6,732 6,392 7,525 Other 254 197 320 Total $ 333,067 $ 282,535 $ 238,091 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended December 31, Product Family 2015 2014 2013 DC to DC products $ 299,726 $ 253,083 $ 211,337 Lighting control products 33,341 29,452 26,754 Total $ 333,067 $ 282,535 $ 238,091 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | December 31, Country 2015 2014 China $ 40,738 $ 37,147 United States 40,405 33,913 Bermuda 11,624 13,383 Other 557 339 Total $ 93,324 $ 84,782 |
Note 17 - Accumulated Other C42
Note 17 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Losses on Auction-Rate Securities Unrealized Gains (Losses) on Other Available-for-Sale Securities Foreign Currency Translation Adjustments Total Balance as of January 1, 2014 $ (360 ) $ 4 $ 6,616 $ 6,260 Other comprehensive income (loss) before reclassifications 179 (17 ) (609 ) (447 ) Amounts reclassified from accumulated other comprehensive income - (2 ) - (2 ) Net current period other comprehensive income (loss) 179 (19 ) (609 ) (449 ) Balance as of December 31, 2014 (181 ) (15 ) 6,007 5,811 Other comprehensive loss before reclassifications (28 ) (146 ) (4,166 ) (4,340 ) Amounts reclassified from accumulated other comprehensive income - (5 ) - (5 ) Net current period other comprehensive loss (28 ) (151 ) (4,166 ) (4,345 ) Balance as of December 31, 2015 $ (209 ) $ (166 ) $ 1,841 $ 1,466 |
Note 19 - Quarterly Financial43
Note 19 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 (in thousands, except per share amounts) Revenue $ 73,538 $ 81,416 $ 91,194 $ 86,918 Cost of revenue 33,855 37,287 41,754 40,001 Gross profit 39,683 44,129 49,440 46,917 Operating expenses: Research and development 16,038 15,743 17,272 16,734 Selling, general and administrative 17,518 17,964 18,722 18,107 Litigation expense 270 311 136 283 Total operating expenses 33,826 34,018 36,130 35,124 Income from operations 5,857 10,111 13,310 11,793 Interest and other income (expense), net 642 235 (6 ) 550 Income before income taxes 6,499 10,346 13,304 12,343 Income tax provision 536 2,447 2,103 2,233 Net income $ 5,963 $ 7,899 $ 11,201 $ 10,110 Net income per share: Basic $ 0.15 $ 0.20 $ 0.28 $ 0.26 Diluted $ 0.15 $ 0.19 $ 0.28 $ 0.24 Weighted-average shares outstanding: Basic 39,105 39,570 39,592 39,615 Diluted 40,596 40,745 40,689 41,445 Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 (in thousands, except per share amounts) Revenue $ 60,061 $ 68,436 $ 78,335 $ 75,703 Cost of revenue 27,964 31,337 35,872 34,744 Gross profit 32,097 37,099 42,463 40,959 Operating expenses: Research and development 15,603 13,368 14,679 14,941 Selling, general and administrative 16,109 16,853 17,006 16,787 Litigation expense (benefit), net (8,700 ) 274 332 66 Total operating expenses 23,012 30,495 32,017 31,794 Income from operations 9,085 6,604 10,446 9,165 Interest and other income, net 190 295 202 407 Income before income taxes 9,275 6,899 10,648 9,572 Income tax provision (benefit) 257 502 (573 ) 712 Net income $ 9,018 $ 6,397 $ 11,221 $ 8,860 Net income per share: Basic $ 0.23 $ 0.17 $ 0.29 $ 0.23 Diluted $ 0.23 $ 0.16 $ 0.28 $ 0.22 Weighted-average shares outstanding: Basic 38,470 38,684 38,785 38,807 Diluted 39,517 39,608 39,727 40,321 Cash dividends declared per common share $ - $ 0.15 $ 0.15 $ 0.15 |
Note 1 - Summary of Significa44
Note 1 - Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Available-for-sale Securities | $ 182,107 | $ 177,919 | |
Deferred Compensation Plan Assets | 13,985 | 6,084 | |
Deferred Compensation Liability, Current and Noncurrent | $ 14,100 | 6,200 | |
Number Of Distributors Having Distribution Agreements | 4 | ||
Auction Rate Securities [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Available-for-sale Securities | $ 5,400 | 5,400 | |
Interest And Other Income [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | 600 | 100 | $ (600) |
Four Distributors [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Deferred Revenue | 2,800 | 2,000 | |
Deferred Costs, Current | $ 200 | 200 | |
Reclasification of Current Deferred Tax Assets to Noncurrent Deferred Tax Assets [Member] | December 31, 2014 [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Prior Period Reclassification Adjustment | $ 200 | ||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Third Parties [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 96.00% | 92.00% | 91.00% |
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Small Distributors [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 4.00% | 8.00% | 9.00% |
Land Use Rights [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 50 years | ||
Patents [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Extended Product Warranty Term | 1 year | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Minimum [Member] | Computer Equipment [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Transportation Equipment [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Know-How And Developed Technologies [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Extended Product Warranty Term | 2 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Computer Equipment [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Maximum [Member] | Transportation Equipment [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum [Member] | Know-How And Developed Technologies [Member] | |||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note 2 - Acquisition (Details)
Note 2 - Acquisition (Details) - USD ($) | Jul. 22, 2014 | Jul. 22, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 30, 2014 |
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 0 | $ 2,507,000 | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (2,507,000) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 1,562,000 | 1,426,000 | 2,974,000 | |||||
Selling, General and Administrative Expenses [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (2,500,000) | |||||||
Restricted Stock Units (RSUs) [Member] | Former Sensima Employees [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 1,700,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 40,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Performance Share Units [Member] | Former Sensima Employees [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 2,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 47,000 | |||||||
Maximum PSU Earn Out | $ 8,000,000 | $ 8,000,000 | ||||||
Sensima [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||||
Escrow Deposit | $ 1,200,000 | $ 1,200,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 8,900,000 | 8,900,000 | $ 8,900,000 | |||||
Business Combination, Contingent Consideration, Liability | 2,507,000 | $ 2,507,000 | 0 | $ 0 | $ 2,500,000 | |||
Sensima [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (2,500,000) | |||||||
Business Combination, Acquisition Related Costs | $ 600,000 | |||||||
Share-based Compensation Award, Tranche One [Member] | Sensima [Member] | Former Sensima Employees [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||
