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Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Equity-Based Compensation
Equity-based compensation by expense line item on Actua’s Consolidated Statements of Operations:
(in thousands)
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Cost of revenue
 
$
157

 
$
76

 
$
63

Sales and marketing
 
428

 
160

 
156

General and administrative
 
25,967

 
23,509

 
6,081

Research and development
 
482

 
144

 
111

Total equity-based compensation
 
$
27,034

 
$
23,889

 
$
6,411


Equity-based compensation by equity award type:
(in thousands, except weighted average years)
 
Year ended December 31,
 
Weighted average years remaining of equity-based compensation as of December 31, 2015
 
 
2015
 
2014
 
2013
 
Restricted stock
 
$
22,811

 
$
21,818

 
$
2,958

 
2.04
SARs
 
398

 
792

 
2,377

 
0.97
DSUs
 
234

 
444

 
377

 
2.95
 
 
23,443

 
23,054

 
5,712

 
 
Equity-based compensation for consolidated businesses
 
3,591

 
835

 
699

 
2.84
Total equity-based compensation
 
$
27,034

 
$
23,889

 
$
6,411

 
 

Unrecognized equity-based compensation by equity award type:
(in thousands)
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Restricted stock
 
$
18,946

 
$
37,780

 
$
7,526

SARs
 
125

 
519

 
1,338

DSUs
 
968

 
17

 
64

 
 
20,039

 
38,316

 
8,928

Equity-based compensation for consolidated businesses
 
8,870

 
1,899

 
1,492

Total equity-based compensation
 
$
28,909

 
$
40,215

 
$
10,420
Changes in Restricted Stock
Share activity with respect to restricted stock awards for the years ended December 31, 2015, 2014 and 2013 was as follows:
 
 
Number of shares
 
Weighted average grant date fair value
Issued and unvested as of December 31, 2012
 
1,217,463

 
$
9.03

Granted
 
183,190

 
$
13.35

Vested
 
(202,689
)
 
$
10.02

Forfeited
 
(12,893
)
 
$
10.55

Issued and unvested as of December 31, 2013
 
1,185,071

 
$
9.52

Granted
 
3,239,948

 
$
17.22

Vested
 
(299,703
)
 
$
11.76

Forfeited
 
(370,041
)
 
$
9.96

Issued and unvested as of December 31, 2014
 
3,755,275

 
$
15.94

Granted
 
581,672

 
$
15.48

Vested
 
(785,820
)
 
$
18.2

Forfeited
 
(70,299
)
 
$
17.35

Issued and unvested as of December 31, 2015
 
3,480,828

 
$
15.82
Schedule of Shares Withheld for Income Taxes
The following shares were surrendered by Actua's employees for satisfying withholding taxes:

 
Restricted stock surrendered
Year ended December 31, 2015
 
258,947

Year ended December 31, 2014
 
93,115

Year ended December 31, 2013
 
46,616
Issued And Unvested Shares Of Restricted Stock Granted
As of December 31, 2015, issued and unvested shares of restricted stock granted to Actua’s employees and Board of Directors vest as follows:
Number of shares unvested
 
Vesting conditions
1,702,366

 
Subject to certain market conditions, as discussed below
503,315

 
Subject to certain performance conditions, as discussed below
1,120,350

 
25% each year for four years on the anniversary of the grant date
15,406

 
One-third in each of September 2015, March 2016 and September 2016
49,391

 
June 2016 (granted to Actua's Board of Directors, see subsection below)
90,000

 
One-third in June 2016, 8% quarterly thereafter (granted to Actua's Board of Directors, see subsection below)
3,480,828

 
 
 
 
 
 
 
 
 
 
Changes in Stock Appreciation Rights
Activity with respect to SARs during the years ended December 31, 2015, 2014 and 2013 was as follows:
 
 
Number of SARs
 
Weighted average base price
 
Weighted average
fair value
Outstanding as of December 31, 2012
 
4,338,250

 
$
7.80

 
$
4.56

Granted
 
2,500

 
$
16.19

 
$
9.83

Exercised (1)
 
(3,045,700
)
 
$
14.42

 
$
8.64

Forfeited
 
(62,242
)
 
$
10.25

 
$
5.51

Outstanding as of December 31, 2013
 
1,232,808

 
$
8.86

 
$
4.99

Granted
 
500

 
$
17.31

 
$
9.48

Exercised (1)
 
(679,606
)
 
$
7.35

 
$
3.60

Forfeited
 
(5,220
)
 
$
10.14

 
$
5.43

Outstanding as of December 31, 2014
 
548,482

 
$
10.62

 
$
5.79

Granted
 
1,500

 
$
16.69

 
$
8.99

Exercised (1)
 
(68,638
)
 
$
10.67

 
$
5.79

Forfeited
 
(1,688
)
 
