Stock-based Compensation:

On November 5, 2004, the Company adopted the 2004 Equity Incentive Plan (as amended to date, the “Plan”), which provides for the issuance of incentive and nonqualified common stock options to employees, directors, officers, and consultants of the Company. Subsequent to adoption, the Company amended the Plan to increase the number of shares of common stock reserved for issuance to 29,883,863. The term of each option shall be no more than 10 years. The options generally vest over a four-year period.

The grant-date fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The inputs used below are subjective and generally require significant analysis and judgment to develop. The Company has not declared or paid any cash dividends and does not currently expect to do so in the future. The risk-free interest rate used in the Black-Scholes-Merton option-pricing model is based on the implied yield currently available in U.S. Treasury securities at maturity with an equivalent term. Expected volatility is based on an average volatility of stock prices for a group of real estate and technology industry peers. The Company uses the “simplified method” to calculate expected life due to the lack of historical exercise data, which assumes a ratable rate of exercise over the contractual life to estimate the expected term for employee options. The expected term of options represents the period that the stock-based awards are expected to be outstanding for the remaining unexercised shares. The range of assumptions for the three and six months ended June 30, 2016 and 2017, are provided in the following table:



	Three Months Ended June 30,		Six Months Ended June 30,
	2016	2017	2016	2017

Expected life	7 years	7 years	7 years	7 years
Volatility	39.81%	40.97%	39.81%-41.36%	37.88%-40.97%
Risk-free interest rate	1.51%	1.96%	1.51%-1.66%	1.96%-2.26%
Dividend yield	—%	—%	—%	—%
Weighted-average grant date fair value	3.96	4.89	3.99	4.86

The following table presents information regarding options granted, exercised, forfeited, or cancelled for the periods presented:



	Number Of Options	Weighted- Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2016	13,291,684	$	5.85	7.74	$	61,774
Options granted	1,137,046	10.78
Options exercised	(301,622)	3.37			2,294
Options forfeited or canceled	(344,707)	8.01
Outstanding at June 30, 2017	13,782,401	6.26		7.46	65,065
Options exercisable at June 30, 2017	7,827,279	$	4.38	6.34	$	51,683

The following table presents the detail of stock-based compensation amounts included in the Company’s consolidated statements of operations for the periods indicated below:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2017		2016		2017

Cost of revenue	$	525	$	699	$	1,043	$	1,414
Technology and development	559		751		1,098		1,482
Marketing	112		123		221		242
General and administrative	718		1,065		1,372		2,182
Total stock-based compensation	$	1,914	$	2,638	$	3,734	$	5,320

There was $24,166 of total unrecognized stock-based compensation related to unvested stock option arrangements granted under the Plan as June 30, 2017.