Remaining Half of RSU Awards [Member] | Performance Share Units [Member] | Former Sensima Employees [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||
Know-How And Developed Technologies [Member] | Minimum [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||
Know-How And Developed Technologies [Member] | Minimum [Member] | Sensima [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||
Know-How And Developed Technologies [Member] | Maximum [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
Know-How And Developed Technologies [Member] | Maximum [Member] | Sensima [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
In Process Research and Development [Member] | Sensima [Member] | ||||||||
Note 2 - Acquisition (Details) [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years |
Note 2 - Acquisition (Details)
Note 2 - Acquisition (Details) - Fair Value of Purchase Consideration - USD ($) | Jul. 22, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 30, 2014 |
Business Acquisition, Contingent Consideration [Line Items] | ||||
Contingent consideration | $ 0 | $ 2,507,000 | ||
Sensima [Member] | ||||
Business Acquisition, Contingent Consideration [Line Items] | ||||
Cash paid at the Acquisition Date | $ 11,735,000 | |||
Contingent consideration | 2,507,000 | $ 0 | $ 2,500,000 | |
Total | $ 14,242,000 |
Note 2 - Acquisition (Details47
Note 2 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 2 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed [Line Items] | ||
Goodwill | $ 6,571 | $ 6,571 |
Sensima [Member] | ||
Note 2 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed [Line Items] | ||
Cash | 145 | |
Other tangible assets acquired, net of liabilities assumed | 42 | |
Total identifiable net assets acquired | 7,671 | |
Goodwill | 6,571 | |
Total net assets acquired | 14,242 | |
Sensima [Member] | Know-How [Member] | ||
Note 2 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed [Line Items] | ||
Intangible Assets | 1,018 | |
Sensima [Member] | IPR&D [Member] | ||
Note 2 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed [Line Items] | ||
Intangible Assets | 2,045 | |
Developed Technology Rights [Member] | Sensima [Member] | ||
Note 2 - Acquisition (Details) - Estimated Fair Value of Assets Acquired and Liabilities Assumed [Line Items] | ||
Intangible Assets | $ 4,421 |
Note 2 - Acquisition (Details48
Note 2 - Acquisition (Details) - Supplemental Pro Forma Information (Unaudited) - Sensima [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Acquisition (Details) - Supplemental Pro Forma Information (Unaudited) [Line Items] | ||
Revenue | $ 282,584 | $ 238,181 |
Net income | $ 33,777 | $ 20,187 |
Diluted net income per share (in Dollars per share) | $ 0.85 | $ 0.52 |
Note 3 - Cash, Cash Equivalen49
Note 3 - Cash, Cash Equivalents and Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2009 | |
Note 3 - Cash, Cash Equivalents and Investments (Details) [Line Items] | |||
Auction Rate Securities Maturities | 32 years | ||
Percentage Of Auction Rate Securities Redeemed At Par Value | 87.00% | ||
Other Than Auction Rate Securities [Member] | |||
Note 3 - Cash, Cash Equivalents and Investments (Details) [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 | |
Auction Rate Securities [Member] | |||
Note 3 - Cash, Cash Equivalents and Investments (Details) [Line Items] | |||
Redemption Auction Rate Securities | 0 | 4,700,000 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 0.2 | $ 200,000 | |
Gain (Loss) on Investments | $ (70,000) |
Note 3 - Cash, Cash Equivalen50
Note 3 - Cash, Cash Equivalents and Investments (Details) - Cash Equivalents, Short-term and Long-term Investments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash, cash equivalents and investments: | ||||
Cash | $ 58,217 | $ 66,188 | ||
Money market funds | 31,640 | 60,078 | ||
Certificates of deposit | 21,574 | 22,778 | ||
U.S. treasuries and government agency bonds | 123,532 | 89,674 | ||
Total | 240,324 | 244,107 | ||
Cash and cash equivalents | 90,860 | 126,266 | $ 101,213 | $ 75,104 |
Short-term investments | 144,103 | 112,452 | ||
Long-term investments | 5,361 | 5,389 | ||
Auction Rate Securities [Member] | ||||
Cash, cash equivalents and investments: | ||||
Auction-rate securities backed by student-loan notes | $ 5,361 | $ 5,389 |
Note 3 - Cash, Cash Equivalen51
Note 3 - Cash, Cash Equivalents and Investments (Details) - Investment Maturity Classification - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Maturity Classification [Abstract] | ||
Due in less than 1 year | $ 110,898 | $ 91,335 |
Due in 1 - 5 years | 33,205 | 21,117 |
Due in greater than 5 years | 5,361 | 5,389 |
Total | $ 149,464 | $ 117,841 |
Note 3 - Cash, Cash Equivalen52
Note 3 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 3 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | $ 182,482 | $ 178,115 |
Unrealized Gains | 4 | 14 |
Unrealized Losses | (379) | (210) |
Total Fair Value | 182,107 | 177,919 |
Fair Value of Investments in Unrealized Loss Position | 116,081 | 40,451 |
Money Market Funds [Member] | ||
Note 3 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | 31,640 | 60,078 |
Total Fair Value | 31,640 | 60,078 |
Certificates of Deposit [Member] | ||
Note 3 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | 21,574 | 22,778 |
Total Fair Value | 21,574 | 22,778 |
US Government Agencies Short-term Debt Securities [Member] | ||
Note 3 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | 123,698 | 89,689 |
Unrealized Gains | 4 | 14 |
Unrealized Losses | (170) | (29) |
Total Fair Value | 123,532 | 89,674 |
Fair Value of Investments in Unrealized Loss Position | 110,720 | 35,062 |
Auction Rate Securities [Member] | ||
Note 3 - Cash, Cash Equivalents and Investments (Details) - Unrealized Gains and Losses on Investments [Line Items] | ||
Adjusted Cost | 5,570 | 5,570 |
Unrealized Losses | (209) | (181) |
Total Fair Value | 5,361 | 5,389 |
Fair Value of Investments in Unrealized Loss Position | $ 5,361 | $ 5,389 |
Note 4 - Fair Value Measureme53
Note 4 - Fair Value Measurement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 30, 2014 | Jul. 22, 2014 | |
Note 4 - Fair Value Measurement (Details) [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 0 | $ 2,507,000 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (2,507,000) | ||||
Selling, General and Administrative Expenses [Member] | |||||
Note 4 - Fair Value Measurement (Details) [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (2,500,000) | ||||
Sensima [Member] | |||||
Note 4 - Fair Value Measurement (Details) [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 8,900,000 | $ 8,900,000 | |||
Business Combination, Contingent Consideration, Liability | 0 | $ 0 | $ 2,500,000 | $ 2,507,000 | |
Sensima [Member] | Selling, General and Administrative Expenses [Member] | |||||
Note 4 - Fair Value Measurement (Details) [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (2,500,000) |
Note 4 - Fair Value Measureme54
Note 4 - Fair Value Measurement (Details) - Financial Assets and Liabilities, Fair Value - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Fair value of assets | $ 190,386,000 | $ 180,155,000 |
Liabilities: | ||
