Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.6.0.2
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Share-Based Compensation.  
Schedule of share based compensation expense

The following table presents the amounts recognized in our Consolidated Statements of Operations, in thousands:

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

2016

 

2015

 

2014

Share-based compensation expense

 

$
7,669

 

$
4,651

 

$
3,762

Income tax benefit realized from award vestings

 

$
588

 

$

 —

 

$

 —

 

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the year ended December 31, 2016, in thousands, except per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Share Awards

 

Stock Options

 

 

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Weighted Average Exercise Price Per Share

   

Aggregate
Intrinsic
Value

Balance December 31, 2015

 
586.6

 

$
21.97

 
387.6

 

$
9.35

 

$
24.03

 

$
2,611.7

Granted

 
347.3

 

$
29.03

 
409.3

 

$
10.20

 

$
26.30

 

 

 

Converted/Exercised

 
(216.1)

 

$
21.12

 
(16.1)

 

$
10.34

 

$
26.75

 

$
156.2

Forfeited

 
(64.7)

 

$
24.91

 
(68.8)

 

$
10.28

 

$
26.56

 

 

 

Balance December 31, 2016

 
653.1

 

$
25.71

 
712.0

 

$
9.73

 

$
25.03

 

$
7,525.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable December 31, 2016 (a)

 

 

 

 
108.1

 

$
7.95

 

$
20.31

 

$
1,653.6

(a)

The weighted average remaining contractual term for vested options is 6.4 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards

As of December 31, 2016, we had unrecognized share-based compensation expense relating to unvested awards as shown in the following table, dollars in thousands:

 

 

 

 

 

 

 

 

 

 

As of December 31, 2016

 

 

Unrecognized Compensation Expense
on Unvested Awards

 

Weighted Average
Remaining
Vesting Period

Restricted stock awards

 

$
11,670

 

 

1.6 years

Stock options

 

 
4,629

 

 

1.6 years

Total unrecognized compensation expense related to unvested awards

 

$
16,299

 

 

 

 

Schedule of the range of payouts and the related expense for RSAs with performance-based conditions

The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payout Ranges and related expense

RSAs with performance-based conditions

 

Grant Date Fair Value

 

0%

 

25%

 

100%

 

200%

February 22, 2016

 

$
2,129

 

$

 —

 

$
532

 

$
2,129

 

$
4,258

 

Schedule of key inputs used to estimate the fair value of awards

The following are key inputs in the Monte Carlo analysis for awards granted in 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

Remaining measurement period (years)

 

 

 

 

 

 
2.86

 

Risk free interest rate

 

 

 

 

 

 
0.90

%

Dividend yield

 

 

 

 

 

 
0.00

%

Estimated fair value of market-based RSAs granted

 

 

 

 

 

$
33.77

 

 

Schedule of assumptions used to estimate the fair values of options granted

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

Risk free interest rate

 

 
1.51

%

 

 
1.82

%

Expected volatility, using historical return volatility and implied volatility

 

 
38.00

%

 

 
37.00

%

Expected life (in years)

 

 
6.00

 

 

 
6.00

 

Dividend yield

 

 
0.00

%

 

 
0.00

%

Estimated fair value of options granted

 

$
10.20

 

 

$
10.44