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SEC
10-Q
BIOTELEMETRY, INC. filed this Form 10-Q on 10/31/2018
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BIOTELEMETRY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


The table below summarizes certain additional information with respect to our options:
 
 
Three Months Ended
 
Nine Months Ended
(in thousands, except per option amounts)
September 30,
2018
 
September 30,
2017
 
September 30,
2018
 
September 30,
2017
Aggregate intrinsic value of options exercised
$
20,398

 
$
685

 
$
38,277

 
$
6,510

Cash received from the exercise of stock options
3,493

 
1,384

 
8,485

 
4,350

Weighted average grant date fair value per option
$
33.12

 
$
20.90

 
$
20.91

 
$
18.15

The total compensation cost of options granted but not yet vested at September 30, 2018 was $12.7 million, which is expected to be recognized over a weighted average period of approximately three years.
RSU and PSU activity is summarized as follows:
 
Restricted Stock Units
 
Performance Stock Units
 
Number
of Shares
 
Weighted Average
Grant Date Fair
Value
 
Number
of Shares
 
Weighted Average
Grant Date Fair
Value
Units outstanding as of December 31, 2017
467,129

 
$
13.76

 

 

Granted
126,360

 
34.37

 
88,345

 
$
37.79

Forfeited
(9,230
)
 
19.27

 

 

Vested
(223,723
)
 
12.03

 

 

Units outstanding as of September 30, 2018
360,536

 
$
21.92

 
88,345

 
$
37.79

During 2018, we granted awards to certain participants in the form of PSUs. These PSUs will vest at the end of a three-year performance period only if specific financial performance metrics are met, and the vested shares will then be modified based on relative total shareholder return. The 88,345 PSUs were granted at “target” levels; however, for share pool purposes, we have reserved an additional 88,345 shares if the combined financial performance and market conditions achieve maximum levels. For the three and nine months ended September 30, 2018, no compensation expense related to these PSUs was recognized in accordance with ASC 718 for both employees and non-employees, as amended by the early adoption of ASU 2018-07 (see “Note 1. Summary of Significant Accounting Policies; Recent Accounting Pronouncements; Accounting Pronouncements Recently Adopted” for further detail regarding ASU 2018-07).
Additional information about our RSUs is summarized as follows:
 
 
Three Months Ended
 
Nine Months Ended
(in thousands)
September 30,
2018
 
September 30,
2017
 
September 30,
2018
 
September 30,
2017
Aggregate market value of RSUs vested
$

 
$

 
$
7,873

 
$
4,585

The total compensation cost of RSUs and PSUs granted but not yet vested at September 30, 2018 was $8.3 million, which is expected to be recognized over a weighted average period of approximately two years. Additionally, there were 576,546 RSUs vested but not released at September 30, 2018.

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