Contingent consideration | 0 | 2,507,000 |
Total | 2,507,000 | |
Money Market Funds [Member] | ||
Assets: | ||
Fair value of assets | 31,640,000 | 60,078,000 |
Certificates of Deposit [Member] | ||
Assets: | ||
Fair value of assets | 21,574,000 | 22,778,000 |
US Government Agencies Short-term Debt Securities [Member] | ||
Assets: | ||
Fair value of assets | 123,532,000 | 89,674,000 |
Auction Rate Securities [Member] | ||
Assets: | ||
Fair value of assets | 5,361,000 | 5,389,000 |
Equity Funds [Member] | ||
Assets: | ||
Fair value of assets | 8,279,000 | 2,236,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Fair value of assets | 39,919,000 | 62,314,000 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Fair value of assets | 31,640,000 | 60,078,000 |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | ||
Assets: | ||
Fair value of assets | 8,279,000 | 2,236,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Fair value of assets | 145,106,000 | 112,452,000 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Assets: | ||
Fair value of assets | 21,574,000 | 22,778,000 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Short-term Debt Securities [Member] | ||
Assets: | ||
Fair value of assets | 123,532,000 | 89,674,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Fair value of assets | 5,361,000 | 5,389,000 |
Liabilities: | ||
Contingent consideration | 2,507,000 | |
Total | 2,507,000 | |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | ||
Assets: | ||
Fair value of assets | $ 5,361,000 | $ 5,389,000 |
Note 4 - Fair Value Measureme55
Note 4 - Fair Value Measurement (Details) - Level 3 Investments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at January 1, 2014 | $ 5,389 | |
Ending balance | 5,361 | $ 5,389 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at January 1, 2014 | 5,389 | 9,860 |
Sales and settlement at par | (4,650) | |
Change in unrealized loss included in other comprehensive income | (28) | 179 |
Ending balance | $ 5,361 | $ 5,389 |
Note 4 - Fair Value Measureme56
Note 4 - Fair Value Measurement (Details) - Discounted Cash Flow Assumptions - Auction Rate Securities [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Time-to-liquidity (months) | 24 months | 24 months |
Expected return | 2.90% | 2.90% |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 4.30% | 4.00% |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 7.30% | 7.00% |
Note 4 - Fair Value Measureme57
Note 4 - Fair Value Measurement (Details) - Projected Liabilities Based on Future Revenue - Contingent Consideration [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Discount rate | 9.00% |
Minimum [Member] | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Projected revenue (in millions) (in Dollars) | $ 2.1 |
Probability of occurrence | 20.00% |
Maximum [Member] | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Projected revenue (in millions) (in Dollars) | $ 3.8 |
Probability of occurrence | 50.00% |
Note 5 - Balance Sheet Compon58
Note 5 - Balance Sheet Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | |||
Depreciation | $ 12 | $ 12.4 | $ 12.1 |
Note 5 - Balance Sheet Compon59
Note 5 - Balance Sheet Components (Details) - Inventories - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 14,907 | $ 7,298 |
Work in process | 21,177 | 18,950 |
Finished goods | 27,125 | 14,670 |
Total | $ 63,209 | $ 40,918 |
Note 5 - Balance Sheet Compon60
Note 5 - Balance Sheet Components (Details) - Property and Equipment, Net - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 142,483 | $ 133,842 |
Less: accumulated depreciation and amortization | (77,124) | (70,900) |
Total | 65,359 | 62,942 |
Production Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 92,208 | 88,929 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 34,736 | 29,386 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 5,600 | 5,600 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 4,694 | 4,694 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 2,962 | 2,883 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,283 | $ 2,350 |
Note 5 - Balance Sheet Compon61
Note 5 - Balance Sheet Components (Details) - Other Long-Term Assets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Long-Term Assets [Abstract] | ||
Deferred compensation plan assets | $ 13,985 | $ 6,084 |
Prepaid expense | 1,257 | 1,418 |
Other | 1,099 | 955 |
Total | $ 16,341 | $ 8,457 |
Note 5 - Balance Sheet Compon62
Note 5 - Balance Sheet Components (Details) - Accrued Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||
Dividends and dividend equivalents | $ 8,675 | $ 6,080 |
Deferred revenue and customer prepayments | 5,236 | 3,908 |
Stock rotation reserve | 2,372 | 1,757 |
Commissions | 763 | 767 |
Income tax payable | 465 | |
Warranty | 289 | 240 |
Sales rebate | 268 | 586 |
Other | 1,916 | 1,365 |
Total | $ 19,984 | $ 14,703 |
Note 5 - Balance Sheet Compon63
Note 5 - Balance Sheet Components (Details) - Long-Term Liabilities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Long-Term Liabilities [Abstract] | ||
Deferred compensation plan liabilities | $ 14,147,000 | $ 6,177,000 |
Dividend equivalents | 2,019,000 | 580,000 |
Contingent consideration | 0 | 2,507,000 |
Other | 379,000 | 940,000 |
Total | $ 16,545,000 | $ 10,204,000 |
Note 6 - Goodwill and Acuisit64
Note 6 - Goodwill and Acuisition-Related Intangible Assets, Net (Details) - USD ($) $ in Millions | 12 Months Ended | 17 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Note 6 - Goodwill and Acuisition-Related Intangible Assets, Net (Details) [Line Items] | |||
Goodwill, Period Increase (Decrease) | $ 0 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Cost Of Revenue [Member] | |||
Note 6 - Goodwill and Acuisition-Related Intangible Assets, Net (Details) [Line Items] | |||
Amortization of Intangible Assets | $ 1.8 | $ 0.7 |
Note 6 - Goodwill and Acuisit65
Note 6 - Goodwill and Acuisition-Related Intangible Assets, Net (Details) - Acquisition-Related Intangible Assets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Subject to amortization: | ||
Gross Amount | $ 7,484 | $ 7,484 |
Accumulated Amortization | (2,431) | (672) |
Net Amount | 5,053 | 6,812 |
IPR&D [Member] | ||
Subject to amortization: | ||
Gross Amount | 2,045 | |
Net Amount | 2,045 | |
Know-How [Member] | ||
Subject to amortization: | ||
Gross Amount | 1,018 | 1,018 |
Accumulated Amortization | (297) | (93) |
Net Amount | 721 | 925 |
Developed Technology Rights [Member] | ||
Subject to amortization: | ||
Gross Amount | 6,466 | 4,421 |
Accumulated Amortization | (2,134) | (579) |
Net Amount | $ 4,332 | $ 3,842 |
Note 6 - Goodwill and Acuisit66
Note 6 - Goodwill and Acuisition-Related Intangible Assets, Net (Details) - Future Amortization Expense - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Future Amortization Expense [Abstract] | ||
2,016 | $ 2,051 | |
2,017 | 2,051 | |
2,018 | 841 | |
2,019 | 110 | |
Total | $ 5,053 | $ 6,812 |
Note 7 - Stock-Based Compensa67
Note 7 - Stock-Based Compensation (Details) | 1 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||||
