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Equity (Tables)
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Weighted Average Exercise Price

 

Weighted Average Remaining Contractual Life (Years)

 

Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Outstanding as of December 31, 2012

 

 2,621,686 

 

$

 13.03 

 

 

 5.55 

 

$

 11,373 

Granted

 

 177,000 

 

$

 15.62 

 

 

 

 

 

 

Exercised

 

 (333,395)

 

$

 6.84 

 

 

 

 

 

 

Forfeited or expired

 

 (360,139)

 

$

 18.18 

 

 

 

 

 

 

Outstanding as of December 31, 2013

 

 2,105,152 

 

$

 13.34 

 

 

 4.86 

 

$

 10,790 

Granted

 

 119,000 

 

$

 14.22 

 

 

 

 

 

 

Exercised

 

 (265,675)

 

$

 5.05 

 

 

 

 

 

 

Forfeited or expired

 

 (262,347)

 

$

 21.02 

 

 

 

 

 

 

Outstanding as of December 31, 2014

 

 1,696,130 

 

$

 13.52 

 

 

 3.88 

 

$

 4,435 

Granted

 

 35,000 

 

$

 13.52 

 

 

 

 

 

 

Exercised

 

 (284,791)

 

$

 6.54 

 

 

 

 

 

 

Forfeited or expired

 

 (150,590)

 

$

 21.82 

 

 

 

 

 

 

Outstanding as of December 31, 2015

 

 1,295,749 

 

$

 14.09 

 

 

 2.83 

 

$

 1,261 

Exercisable at December 31, 2015

 

 1,159,445 

 

$

 14.06 

 

 

 2.21 

 

$

 1,261 

Vested and expected to vest at December 31, 2015

 

 1,295,749 

 

$

 14.09 

 

 

 2.78 

 

$

 1,261 

 

Schedule of Option Pricing Model Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

2015

 

2014

 

2013

Expected volatility

 

 

 

 

 43% 

 

 

44% - 50%

 

 

50 - 64%

Dividend yield

 

 

 

 

 -

 

 

 -

 

 

 -

Risk-free interest rate

 

 

 

 

1.50%-1.72%

 

 

1.41%-1.71%

 

 

0.81%-1.62%

Expected life (in years)

 

 

 

 

 4.00 

 

 

 4.00 

 

 

 4.00 

 

Schedule Of Preformance Based RSU Vesting Schedule

 

 

Time Vested RSUs

Performance Vested RSUs

Vest in 3 annual installments beginning one year after the date of grant

 

Performance Goals

By Weight

 

Potential Award

Further Time Vesting

 

Weight 50% - 

 

Achievement of at least 85% of a one-year Earnings Before Interest and Taxes (“EBIT”) performance target

 

 

 

 

 

Weight 30% - 

 

Achievement of at least 85% of a one-year revenue performance target

 

 

 

 

 

 

Weight 20% - 

 

Achievement of at least 80% of a one-year free cash flow performance target

 

 

 

 

 

 

 

Executive may earn from 0% to 200% of the performance-based RSUs based on the level of achievement of the performance goal

 

 

 

 

 

 

Executive may earn from 0% to 200% of the performance-based RSUs based on the level of achievement of the performance goal

 

 

 

 

 

 

Executive may earn from 0% to 200% of the performance-based RSUs based on the level of achievement of the performance goal

 

 

 

 

1/3 of the earned RSUs  vest upon certification of achievement by the Compensation Committee and 2/3 vest equally on the one- and two-year anniversary of the certification date

 

 

 

1/3 of the earned RSUs  vest upon certification of achievement by the Compensation Committee and 2/3 vest equally on the one-and two-year anniversary of the certification date

 

 

 

 

1/3 of the earned RSUs  vest upon certification of achievement by the Compensation Committee and 2/3 vest equally on the one-  and two-year anniversary of the certification date

 

 

The following represents the vesting schedule of performance-based RSUs granted during the year ended December 31, 2014:

 

Time Vested RSUs

(50% of Award)

Performance Vested RSUs (50% of Award)

Vest in 3 annual installments beginning one year after the date of grant

Performance Goals - each weighted 50%

Potential Award

Further Time Vesting

Achievement of at least 70% of a one-year cumulative earnings per share performance goal

 

 

 

Achievement of at least 90% of a one-year revenue performance goal

 

 

Executive may earn from 50% to 200% of the target number of RSUs based on the level of achievement of the performance goal

 

 

Executive may earn from 50% to 200% of the target number of RSUs based on the level of achievement of the performance goal

 

Earned RSUs vest 50% upon satisfaction of performance goal and 50% on the one-year anniversary of the end of the performance period

 

 

Earned RSUs vest 50% upon satisfaction of performance goal and 50% on the one-year anniversary of the end of the performance period

 

The following represents the vesting schedule of performance-based RSUs granted during the years ended December 31, 2013:

 

Time Vested RSUs

(50% of Award)

Performance Vested RSUs (50% of Award)

Vest in 3 annual installments beginning one year after the date of grant

Performance Goal

Potential Award

Further Time Vesting

Achievement of at least 70% of a two-year cumulative earnings per share performance goal

Executive may earn from 50% to 200% of the target number of RSUs based on the level of achievement of the performance goal

Earned RSUs vest 50% upon satisfaction of performance goal and 50% one year later

 

Restricted Stock Awards and Restricted Stock Units Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Awards

 

Restricted Stock Units

 

 

 

Weighted

 

 

 

Weighted

 

 

 

Average

 

 

 

Average

 

 

 

Grant Date

 

 

 

Grant Date

 

Shares

 

Fair Value

 

Units

 

Fair Value

Unvested at December 31, 2012

 

 355,509 

 

$

 13.37 

 

 

 1,414,661 

 

$

 20.61 

Granted

 

 21,590 

 

$

 16.56 

 

 

 1,637,114 

 

$

 14.96 

Vested

 

 (89,006)

(1)

$

 14.81 

 

 

 (329,542)

(1)

$

 21.52 

Forfeited

 

 (77,603)

 

$

 12.46 

 

 

 (756,566)

 

$

 14.71 

Unvested at December 31, 2013

 

 210,490 

 

$

 13.43 

 

 

 1,965,667 

 

$

 16.50 

Granted

 

 9,973 

 

$

 15.04 

 

 

 1,749,993 

 

$

 16.05 

Vested

 

 (68,420)

(1)

$

 15.03 

 

 

 (541,888)

(1)

$

 17.64 

Forfeited

 

 (144,555)

 

$

 12.67 

 

 

 (1,176,301)

 

$

 16.51 

Unvested at December 31, 2014

 

 7,488 

 

$

 15.61 

 

 

 1,997,471 

 

$

 15.78 

Granted

 

 15,987 

 

$

 15.01 

 

 

 2,866,562 

 

$

 10.14 

Vested

 

 (15,480)

(1)

$

 15.30 

 

 

 (505,025)

(1)

$

 16.20 

Forfeited

 

 (1,328)

 

$

 15.00 

 

 

 (1,270,630)

 

$

 14.14 

Unvested at December 31, 2015

 

 6,667 

 

$

 15.00 

 

 

 3,088,378 

 

$

 10.75 

(1)

The RSAs vested during the years ended December 31, 2015, 2014, and 2013 consisted entirely of time-based awards. The RSUs vested during the year ended December 31, 2015 consisted of 67,893 performance-based awards and 437,132 time-based awards. The RSUs vested during the year ended December 31, 2014 consisted of 30,946 performance-based awards and 510,942 time-based awards. The RSUs vested during the year ended December 31, 2013 consisted of 52,288 performance-based awards and 277,254 time-based awards.