Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes the equity-based compensation recognized by expense line item on Actua’s Consolidated Statements of Operations and Comprehensive Income (Loss):



(in thousands)	Three Months Ended March 31,
	2017		2016
Cost of revenue	$	102	$	32
Sales and marketing	92		88
General and administrative	3,489		4,423
Research and development	82		114
Total equity-based compensation	$	3,765	$	4,657

Equity-based compensation by equity award type:



(in thousands)	Three Months Ended March 31,
	2017		2016
Restricted stock	$	3,061	$	3,925
SARs	10		58
DSUs	74		99
	3,145		4,082
Equity-based compensation for consolidated businesses	620		575
Total equity-based compensation	$	3,765	$	4,657

Unrecognized equity-based compensation by equity award type:



(in thousands, except weighted average years)	Three Months Ended March 31,				Weighted Average Years Remaining of Equity-Based Compensation as of
	2017		2016		March 31, 2017
Restricted stock	$	10,864	$	18,387	1.04
SARs	108		67		3.03
DSUs	356		869		1.20
	11,328		19,323
Equity-based compensation for consolidated businesses	6,973		5,879		2.87
Total equity-based compensation	$	18,301	$	25,202

Changes in Restricted Stock

The table below summarizes the grant and vesting of performance plan-related restricted stock grants for each of 2015, 2016 and 2017.



	Percentage of Target Bonus Potentially Payable in Restricted Stock		ACTA Stock Price at Issuance		Restricted Shares Granted	Performance Plan Achievement Percentage		Restricted Shares Vested	Restricted Shares Forfeited
Actua 2015 Performance Plan	150	%	$	16.76	316,715	83	%	175,249	141,466
Actua 2016 Performance Plan	100	%	$	8.44	419,283	60	%	251,570	167,713
Actua 2017 Performance Plan	100	%	$	13.85	263,756	*		*	*

*To be determined in the first quarter of 2018.

Share activity with respect to restricted stock awards for the three months ended March 31, 2017 and 2016 was as follows:



	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Issued and unvested as of December 31, 2015	3,480,828		$	16.51
Granted	434,283		$	8.44
Vested	(657,317	)	$	18.75
Forfeited	(588,819	)	$	10.69
Issued and unvested as of March 31, 2016	2,668,975		$	15.93



	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Issued and unvested as of December 31, 2016	2,644,030		$	14.15
Granted	286,256		$	13.85
Vested	(625,646	)	$	15.30
Forfeited	(167,712	)	$	8.44
Issued and unvested as of March 31, 2017	2,136,928		$	14.22

The total aggregate fair value of restricted stock awards that vested and were converted into Actua’s Common Stock during the three months ended March 31, 2017 and 2016 was as follows:



(in thousands)	2017		2016
Three months ended March 31,	$	8,548	$	5,243

The following shares were surrendered by Actua's employees to satisfy their obligations for withholding taxes:

Issued and Unvested Shares Of Restricted Stock Granted

As of March 31, 2017, issued and unvested shares of restricted stock granted to Actua’s employees and directors vest as follows:



Number of Shares Unvested			Vesting Conditions
1,335,700			Subject to certain market conditions, as discussed below
263,756			Subject to certain performance conditions, as discussed below
537,472			Subject to certain service conditions, as discussed below
2,136,928

Changes in Stock Appreciation Rights

The activity with respect to SARs for the three months ended March 31, 2017 and 2016 was as follows:



	Number of SARs		Weighted Average Base Price		Weighted Average Fair Value
Outstanding as of December 31, 2015	479,656		$	10.64	$	5.80
Activity for the three months ended March 31, 2016	—		$	—	$	—
Outstanding as of March 31, 2016	479,656		$	10.64	$	5.80

	Number of SARs		Weighted Average Base Price		Weighted Average Fair Value
Outstanding as of December 31, 2016	307,514		$	11.28	$	6.21
Exercised ⁽¹⁾	(939	)	$	9.98	$	5.33
Outstanding as of March 31, 2017	306,575		$	11.28	$	6.21


⁽¹⁾	The exercise of SARs listed above resulted in the issuance of the following shares of Actua's Common Stock:

The following table summarizes information about SARs outstanding as of March 31, 2017:



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 March 31, 2017 (in thousands)
$6.70 - $8.76	29,950	29,950	1.47	$	169
$9.02 - $9.25	43,625	18,625	7.50	$	215
$11.69 - $17.31	233,000	231,988	4.02	$	475
	306,575	280,563		$	859

Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity

The following table summarizes the activity related to DSUs for the quarters ended March 31, 2017 and 2016:



	Number of shares		Weighted average grant date fair value
Issued and unvested as of December 31, 2015	90,000		$	13.17
Activity for the three months ended March 31, 2016	—		$	—
Issued and unvested as of March 31, 2016	90,000		$	13.17

	Number of shares		Weighted average grant date fair value
Issued and unvested as of December 31, 2016	33,750		$	13.17
Vested	(5,625	)	$	13.17
Issued and unvested as of March 31, 2017	28,125		$	13.17

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 three-month periods ended March 31, 2017 and 2016. 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.



	Three Months Ended March 31,
	2017	2016
Expected volatility	50%	45% - 50%
Average expected life of stock options (in years)	6.25	5.93 - 6.25
Risk-free interest rate	2.07%	1.42% - 1.44%
Dividend yield	—	—

Three months ended March 31,