Feb. 29, 2016USD ($)shares | Feb. 28, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Feb. 28, 2015USD ($)shares | Apr. 30, 2014shares | Feb. 28, 2014shares | Dec. 31, 2013USD ($)$ / sharesshares | Feb. 28, 2013USD ($)shares | Mar. 31, 2004shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)$ / sharesshares | Feb. 28, 2015shares | Nov. 13, 2014shares | |
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | shares | 1,562,000 | 1,426,000 | 2,974,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 18,600,000 | $ 17,300,000 | $ 27,800,000 | |||||||||||
Proceeds from Stock Options Exercised | 7,744,000 | 11,941,000 | 37,877,000 | |||||||||||
Proceeds from Stock Plans | 2,227,000 | 2,078,000 | 2,145,000 | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 49,200,000 | $ 28,900,000 | $ 18,600,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 269,600,000 | $ 269,600,000 | ||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 63.71 | $ 63.71 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 86,000,000 | $ 86,000,000 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||||||||
Time-Based RSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | shares | 271,000 | 335,000 | 299,000 | |||||||||||
MPSUs 2015 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 61.35 | $ 61.35 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | shares | 127,000 | |||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 500.00% | |||||||||||||
Share-based Compensation, Arrangement by Share-based Payment Award, Number of Tranches | 4 | |||||||||||||
Share-Based Compensation Arrangement by Share-based Payment Award, Sales Prohibited After Vesting | 2 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 33.20% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.30% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 7.80% | |||||||||||||
MPSUs 2015 [Member] | Second, Third, and Fourth Tranches [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Awards, Performance Conditions, Total | 6 | |||||||||||||
MPSUs 2015 [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Maximum Stock Compensation Costs | $ 26,400,000 | |||||||||||||
PSUs [Member] | Executive Officer [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | shares | 172,000 | 252,000 | 220,000 | |||||||||||
PSUs [Member] | Non-Executive Employees [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | shares | 58,000 | 61,000 | 91,000 | |||||||||||
Executive 2015 PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | |||||||||||||
Executive 2015 PSUs [Member] | Executive Officer [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Executive 2015 PSUs [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Maximum Stock Compensation Costs | $ 25,000,000 | |||||||||||||
Non-executive 2015 PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Non-executive 2015 PSUs [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Maximum Stock Compensation Costs | $ 7,000,000 | |||||||||||||
2014 Executive PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | |||||||||||||
2014 Executive PSUs [Member] | Subsequent Event [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Total PSU Earned (in Shares) | shares | 694,000 | |||||||||||||
Actual Stock Compensation Costs | $ 21,900,000 | |||||||||||||
2014 Non-Executive PSU's [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
2014 Non-Executive PSU's [Member] | Subsequent Event [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Total PSU Earned (in Shares) | shares | 103,000 | |||||||||||||
Actual Stock Compensation Costs | $ 3,800,000 | |||||||||||||
2013 MSUs [Member] | Executive Officers and Non-Executive Employees [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | shares | 360,000 | |||||||||||||
2013 Executive MSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 31.73 | $ 31.73 | ||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 500.00% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Individual Stock Price Targets | 5 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 38.70% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||||||||
Actual Stock Compensation Costs | $ 42,400,000 | |||||||||||||
Total MSU Earned (in Shares) | shares | 1,800,000 | |||||||||||||
2013 Executive PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | |||||||||||||
Total PSU Earned (in Shares) | shares | 622,000 | |||||||||||||
Actual Stock Compensation Costs | $ 15,500,000 | |||||||||||||
2013 Non-Executive PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||
Total PSU Earned (in Shares) | shares | 154,000 | |||||||||||||
Actual Stock Compensation Costs | $ 3,000,000 | |||||||||||||
2004 Plan [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Percent Increases In Period | 5.00% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Automatic Increase Shares (in Shares) | shares | 2,400,000 | |||||||||||||
Expired Shares Under Plan (in Shares) | shares | 2,900,000 | |||||||||||||
2014 Plan [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | shares | 5,500,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | shares | 4,700,000 | 4,700,000 | ||||||||||||
2004 Employee Stock Purchase Plan [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Percent Increases In Period | 2.00% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Automatic Increase Shares (in Shares) | shares | 1,000,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | shares | 4,700,000 | 4,700,000 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 78,000 | $ 78,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee (in Shares) | shares | 2,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee, Value | $ 25,000 | |||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in Shares) | shares | 56,000 | 78,000 | 111,000 | |||||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans Intrinsic Value | $ 600,000 | $ 900,000 | $ 800,000 | |||||||||||
Proceeds from Stock Plans | $ 2,200,000 | $ 2,100,000 | $ 2,100,000 | |||||||||||
Share-based Compensation Award Tranche One [Member] | MPSUs 2015 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Individual Stock Price Targets | 5 | |||||||||||||
Share-based Compensation Award Tranche One [Member] | MPSUs 2015 [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||||||||||||
Maximum Stock Compensation Costs | $ 9,200,000 | |||||||||||||
Share-based Compensation Award Tranche One [Member] | Executive 2015 PSUs [Member] | Vesting in First Quarter 2017 [Member] | Executive Officer [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Share-based Compensation Award Tranche One [Member] | Non-executive 2015 PSUs [Member] | Vesting in First Quarter 2017 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Share-based Compensation Award Tranche One [Member] | 2014 Executive PSUs [Member] | Vesting in the First Quarter of 2016 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Share-based Compensation Award Tranche One [Member] | 2014 Non-Executive PSU's [Member] | Vesting in the Second Quarter of 2016 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Share-based Compensation Award Tranche One [Member] | 2013 Executive PSUs [Member] | Vesting in the First Quarter of 2015 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Share-based Compensation Award Tranche One [Member] | 2013 Non-Executive PSUs [Member] | Vesting in the First Quarter of 2015 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||
