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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 2016 is presented below (in thousands, except per share data and contractual term):

 

 

 

 

 

 

 

Weighted -

 

 

Weighted -

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Aggregate

 

 

 

Number

 

 

Price Per

 

 

Contractual

 

 

Intrinsic

 

 

 

of Shares

 

 

Share

 

 

Term (in years)

 

 

Value

 

Outstanding at December 31, 2015

 

 

2,171

 

 

$

33.84

 

 

 

 

 

 

 

 

 

Granted

 

 

61

 

 

 

34.00

 

 

 

 

 

 

 

 

 

Exercised

 

 

(122

)

 

 

30.57

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(174

)

 

 

35.80

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2016

 

 

1,936

 

 

$

33.88

 

 

 

6.51

 

 

$

6,554

 

Exercisable at June 30, 2016

 

 

1,066

 

 

$

32.69

 

 

 

4.91

 

 

$

4,729

 

Vested and expected to vest at June 30, 2016

 

 

1,845

 

 

$

33.82

 

 

 

6.40

 

 

$

6,345

 

 

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 2016 is presented below (in thousands, except per share data):

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Unvested at December 31, 2015

 

 

504

 

 

$

33.67

 

Granted

 

 

36

 

 

 

33.38

 

Vested

 

 

(75

)

 

 

34.41

 

Forfeited

 

 

(29

)

 

 

34.15

 

Unvested at June 30, 2016

 

 

436

 

 

$

33.49

 

 

Summary of Stock-Based Compensation Expense Recorded in Expense Categories

Stock-based compensation was recorded in the following expense categories (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Cost of services and fulfillment

 

$

870

 

 

$

798

 

 

$

2,064

 

 

$

2,035

 

Selling and marketing

 

 

109

 

 

 

89

 

 

 

423

 

 

 

423

 

General and administrative

 

 

647

 

 

 

588

 

 

 

1,274

 

 

 

1,203

 

Total

 

$

1,626

 

 

$

1,475

 

 

$

3,761

 

 

$

3,661

 

 

Options Granted Under Equity Incentive Plans and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

Options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan were valued using the following assumptions:

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

June 30, 2016

 

 

June 30, 2015

 

 

 

Equity Incentive

 

 

Employee Stock

 

 

Equity Incentive

 

 

Employee Stock

 

 

 

Plans

 

 

Purchase Plan

 

 

Plans

 

 

Purchase Plan

 

Average risk-free interest rate

 

 

1.26

%

 

 

0.47

%

 

 

1.35

%

 

 

0.11

%

Expected dividend yield

 

 

2.3

%

 

 

2.3

%

 

 

1.8

%

 

 

1.8

%

Expected life

 

5.0 Years

 

 

0.5 Years

 

 

5.1 Years

 

 

0.5 Years

 

Expected volatility

 

 

24

%

 

 

27

%

 

 

25

%

 

 

22

%

Weighted average fair value

 

$

6.15

 

 

$

7.06

 

 

$

6.80

 

 

$

7.93

 

 

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2016

 

 

June 30, 2015

 

 

 

Equity Incentive

 

 

Employee Stock

 

 

Equity Incentive

 

 

Employee Stock

 

 

 

Plans

 

 

Purchase Plan

 

 

Plans

 

 

Purchase Plan

 

Average risk-free interest rate

 

 

1.39

%

 

 

0.47

%

 

 

1.37

%

 

 

0.11

%

Expected dividend yield

 

 

2.3

%

 

 

2.3

%

 

 

1.8

%

 

 

1.8

%

Expected life

 

5.0 Years

 

 

0.5 Years

 

 

5.1 Years

 

 

0.5 Years

 

Expected volatility

 

 

24

%

 

 

27

%

 

 

25

%

 

 

22

%

Weighted average fair value

 

$

5.84

 

 

$

7.06

 

 

$

7.38

 

 

$

7.93