Stock Based Compensation

3 Months Ended

Mar. 31, 2017

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

Stock Based Compensation

Stock-Based Compensation

The following costs related to the Company’s stock-based compensation plan are included in the unaudited consolidated statements of income:

	Three months ended March 31,
	2017		2016
Cost of revenue	$	1,210	$	1,265
General and administrative expenses	2,596		2,372
Selling and marketing expenses	2,150		2,172
Total	$	5,956	$	5,809

As of March 31, 2017, the Company had 1,414,544 shares available for grant under the 2015 Amendment and Restatement of the 2006 Omnibus Award Plan.

Stock Options

Stock option activity under the Company’s stock plans is shown below:

	Number of Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Life (Years)
Outstanding at December 31, 2016	811,902		$	16.31	$	27,718	2.96
Granted	—		—
Exercised	(7,970	)	23.99
Forfeited	—		—
Outstanding at March 31, 2017	803,932		$	16.23	$	25,031	2.70
Vested and exercisable at March 31, 2017	803,932		$	16.23	$	25,031	2.70

The unrecognized compensation cost for outstanding options as of March 31, 2017 is nil. The Company did not grant any options during the three months ended March 31, 2017 and 2016. The total grant date fair value of options vested during the three months ended March 31, 2017 and 2016 was nil and $706, respectively.

Restricted Stock and Restricted Stock Units

Restricted stock and restricted stock unit activity under the Company’s stock plans is shown below:

	Restricted Stock				Restricted Stock Units
	Number		Weighted- Average Intrinsic Value		Number		Weighted- Average Intrinsic Value
Outstanding at December 31, 2016*	246,940		$	42.42	1,256,288		$	37.38
Granted	—		—		372,019		47.71
Vested	(24,426	)	35.91		(371,374	)	34.56
Forfeited	—		—		(13,890	)	41.66
Outstanding at March 31, 2017*	222,514		$	43.13	1,243,043		$	41.27

*     As of March 31, 2017 and December 31, 2016 restricted stock units vested for which the underlying common stock is yet to be issued are 138,328 and 135,054, respectively.

As of March 31, 2017, unrecognized compensation cost of $50,650 is expected to be expensed over a weighted average period of 3.07 years.

Performance Based Stock Awards

Performance restricted stock unit (the "PRSUs") activity under the Company’s stock plans is shown below:

	Revenue Based PRSUs			Market Condition Based PRSUs
	Number	Weighted Avg Fair Value		Number	Weighted Avg Fair Value
Outstanding at December 31, 2016	115,174	$	41.70	215,171	$	47.42
Granted	61,123	47.73		61,111	54.10
Vested	—	—		—	—
Forfeited	—	—		—	—
Outstanding at March 31, 2017	176,297	$	43.79	276,282	$	48.90

As of March 31, 2017, unrecognized compensation cost of $12,365 is expected to be expensed over a weighted average period of 2.13 years.