Second, Third, and Fourth Tranches [Member] | MPSUs 2015 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Individual Stock Price Targets | 5 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Awards, Number of Perfomance Conditions to Meet | 1 | |||||||||||||
Share-based Compensation Award Tranche Two [Member] | MPSUs 2015 [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Maximum Stock Compensation Costs | $ 4,600,000 | |||||||||||||
Share-based Compensation Award, Tranche Three [Member] | MPSUs 2015 [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Maximum Stock Compensation Costs | 5,300,000 | |||||||||||||
Share-based Compensation Award, Tranche Four [Member] | MPSUs 2015 [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Maximum Stock Compensation Costs | 7,300,000 | |||||||||||||
Minimum [Member] | Time-Based RSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||||||
Minimum [Member] | Non-executive 2015 PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 200.00% | |||||||||||||
Minimum [Member] | 2014 Non-Executive PSU's [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 200.00% | |||||||||||||
Minimum [Member] | 2013 MSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Market Awards Price Targets | 40 | |||||||||||||
Minimum [Member] | 2013 Non-Executive PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 200.00% | |||||||||||||
Minimum [Member] | Share-based Compensation Award Tranche One [Member] | MPSUs 2015 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Market Awards Price Targets | $ 71.36 | |||||||||||||
Minimum [Member] | Second, Third, and Fourth Tranches [Member] | MPSUs 2015 [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||||||||||||
Maximum [Member] | Time-Based RSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||
Maximum [Member] | Non-executive 2015 PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | |||||||||||||
Maximum [Member] | 2014 Non-Executive PSU's [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | |||||||||||||
Maximum [Member] | 2013 Executive MSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Market Awards Price Targets | $ 56 | |||||||||||||
Maximum [Member] | 2013 Non-Executive PSUs [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% | |||||||||||||
Maximum [Member] | Share-based Compensation Award Tranche One [Member] | MPSUs 2015 [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Market Awards Price Targets | $ 95.57 | |||||||||||||
Maximum [Member] | Second, Third, and Fourth Tranches [Member] | MPSUs 2015 [Member] | Pro Forma [Member] | ||||||||||||||
Note 7 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years |
Note 7 - Stock-Based Compensa68
Note 7 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 7 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | |||
Share based compensation expense | $ 41,563 | $ 33,454 | $ 20,701 |
Cost of Sales [Member] | |||
Note 7 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | |||
Share based compensation expense | 1,166 | 903 | 631 |
Research and Development Expense [Member] | |||
Note 7 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | |||
Share based compensation expense | 11,156 | 9,019 | 6,219 |
Selling, General and Administrative Expenses [Member] | |||
Note 7 - Stock-Based Compensation (Details) - Stock Based Compensation Plan Expenses [Line Items] | |||
Share based compensation expense | $ 29,241 | $ 23,532 | $ 13,851 |
Note 7 - Stock-Based Compensa69
Note 7 - Stock-Based Compensation (Details) - RSU Summary - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 7 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||||
Shares (in Shares) | 4,048,000 | 3,582,000 | 1,630,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 26.14 | $ 22.53 | $ 17.46 | |
Shares (in Shares) | 1,562,000 | 1,426,000 | 2,974,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 46.03 | $ 34.82 | $ 23.89 | |
Shares (in Shares) | (364,000) | (139,000) | (124,000) | |
Weighted-Average Grant Date Fair Value Per Share | $ 39.20 | $ 31.40 | $ 21.98 | |
Shares (in Shares) | (948,000) | (772,000) | (725,000) | |
Weighted-Average Grant Date Fair Value Per Share | $ 24.47 | $ 19.48 | $ 17.95 | |
Shares (in Shares) | (66,000) | (49,000) | (173,000) | |
Weighted-Average Grant Date Fair Value Per Share | $ 33.06 | $ 19.77 | $ 17.61 | |
Shares (in Shares) | 4,232,000 | 4,048,000 | 3,582,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 32.64 | $ 26.14 | $ 22.53 | |
Time-Based RSUs [Member] | ||||
Note 7 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||||
Shares (in Shares) | 589,000 | 754,000 | 1,099,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 28.48 | $ 19.41 | $ 16.96 | |
Shares (in Shares) | 271,000 | 335,000 | 299,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 49.82 | $ 36.71 | $ 24.25 | |
Shares (in Shares) | (319,000) | (468,000) | (519,000) | |
Weighted-Average Grant Date Fair Value Per Share | $ 26.56 | $ 20.36 | $ 17.57 | |
Shares (in Shares) | (42,000) | (32,000) | (125,000) | |
Weighted-Average Grant Date Fair Value Per Share | $ 35.60 | $ 19.75 | $ 17.06 | |
Shares (in Shares) | 499,000 | 589,000 | 754,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 40.75 | $ 28.48 | $ 19.41 | |
PSUs and MPSUs [Member] | ||||
Note 7 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||||
Shares (in Shares) | 1,659,000 | 1,028,000 | 531,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 28.11 | $ 23.02 | $ 18.49 | |
Shares (in Shares) | [1] | 1,291,000 | 1,091,000 | 875,000 |
Weighted-Average Grant Date Fair Value Per Share | $ 45.24 | $ 34.23 | $ 24.43 | |
Shares (in Shares) | [2] | (364,000) | (139,000) | (124,000) |
Weighted-Average Grant Date Fair Value Per Share | $ 39.20 | $ 31.40 | $ 21.98 | |
Shares (in Shares) | (629,000) | (304,000) | (206,000) | |
Weighted-Average Grant Date Fair Value Per Share | $ 23.40 | $ 18.12 | $ 18.90 | |
Shares (in Shares) | (24,000) | (17,000) | (48,000) | |
Weighted-Average Grant Date Fair Value Per Share | $ 28.68 | $ 19.79 | $ 19.06 | |
Shares (in Shares) | 1,933,000 | 1,659,000 | 1,028,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 38.99 | $ 28.11 | $ 23.02 | |
MSUs [Member] | ||||
Note 7 - Stock-Based Compensation (Details) - RSU Summary [Line Items] | ||||
Shares (in Shares) | 1,800,000 | 1,800,000 | ||
Weighted-Average Grant Date Fair Value Per Share | $ 23.57 | $ 23.57 | ||
Shares (in Shares) | 1,800,000 | |||
Weighted-Average Grant Date Fair Value Per Share | $ 23.57 | |||
Shares (in Shares) | 1,800,000 | 1,800,000 | 1,800,000 | |
Weighted-Average Grant Date Fair Value Per Share | $ 23.57 | $ 23.57 | $ 23.57 | |
[1] | Amount reflects the maximum number of PSUs and MPSUs that can be earned assuming the achievement of the highest level of performance conditions. | |||