$
9.35

 
$
4.95

Outstanding as of December 31, 2015
 
479,656

 
$
10.64

 
$
5.80

______________________________
(1) 
The exercise of SARs listed above resulted in the issuance of the following shares of Actua’s Common Stock in those respective years:
 
 
Number of Shares
Year ended December 31, 2015
 
11,261

Year ended December 31, 2014
 
253,853

Year ended December 31, 2013
 
992,390

The following table summarizes information about SARs outstanding as of December 31, 2015:
Grant price
 
Number of SARs outstanding
 
Number of SARs exercisable
 
Weighted average remaining contractual life of SARs outstanding
(in years)
 
Aggregate intrinsic value of SARs outstanding as of December 31, 2015
(in thousands)
$6.70 - $8.76
 
68,264

 
68,264

 
3.18
 
$
238

$9.25 - $9.84
 
144,095

 
120,981

 
6.46
 
$
317

$11.69 - $17.31
 
267,297

 
264,536

 
5.10
 
$
—

 
 
479,656

 
453,781

 
 
 
$
555
Assumptions Used to Determine Fair Value of Stock Appreciation Rights Granted to Employees
The following assumptions were used to determine the fair value of SARs granted to employees by Actua during the years ended December 31, 2015, 2014, and 2013:

 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Expected volatility
 
56
%
 
56
%
 
56
%
Average expected life of SAR (in years)
 
6.13

 
6.25

 
6.25

Risk-free interest rate
 
1.51
%
 
2.12
%
 
1.86
%
Dividend yield
 
—

 
—

 
—
Summary of Equity-based Compensation Awards Granted as part of Acquisitions
Consolidated business
 
Description of equity-based compensation award
GovDelivery - NuCivic acquisition (1)
 
Grant of $3.1 million in restricted stock
GovDelivery - Textizen acquisition (1)
 
Grant of $0.9 million in restricted stock
FolioDynamix (2)
 
Grant of stock options with total fair value of $5.1 million
______________________________
(1) In conjunction with the NuCivic and Textizen acquisition transactions, GovDelivery granted $3.1 million and $0.9 million, respectively,
of restricted stock as partial consideration for the purchase. The expense associated with those awards is being recognized ratably over a four-year vesting period. That expense is included in the line item “Equity-based compensation for consolidated businesses” in the equity-based compensation by equity award type table above.
(2) In conjunction with Actua’s acquisition of FolioDynamix, stock options with a total fair value of $5.1 million were granted to certain of FolioDynamix’s employees. The majority of those stock options vest as follows: 25% vested in November 2015, and the remaining 75% vest ratably each month through November 2018. The remaining stock options vest upon the achievement of certain performance or market conditions, as well as service conditions; to the extent that the performance or market conditions are not achieved, those stock options will lapse unvested. The expense associated with those awards is being recognized over the relative vesting periods. That expense is included in the line item “Equity-based compensation for consolidated businesses” in the equity-based compensation by equity award type table above.
Assumptions Used to Determine Fair Value of Stock Options
The following assumptions were used to determine the fair value of stock options granted by Actua's consolidated businesses to their employees during the year ended December 31, 2015. Due to insufficient historical data, Actua's consolidated businesses used the simplified method to determine the expected life of all stock options granted under the respective equity incentive plans.
 
Year ended December 31, 2015
Expected volatility
30% - 45%
Average expected life of SAR (in years)
5.84 - 6.25
Risk-free interest rate
1.42% - 1.86%
Dividend yield
—
Annual DSU awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity
Share activity with respect to the annual DSU awards for the years ended December 31, 2015, 2014, and 2013 are as follows:
 
 
Number of shares
 
Weighted
average grant
date fair value
Issued and unvested as of December 31, 2012
 
41,250

 
$
8.40

Granted
 
29,250

 
$
13.09

Vested
 
(41,250
)
 
$
8.40

Issued and unvested as of December 31, 2013
 
29,250

 
$
13.09

Granted
 
22,500

 
$
17.63

Vested
 
(29,250
)
 
$
13.09

Issued and unvested as of December 31, 2014
 
22,500

 
$
17.63

Granted
 
90,000

 
$
13.17

Vested
 
(22,500
)
 
$
17.63

Issued and unvested as of December 31, 2015
 
90,000

 
$
13.17
Periodic DSU awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity
Share activity with respect to periodically-issued DSUs for the years ended December 31, 2015, 2014 and 2013 was as follows:
 
 
Number of shares
 
Weighted
average grant
date fair value
Issued and unvested as of December 31, 2012
 
—

 
$
—

Granted
 
30,540

 
$
12.30

Vested
 
(30,540
)
 
$
12.30

Issued and unvested as of December 31, 2013
 
—

 
$
—

Granted
 
18,790

 
$
18.56

Vested
 
(18,790
)
 
$
18.56

Issued and unvested as of December 31, 2014
 
—

 
$
—

Granted
 
—

 
$
—

Vested
 
—

 
$
—

Issued and unvested as of December 31, 2015
 
—

 
$
—