Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

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

Stock-Based Compensation

Stock-Based Compensation

The following table summarizes the assumptions used for estimating the fair value of stock options granted during the three months ended March 31, 2015:

	2015
Risk-free interest rate	1.95 - 2.13%
Expected term (years)	6.04
Expected volatility	42.24 - 46.51%
Dividend yield	0%
Weighted-average grant date fair value per share	$8.78

The following is a summary of option activity during the three months ended March 31, 2015:

	Number of Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(in years)	(in thousands)
Outstanding at January 1, 2015	10,371,472		$	4.59
Granted	251,021		$	19.73
Exercised	(367,421	)	$	1.00
Forfeited	(136,444	)	$	3.55
Expired	(13,451	)	$	0.65
Outstanding at March 31, 2015	10,105,177		$	5.11	8.27	$	165,086
Exercisable at March 31, 2015	3,279,655		$	0.82	7.23	$	67,902
Vested or expected to vest as of March 31, 2015	9,440,461		$	4.87	8.36	$	157,175

Stock-based compensation expense was attributed to the following line items in our accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, (in thousands):

	2015		2014
Sales and marketing	$	575	$	46
Technology and analytics	436		49
Processing and servicing	147		19
General and administrative	884		119
Total	$	2,042	$	233

Total compensation cost related to nonvested awards not yet recognized as of March 31, 2015 was $20.5 million and will be recognized over a weighted-average period of approximately 3.28 years. The aggregate intrinsic value of employee options exercised during the three months ended March 31, 2015 was $6.1 million.