[2] | Amount reflects the number of PSUs and MPSUs that have not been earned or may not be earned based on management's probability assessment at each reporting period. |
Note 7 - Stock-Based Compensa70
Note 7 - Stock-Based Compensation (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Abstract] | ||||
Shares, outstanding | 90 | 590 | 1,356 | 3,813 |
Weighted-average exercise price, outstanding | $ 17.50 | $ 15.80 | $ 15.86 | $ 15.62 |
Weighted-average remaining contractual term, outstanding | 1 year 109 days | 1 year 73 days | 1 year 328 days | 2 years 219 days |
Aggregate intrinsic value, outstanding | $ 4,134 | $ 20,039 | $ 25,506 | $ 25,380 |
Shares | (498) | (742) | (2,446) | |
Weighted-average exercise price | $ 15.55 | $ 16.09 | $ 15.49 | |
Shares | (2) | (24) | (11) | |
Weighted-average exercise price | $ 6.10 | $ 10.07 | $ 15.27 | |
Options exercisable at December 31, 2015 and expected to vest | 90 | |||
Options exercisable at December 31, 2015 and expected to vest | $ 17.50 | |||
Options exercisable at December 31, 2015 and expected to vest | 1 year 109 days | |||
Options exercisable at December 31, 2015 and expected to vest | $ 4,134 | |||
Options exercisable at December 31, 2015 | 89 | |||
Options exercisable at December 31, 2015 | $ 17.50 | |||
Options exercisable at December 31, 2015 | 1 year 109 days | |||
Options exercisable at December 31, 2015 | $ 4,126 |
Note 7 - Stock-Based Compensa71
Note 7 - Stock-Based Compensation (Details) - Summary of Outstanding and Exercisable Options shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, shares (in Shares) | shares | 90 |
Options outstanding, weighted-average exercise price | $ 17.50 |
Options outstanding, weighted-average remaining contractual term | 1 year 109 days |
Options exercisable, shares (in Shares) | shares | 89 |
Options exercisable, weighted-average exercise price | $ 17.50 |
Range 01 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower limit | 11.09 |
Range of exercise prices, upper limit | $ 19.29 |
Options outstanding, shares (in Shares) | shares | 69 |
Options outstanding, weighted-average exercise price | $ 16.25 |
Options outstanding, weighted-average remaining contractual term | 1 year 6 months |
Options exercisable, shares (in Shares) | shares | 69 |
Options exercisable, weighted-average exercise price | $ 16.25 |
Range 02 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower limit | 19.56 |
Range of exercise prices, upper limit | $ 23.02 |
Options outstanding, shares (in Shares) | shares | 21 |
Options outstanding, weighted-average exercise price | $ 21.76 |
Options outstanding, weighted-average remaining contractual term | 255 days |
Options exercisable, shares (in Shares) | shares | 20 |
Options exercisable, weighted-average exercise price | $ 21.76 |
Note 7 - Stock-Based Compensa72
Note 7 - Stock-Based Compensation (Details) - Valuation Assumptions - 2004 Employee Stock Plan [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 7 - Stock-Based Compensation (Details) - Valuation Assumptions [Line Items] | |||
Expected term (years) | 6 months | 6 months | 6 months |
Expected volatility | 30.30% | 29.40% | 28.00% |
Risk-free interest rate | 0.20% | 0.10% | 0.10% |
Dividend yield | 1.40% | 0.70% |
Note 8 - Stock Repurchase Pro73
Note 8 - Stock Repurchase Program (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jul. 31, 2013 |
Disclosure Text Block [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 100 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5.9 |
Note 8 - Stock Repurchase Pro74
Note 8 - Stock Repurchase Program (Details) - Stock Repurchase Program - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Repurchase Program [Abstract] | ||||
Cumulative balance, shares repurchased | 2,360 | 1,715 | 664 | 0 |
Cumulative balance, average price per share | $ 39.87 | $ 36.04 | $ 31.06 | $ 0 |
Cumulative balance, total amount | $ 94,099 | $ 61,813 | $ 20,615 | $ 0 |
Repurchases, shares repurchased | 645 | 1,051 | 664 | |
Repurchases, average price per share | $ 50.05 | $ 39.19 | $ 31.06 | |
Repurchases, total amount | $ 32,286 | $ 41,198 | $ 20,615 |
Note 9 - Dividends and Divide75
Note 9 - Dividends and Dividend Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Note 9 - Dividends and Dividend Equivalents (Details) [Line Items] | ||
Dividends Payable, Current | $ 7.9 | |
Restricted Stock Units (RSUs) [Member] | ||
Note 9 - Dividends and Dividend Equivalents (Details) [Line Items] | ||
Dividend Equivalents, Current | $ 2.8 | $ 0.8 |
Note 9 - Dividends and Divide76
Note 9 - Dividends and Dividend Equivalents (Details) - Cash Dividends - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
2015: | |||||||
Dividend Declared per Share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.15 | $ 0.15 | $ 0.15 |
Total Amount | $ 7,938 | $ 7,901 | $ 7,925 | $ 7,854 | $ 5,826 | $ 5,823 | $ 5,817 |
Note 10 - Net Income Per Shar77
Note 10 - Net Income Per Share (Details) - Net Income Per Share Basic And Diluted - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income (in Dollars) | $ 10,110 | $ 11,201 | $ 7,899 | $ 5,963 | $ 8,860 | $ 11,221 | $ 6,397 | $ 9,018 | $ 35,172 | $ 35,495 | $ 22,898 |
Denominator: | |||||||||||
Weighted-average outstanding shares used to compute basic net income per share | 39,470 | 38,686 | 37,387 | ||||||||
Effect of dilutive securities | 1,399 | 1,107 | 1,233 | ||||||||
Weighted-average outstanding shares used to compute diluted net income per share | 41,445 | 40,689 | 40,745 | 40,596 | 40,321 | 39,727 | 39,608 | 39,517 | 40,869 | 39,793 | 38,620 |
Net income per share: | |||||||||||
Basic (in Dollars per share) | $ 0.26 | $ 0.28 | $ 0.20 | $ 0.15 | $ 0.23 | $ 0.29 | $ 0.17 | $ 0.23 | $ 0.89 | $ 0.92 | $ 0.61 |
Diluted (in Dollars per share) | $ 0.24 | $ 0.28 | $ 0.19 | $ 0.15 | $ 0.22 | $ 0.28 | $ 0.16 | $ 0.23 | $ 0.86 | $ 0.89 | $ 0.59 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2011 | |
Note 11 - Income Taxes (Details) [Line Items] | |||||||
Undistributed Earnings of Foreign Subsidiaries | $ 214,300,000 | $ 172,700,000 | |||||
Deferred Tax Assets, Valuation Allowance | 18,614,000 | 19,051,000 | |||||
Unrecognized Tax Benefits | 12,093,000 | 16,406,000 | $ 14,922,000 | $ 13,081,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,700,000 | 4,800,000 | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 200,000 | $ 500,000 | |||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 10,500,000 | ||||||
Income Tax Examination, Penalties Accrued | 0 | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 2,700,000 | ||||||
Income Tax Examination Tax Payment | 1,600,000 | ||||||
Income Tax Examination, Interest Expense | $ 1,100,000 | ||||||
Increase In R & D Credits [Member] | |||||||
Note 11 - Income Taxes (Details) [Line Items] | |||||||
Federal R&D credit | 1,900,000 | ||||||
Domestic Tax Authority [Member] | |||||||
Note 11 - Income Taxes (Details) [Line Items] | |||||||
Operating Loss Carryforwards | 700,000 | ||||||
Tax Credit Carryforward, Amount | 16,300,000 | ||||||
Domestic Tax Authority [Member] | Additional Paid-in Capital [Member] | |||||||
Note 11 - Income Taxes (Details) [Line Items] | |||||||
