Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation

Schedule of stock-based compensation

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 March 31
	2015			2014
Statement of operations classification
Cost of recurring revenues	$	753		$	842
Cost of non-recurring revenues	311			375
Total cost of revenues	1,064			1,217
Sales and marketing	2,380			2,635
Product development	1,502			1,925
General and administrative	1,659			1,851
Total operating expenses	5,541			6,411
Total stock-based employee compensation expense	6,605			7,628
Tax effect on stock-based employee compensation expense	(2,694		)	(2,927		)
Effect on net income from continuing operations, net of tax	$	3,911		$	4,701

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

	Three Months Ended March 31
Stock Options & SARs	2015	2014
Risk-free interest rate	1.3% - 1.6%	1.5% - 1.6%
Volatility	22.7% - 33.1%	34.4% - 35.1%
Expected life (in years)	4.73 - 4.89	4.77
Expected dividend yield	0% - 1.5%	None

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, 2014	5,076		$	17.38
Options & SARs granted	28		$	43.66
Options & SARs exercised	(946	)	$	13.39
Options & SARs canceled	(50	)	$	24.68
Outstanding at March 31, 2015	4,108		$	18.38	6.63	$	105,694
Exercisable at March 31, 2015	2,187		$	14.11	5.19	$	65,606

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):

	Three Months Ended March 31
	2015		2014
Options and SARs
Weighted average grant date fair value	$	12.17	$	10.34
Total intrinsic value of awards exercised	$	24,748	$	5,955
Options
Cash received from exercises	$	5,000	$	1,246

Summary of RSU Activity

			Weighted
	Number of		Average
	Shares		Grant Date
	(in thousands)		Fair Value
Outstanding and unvested at December 31, 2014	1,481		$	22.71
RSUs granted	10		$	42.20
RSUs vested	(6	)	$	27.81
RSUs canceled	(47	)	$	28.87
Outstanding and unvested at March 31, 2015	1,438		$	22.62