XML 57 R44.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option and Restricted Stock Bonus Activities

The following summarizes stock option and restricted stock bonus activities for the years ended December 31, 2014, 2013 and 2012 after giving effect to the corporate conversion. At the date of grant, all options had an exercise price above the fair value of common stock:

 

     Number of
Options
    Weighted
Average
Exercise
Price of
Stock
Options
     Aggregate
Intrinsic
Value of
Stock
Options
     Weighted
Average
Remaining
Contractual
Life of
Stock
Options
 

Outstanding at January 1, 2012

     2,008,960      $ 6.79         2,773         8.1 years   

Granted

     1,319,500        8.29         —           —    

Forfeited

     (95,271     11.07         —           —    

Exercised

     (155,708     5.88         —           —    
  

 

 

         

Outstanding at December 31, 2012

     3,077,481      $ 7.35         26,385         7.9 years   
  

 

 

         

Vested and expected to vest at December 31, 2012

     3,021,937        7.32         25,988         7.9 years   

Exercisable at December 31, 2012

     1,726,891        6.54         16,203         7.0 years   
  

 

 

         

Outstanding at January 1, 2013

     3,077,481        7.35         26,385         7.9 years   

Granted

     455,000        17.08         —           —    

Forfeited

     (8,360     10.89         —           —    

Exercised

     (579,476     7.44         —           —    
  

 

 

         

Outstanding at December 31, 2013

     2,944,645      $ 8.82         31,558         7.3 years   
  

 

 

         

Vested and expected to vest at December 31, 2013

     2,916,184        8.78         31,376         7.3 years   

Exercisable at December 31, 2013

     1,946,475        7.00         24,325         6.7 years   
  

 

 

         

Outstanding at January 1, 2014

     2,944,645      $ 8.82         31,558         7.3 years   

Granted

     310,000        16.75         —           —    

Forfeited

     (31,905     8.34         —           —    

Exercised

     (6,795     7.03         —           —    
  

 

 

         

Outstanding at December 31, 2014

     3,215,945      $ 9.60         39,615         6.6 years   
  

 

 

         

Vested and expected to vest at December 31, 2014

     3,204,967        9.58         39,610         6.6 years   

Exercisable at December 31, 2014

     2,760,402        8.70         39,187         6.3 years   
  

 

 

         
Assumptions used in Black-Scholes Option-Pricing Model on Weighted Average Basis

The following summarizes the grant-date fair value of options granted for the years ended December 31, 2014, 2013 and 2012 and assumptions used in the Black-Scholes option-pricing model on a weighted average basis:

 

     Year Ended December 31,  
     2014     2013     2012  

Grant-date fair value of option

   $ 4.10      $ 4.30      $ 2.70   

Expected term

     2.7 Years        2.8 Years        3.0 Years   

Risk-free interest rate

     0.7     0.4     0.4

Expected volatility

     36.7     37.6     48.8

Expected dividends

                  
Number and Weighted Average Grant-Date Fair Value of Unvested Stock Options

The number and weighted average grant-date fair value of the unvested stock options are as follows:

 

     Year Ended December 31,  
     2014      2013      2012  
     Number     Weighted
Average
Grant-
Date
Fair Value
     Number     Weighted
Average
Grant-
Date
Fair Value
     Number     Weighted
Average
Grant-
Date
Fair Value
 

Unvested options at the beginning of the period

     998,170      $ 3.69         1,350,590      $ 2.79         796,514      $ 2.60   

Granted options during the period

     310,000        4.10         455,000        4.30         1,319,500        2.70   

Vested options during the period

     (819,818     3.61         (651,530     2.68         (654,022     2.32   

Forfeited options during the period

     (31,905     3.20         (7,106     3.92         (74,335     4.02   

Exercised options during the period

     (904     3.16         (148,784     2.46         (37,067     1.87   
  

 

 

      

 

 

      

 

 

   

Unvested options at the end of the period

     455,543      $ 4.18         998,170      $ 3.69         1,350,590      $ 2.79