Operating Loss Carryforwards | 700,000 | ||||||
Tax Credit Carryforward, Amount | 7,400,000 | ||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Note 11 - Income Taxes (Details) [Line Items] | |||||||
Income Taxes Paid | $ 1,200,000 | 100,000 | |||||
Interest Paid | 1,000,000 | ||||||
State and Local Jurisdiction [Member] | |||||||
Note 11 - Income Taxes (Details) [Line Items] | |||||||
Operating Loss Carryforwards | 22,800,000 | ||||||
Tax Credit Carryforward, Amount | 15,600,000 | ||||||
State and Local Jurisdiction [Member] | Additional Paid-in Capital [Member] | |||||||
Note 11 - Income Taxes (Details) [Line Items] | |||||||
Operating Loss Carryforwards | 22,800,000 | ||||||
Tax Credit Carryforward, Amount | $ 1,600,000 |
Note 11 - Income Taxes (Detai79
Note 11 - Income Taxes (Details) - Components of Income Before Income Tax - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Before Income Tax [Abstract] | |||||||||||
United States | $ (247) | $ 3,173 | $ (2,309) | ||||||||
International | 42,738 | 33,219 | 26,316 | ||||||||
Total income before income taxes | $ 12,343 | $ 13,304 | $ 10,346 | $ 6,499 | $ 9,572 | $ 10,648 | $ 6,899 | $ 9,275 | $ 42,491 | $ 36,392 | $ 24,007 |
Note 11 - Income Taxes (Detai80
Note 11 - Income Taxes (Details) - Components of Income Tax Provision - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||||||||
Federal | $ 6,042 | $ 18 | $ 77 | ||||||||
State | 2 | (28) | 67 | ||||||||
Foreign | 1,213 | 943 | 1,053 | ||||||||
Deferred: | |||||||||||
Foreign | 62 | (36) | (88) | ||||||||
Total income tax provision | $ 2,233 | $ 2,103 | $ 2,447 | $ 536 | $ 712 | $ (573) | $ 502 | $ 257 | $ 7,319 | $ 897 | $ 1,109 |
Note 11 - Income Taxes (Detai81
Note 11 - Income Taxes (Details) - Income Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Rate Reconciliation [Abstract] | |||
U.S. statutory federal tax rate | 34.00% | 34.00% | 34.00% |
Settlement with tax authorities | 6.20% | ||
Foreign income at lower rates | (43.10%) | (27.70%) | (33.80%) |
Changes in valuation allowance | 17.60% | 5.90% | 16.80% |
Stock-based compensation | (9.30%) | (13.70%) | |
Reserves and other | 2.50% | (0.40%) | 1.30% |
Effective tax rate | 17.20% | 2.50% | 4.60% |
Note 11 - Income Taxes (Detai82
Note 11 - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Research tax credits | $ 8,869 | $ 10,393 |
Deferred compensation | 5,038 | 2,326 |
Other expenses not currently deductible | 3,519 | 2,535 |
Stock-based compensation | 1,912 | 4,068 |
Net operating losses | 298 | |
Depreciation and amortization | (52) | 181 |
Total deferred tax assets | 19,286 | 19,801 |
Valuation allowance | (18,614) | (19,051) |
Net deferred tax assets | $ 672 | $ 750 |
Note 11 - Income Taxes (Detai83
Note 11 - Income Taxes (Details) - Unrecognized Tax Benefits Reconciliation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits Reconciliation [Abstract] | |||
Balance as at January 1, 2013 | $ 16,406 | $ 14,922 | $ 13,081 |
Balance as of December 31 | 12,093 | 16,406 | 14,922 |
Increases for tax position of prior year | 584 | 646 | |
Increases for tax position of current year | 1,964 | 1,760 | 1,528 |
Decreases related to settlement with tax authorities | (4,162) | ||
Decreases due to lapse of statue of limitations | (669) | $ (860) | $ (333) |
Decreases for tax position of prior year | $ (1,446) |
Note 12 - Commitments and Con84
Note 12 - Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ||||
Lease Purchase Option | $ 1,700,000 | |||
Operating Leases, Rent Expense | $ 1,800,000 | $ 1,500,000 | $ 1,200,000 | |
Indemnification Agreement [Member] | ||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | ||||
Other Liabilities | $ 0 | |||
Minimum [Member] | ||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | ||||
Warranty Term | 1 year | |||
Maximum [Member] | ||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | ||||
Warranty Term | 2 years |
Note 12 - Commitments and Con85
Note 12 - Commitments and Contingencies (Details) - Commitments $ in Thousands | Dec. 31, 2015USD ($) |
Commitments [Abstract] | |
2,016 | $ 1,354 |
2,017 | 631 |
2,018 | 258 |
2,019 | 169 |
2,020 | 116 |
Total | $ 2,528 |
Note 12 - Commitments and Con86
Note 12 - Commitments and Contingencies (Details) - Warranty Reserve - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Warranty Reserve [Abstract] | |||
Balance at beginning of period | $ 240 | $ 451 | $ 331 |
Warranty provision for product sales | 333 | 282 | 476 |
Settlements made | (158) | (42) | (117) |
Unused warranty provision | (126) | (451) | (239) |
Balance at end of period | $ 289 | $ 240 | $ 451 |
Note 13 - Litigation (Details)
Note 13 - Litigation (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Jan. 31, 2014 | Dec. 31, 2013 | May. 03, 2012 | Dec. 31, 2011 | |
Note 13 - Litigation (Details) [Line Items] | |||||||||||||
Proceeds from Legal Settlements | $ 0.3 | $ 0.3 | |||||||||||
O2 Micro [Member] | |||||||||||||
Note 13 - Litigation (Details) [Line Items] | |||||||||||||
Proceeds from Legal Settlements | $ 9.5 | ||||||||||||
Loss Contingency, Estimate of Possible Loss | $ 9.5 | ||||||||||||
Loss Contingency, Accrual, Current | $ 9.5 | ||||||||||||
Gain (Loss) Related to Litigation Settlement | $ 9.5 | ||||||||||||
Litigation Settlement, Expense | $ 0.5 | ||||||||||||
O2 Micro [Member] | Attorney Fees [Member] | |||||||||||||
Note 13 - Litigation (Details) [Line Items] | |||||||||||||
Gain Contingency, Unrecorded Amount | $ 9.1 | ||||||||||||
O2 Micro [Member] | Taxable Costs [Member] | |||||||||||||
Note 13 - Litigation (Details) [Line Items] | |||||||||||||
Gain Contingency, Unrecorded Amount | $ 0.3 | ||||||||||||
Silergy [Member] | |||||||||||||
Note 13 - Litigation (Details) [Line Items] | |||||||||||||
Proceeds from Legal Settlements | $ 0.3 | $ 0.3 | $ 0.3 | $ 0.3 | $ 1.2 | ||||||||
Legal Settlements, Receivables | $ 2 |
Note 14 - Employee 401(k) Plan
Note 14 - Employee 401(k) Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 0 |
Note 15 - Significant Custome89
Note 15 - Significant Customers (Details) - Customers with Sales Greater than 10% - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Distributor A [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk | 24.00% | 26.00% | 32.00% | ||
Distributor B [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Concentration risk | [1] | [1] | 10.00% | ||
[1] | Represents less than 10%. |
Note 15 - Significant Custome90
Note 15 - Significant Customers (Details) - Customers with Accounts Receivable Greater than 10% - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Distributor A [Member] | ||
Note 15 - Significant Customers (Details) - Customers with Accounts Receivable Greater than 10% [Line Items] | ||
Concentration risk | 28.00% | 31.00% |
Distributor B [Member] | ||
Note 15 - Significant Customers (Details) - Customers with Accounts Receivable Greater than 10% [Line Items] | ||
Concentration risk | 17.00% | 10.00% |
Note 16 - Segment and Geograp91
Note 16 - Segment and Geographic Information (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Note 16 - Segment and Geograp92
