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Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Equity-Based Compensation
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 June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Cost of revenue
 
$
35

 
$
22

 
$
137

 
$
54

Sales and marketing
 
100

 
72

 
192

 
160

General and administrative
 
3,552

 
3,554

 
7,041

 
7,977

Research and development
 
165

 
102

 
247

 
216

Total equity-based compensation
 
$
3,852

 
$
3,750

 
$
7,617

 
$
8,407


Equity-based compensation by equity award type:
(in thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2017
 
2016
 
2017
 
2016
Restricted stock
 
$
3,081

 
$
3,092

 
$
6,142

 
$
7,017

SARs
 
10

 
50

 
20

 
108

DSUs
 
74

 
94

 
148

 
193

 
 
3,165

 
3,236

 
6,310

 
7,318

Equity-based compensation for consolidated businesses
 
687

 
514

 
1,307

 
1,089

Total equity-based compensation
 
$
3,852

 
$
3,750

 
$
7,617

 
$
8,407



Unrecognized equity-based compensation by equity award type:
(in thousands, except weighted average years)
 
As of June 30,
 
Weighted Average Years Remaining of Equity-Based Compensation as of
 
 
2017
 
2016
 
June 30, 2017
Restricted stock
 
$
8,541

 
$
16,096

 
0.87
SARs
 
98

 
137

 
2.82
DSUs
 
282

 
578

 
0.95
 
 
8,921

 
16,811

 
 
Equity-based compensation for consolidated businesses
 
6,189

 
5,537

 
2.67
Total equity-based compensation
 
$
15,110

 
$
22,348

 
 
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 and six months ended June 30, 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

Granted
 
112,397

 
$
9.33

Vested
 
(81,391
)
 
$
13.33

Forfeited
 
(7,500
)
 
$
8.44

Issued and unvested as of June 30, 2016
 
2,692,481

 
$
15.73


 
 
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

Granted
 
54,310

 
$
13.95

Vested
 
(81,897
)
 
$
9.66

Issued and unvested as of June 30, 2017
 
2,109,341

 
$
14.39



The total aggregate fair value of restricted stock awards that vested and were converted into Actua’s Common Stock during the three and six months ended June 30, 2017 and 2016 was as follows:
(in thousands)
 
2017
 
2016
Three months ended March 31,
 
$
8,548

 
$
5,243

Three months ended June 30,
 
1,145

 
776

Six months ended June 30,
 
$
9,693

 
$
6,019



The following shares were surrendered by Actua's employees to satisfy their obligations for withholding taxes:
 
 
2017
 
2016
Three months ended March 31,
 
211,560

 
191,898

Three months ended June 30,
 
736

 
736

Six months ended June 30,
 
212,296

 
192,634
Issued and Unvested Shares Of Restricted Stock Granted
As of June 30, 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
509,885

 
Subject to certain service conditions, as discussed below
2,109,341

 
 
 
 
 
 
 
 
 
 
Changes in Stock Appreciation Rights
The activity with respect to SARs for the six-month periods ended June 30, 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

Granted
 
25,000

 
$
9.04

 
$
4.80

Outstanding as of June 30, 2016
 
504,656

 
$
10.56

 
$
5.75

 
 
 
 
 
 
 
 
 
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

Activity for the three months ended June 30, 2017
 
—

 
$
—

 
$
—

Outstanding as of June 30, 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:
 
 
2017
 
2016
Three months ended March 31,
 
171

 
—

Three months ended June 30,
 
—

 
—

Six months ended June 30,
 
171

 
—


The following table summarizes information about SARs outstanding as of June 30, 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 June 30, 2017
(in thousands)
$6.70 - $8.76
 
29,950

 
29,950

 
1.23
 
$
169

$9.02 - $9.25
 
43,625

 
24,875

 
7.25
 
215

$11.69 - $17.31
 
233,000

 
232,269

 
3.77
 
475

 
 
306,575

 
287,094

 
 
 
$
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 June 30, 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

Vested
 
(30,000
)
 
$
13.17

Forfeited
 
(15,000
)
 
$
13.17

Issued and unvested as of June 30, 2016
 
45,000

 
$
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

Vested
 
(5,625
)
 
$
13.17

Issued and unvested as of June 30, 2017
 
22,500

 
$
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 six-month periods ended June 30, 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.
 
Six Months Ended June 30,
 
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% - 1.49%
Dividend yield
—
 
—