Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Stock-Based Compensation

Summary of the Black-Scholes inputs used in calculating the fair value and incremental expense to be recognized in connection with the equity award modification

Stock-based compensation expense related to stock options, stock appreciation rights (“SARs”), employee stock purchase plan (“ESPP”) shares, and restricted stock units (“RSUs”) was recognized in the Company’s condensed consolidated statements of operations for the periods presented as follows (in thousands):

	Three Months Ended June 30						Six Months Ended June 30
	2014			2013			2014			2013
Statement of operations classification
Cost of recurring revenues	$	834		$	1,306		$	1,676		$	1,794
Cost of non-recurring revenues	354			1,730			729			2,112
Total cost of revenues	1,188			3,036			2,405			3,906
Sales and marketing	2,661			6,523			5,296			8,046
Product development	1,923			3,532			3,848			4,858
General and administrative	1,912			14,098			3,763			15,396
Total operating expenses	6,496			24,153			12,907			28,300
Total stock-based employee compensation expense	7,684			27,189			15,312			32,206
Tax effect on stock-based employee compensation expense	(2,981		)	(11,116		)	(5,908		)	(13,162		)
Effect on net income from continuing operations, net of tax	$	4,703		$	16,073		$	9,404		$	19,044

Schedule of assumptions used in determining the fair value of stock-based awards

	Three Months Ended June 30		Six Months Ended June 30
	2014	2013	2014	2013
Stock Options & SARs
Risk-free interest rate	1.2% - 1.7%	0.5% - 1.0%	1.2% - 1.7%	0.5% - 1.0%
Volatility	32.8% - 34.2%	33.4% - 38.5%	32.8% - 35.1%	33.4% - 38.8%
Expected life (in years)	3.69 - 4.85	3.94 - 5.06	3.69 - 4.85	3.94 - 5.06
Expected dividend yield	0% - 1.8%	0%	0% - 1.8%	0%
Employee Stock Purchase Plan
Risk-free interest rate	0.06%	0.1%	0.06%	0.1%
Volatility	32.1%	31.8%	32.1%	31.8%
Expected life (in years)	0.5	0.5	0.5	0.5
Expected dividend yield	1.7%	0%	1.7%	0%

Schedule of Stock option and SAR activity

					Weighted
			Weighted		Average	Aggregate
	Number of		Average		Remaining	Intrinsic
	Shares		Exercise		Contractual Life	Value
	(in thousands)		Price		(in years)	(in thousands)
Outstanding at December 31, 2013	5,590		$	15.05
Options & SARs granted	683			29.02
Options & SARs exercised	(555	)		13.33
Options & SARs canceled	(119	)		19.75
Outstanding at June 30, 2014	5,599		$	16.82	6.76	$	88,246
Exercisable at June 30, 2014	2,827		$	13.09	4.92	$	55,067

Schedule of weighted average grant date fair value and intrinsic value of stock options and SARs and cash received from options exercised

The weighted average grant date fair value of options and SARs granted, total intrinsic value of options and SARs exercised and cash received from options exercised during the periods presented were as follows (in thousands, except weighted average grant date fair value):

	Six Months Ended June 30
	2014		2013
Options and SARs
Weighted average grant date fair value	$	7.44	$	10.45
Total intrinsic value of awards exercised	$	9,939	$	26,518
Options
Cash received from exercises	$	2,141	$	16,212

Summary of RSU Activity

			Weighted
	Number of		Average
	Shares		Grant Date
	(in thousands)		Fair Value
Outstanding and unvested at December 31, 2013	1,159		$	20.16
RSUs granted	745			30.13
RSUs vested	(305	)		28.89
RSUs canceled	(63	)		27.46
Outstanding and unvested at June 30, 2014	1,536		$	22.98