Note 16 - Segment and Geographic Information (Details) - Revenue By Region - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | $ 333,067 | $ 282,535 | $ 238,091 |
CHINA | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | 213,119 | 181,050 | 141,400 |
TAIWAN, PROVINCE OF CHINA | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | 41,521 | 38,460 | 34,248 |
Europe [Member] | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | 22,603 | 19,830 | 15,351 |
KOREA, REPUBLIC OF | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | 20,519 | 14,362 | 9,992 |
South East Asia [Member] | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | 18,592 | 13,993 | 21,760 |
JAPAN | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | 9,727 | 8,251 | 7,495 |
UNITED STATES | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | 6,732 | 6,392 | 7,525 |
Other Region [Member] | |||
Note 16 - Segment and Geographic Information (Details) - Revenue By Region [Line Items] | |||
Region | $ 254 | $ 197 | $ 320 |
Note 16 - Segment and Geograp93
Note 16 - Segment and Geographic Information (Details) - Revenue By Product Family - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from External Customer [Line Items] | |||
Product family | $ 333,067 | $ 282,535 | $ 238,091 |
DC To DC Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Product family | 299,726 | 253,083 | 211,337 |
Lighting Control Products [Member] | |||
Revenue from External Customer [Line Items] | |||
Product family | $ 33,341 | $ 29,452 | $ 26,754 |
Note 16 - Segment and Geograp94
Note 16 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 16 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ||
Long lived assets by region | $ 93,324 | $ 84,782 |
CHINA | ||
Note 16 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ||
Long lived assets by region | 40,738 | 37,147 |
UNITED STATES | ||
Note 16 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ||
Long lived assets by region | 40,405 | 33,913 |
BERMUDA | ||
Note 16 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ||
Long lived assets by region | 11,624 | 13,383 |
Other Region [Member] | ||
Note 16 - Segment and Geographic Information (Details) - Long Lived Assets By Geographic Region [Line Items] | ||
Long lived assets by region | $ 557 | $ 339 |
Note 17 - Accumulated Other C95
Note 17 - Accumulated Other Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of January 1, 2014 | $ 5,811 | $ 6,260 | |
Balance | 1,466 | 5,811 | $ 6,260 |
Other comprehensive income (loss) before reclassifications | (4,340) | (447) | |
Amounts reclassified from accumulated other comprehensive income | (5) | (2) | |
Net current period other comprehensive income (loss) | (4,345) | (449) | 2,085 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of January 1, 2014 | 6,007 | 6,616 | |
Balance | 1,841 | 6,007 | 6,616 |
Other comprehensive income (loss) before reclassifications | (4,166) | (609) | |
Net current period other comprehensive income (loss) | (4,166) | (609) | |
Available-for-sale Securities [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of January 1, 2014 | (15) | 4 | |
Balance | (166) | (15) | 4 |
Other comprehensive income (loss) before reclassifications | (146) | (17) | |
Amounts reclassified from accumulated other comprehensive income | (5) | (2) | |
Net current period other comprehensive income (loss) | (151) | (19) | |
Auction Rate Securities [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance as of January 1, 2014 | (181) | (360) | |
Balance | (209) | (181) | $ (360) |
Other comprehensive income (loss) before reclassifications | (28) | 179 | |
Net current period other comprehensive income (loss) | $ (28) | $ 179 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | |
Note 18 - Subsequent Events (Details) [Line Items] | |||||
Stock Repurchase Program, Authorized Amount (in Dollars) | $ 100 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 1,562,000 | 1,426,000 | 2,974,000 | ||
Subsequent Event [Member] | |||||
Note 18 - Subsequent Events (Details) [Line Items] | |||||
Stock Repurchase Program, Authorized Amount (in Dollars) | $ 50 | ||||
Executive and Non-executive PSUs [Member] | Subsequent Event [Member] | |||||
Note 18 - Subsequent Events (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 349,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Price of Share, Vesting (in Dollars per share) | $ 20 | ||||
Range 01 [Member] | Executive and Non-executive PSUs [Member] | Subsequent Event [Member] | |||||
Note 18 - Subsequent Events (Details) [Line Items] | |||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 200.00% | ||||
Range 02 [Member] | Executive and Non-executive PSUs [Member] | Subsequent Event [Member] | |||||
Note 18 - Subsequent Events (Details) [Line Items] | |||||
Share Based Compensation Share Based Payment Other Than Options Percentage Allowed | 300.00% |
Note 19 - Quarterly Financial97
Note 19 - Quarterly Financial Data (Unaudited) (Details) - Summary of Quarterly Financial Data - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 86,918 | $ 91,194 | $ 81,416 | $ 73,538 | $ 75,703 | $ 78,335 | $ 68,436 | $ 60,061 | $ 333,067 | $ 282,535 | $ 238,091 |
Cost of revenue | 40,001 | 41,754 | 37,287 | 33,855 | 34,744 | 35,872 | 31,337 | 27,964 | 152,898 | 129,917 | 110,190 |
Gross profit | 46,917 | 49,440 | 44,129 | 39,683 | 40,959 | 42,463 | 37,099 | 32,097 | 180,169 | 152,618 | 127,901 |
Operating expenses: | |||||||||||
Research and development | 16,734 | 17,272 | 15,743 | 16,038 | 14,941 | 14,679 | 13,368 | 15,603 | 65,787 | 58,590 | 49,733 |
Selling, general and administrative | 18,107 | 18,722 | 17,964 | 17,518 | 16,787 | 17,006 | 16,853 | 16,109 | 72,312 | 66,755 | 54,624 |
Litigation expense | 283 | 136 | 311 | 270 | 66 | 332 | 274 | (8,700) | 1,000 | (8,027) | (371) |
Total operating expenses | 35,124 | 36,130 | 34,018 | 33,826 | 31,794 | 32,017 | 30,495 | 23,012 | 139,099 | 117,318 | 103,986 |
Income from operations | 11,793 | 13,310 | 10,111 | 5,857 | 9,165 | 10,446 | 6,604 | 9,085 | 41,070 | 35,300 | 23,915 |
Interest and other income (expense), net | 550 | (6) | 235 | 642 | 407 | 202 | 295 | 190 | |||
Income before income taxes | 12,343 | 13,304 | 10,346 | 6,499 | 9,572 | 10,648 | 6,899 | 9,275 | 42,491 | 36,392 | 24,007 |
Income tax provision | 2,233 | 2,103 | 2,447 | 536 | 712 | (573) | 502 | 257 | 7,319 | 897 | 1,109 |
Net income | $ 10,110 | $ 11,201 | $ 7,899 | $ 5,963 | $ 8,860 | $ 11,221 | $ 6,397 | $ 9,018 | $ 35,172 | $ 35,495 | $ 22,898 |
Net income per share: | |||||||||||
Basic (in Dollars per share) | $ 0.26 | $ 0.28 | $ 0.20 | $ 0.15 | $ 0.23 | $ 0.29 | $ 0.17 | $ 0.23 | $ 0.89 | $ 0.92 | $ 0.61 |
Diluted (in Dollars per share) | $ 0.24 | $ 0.28 | $ 0.19 | $ 0.15 | $ 0.22 | $ 0.28 | $ 0.16 | $ 0.23 | $ 0.86 | $ 0.89 | $ 0.59 |
Weighted-average shares outstanding: | |||||||||||
Basic (in Shares) | 39,615 | 39,592 | 39,570 | 39,105 | 38,807 | 38,785 | 38,684 | 38,470 | |||
Diluted (in Shares) | 41,445 | 40,689 | 40,745 | 40,596 | 40,321 | 39,727 | 39,608 | 39,517 | 40,869 | 39,793 | 38,620 |
Cash dividends declared per common share (in Dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.80 | $ 0.45 |