XML 33 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation and Employee Benefit Plans
 9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation and Employee Benefit Plans
Stock-Based Compensation and Employee Benefit Plans
Options

The following is a summary of option activity for the nine months ended September 30, 2018:
 
 
Number of
Options
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding at January 1, 2018
7,918,853

 
$
5.75

 
—

 
—

Granted
1,031,550

 
$
5.41

 
—

 
—

Exercised
(531,747
)
 
$
0.98

 
—

 
—

Forfeited
(212,410
)
 
$
8.17

 
—

 
—

Expired
(185,067
)
 
$
10.91

 
—

 
—

Outstanding at September 30, 2018
8,021,179

 
$
5.84

 
5.9

 
$
24,922

Exercisable at September 30, 2018
6,329,697

 
$
5.76

 
5.2

 
$
21,739

Vested and expected to vest as of September 30, 2018
7,917,209

 
$
5.85

 
5.9

 
$
24,694

Total compensation cost related to nonvested option awards not yet recognized as of September 30, 2018 was $3.4 million and will be recognized over a weighted-average period of approximately 2.0 years. The aggregate intrinsic value of employee options exercised during the nine months ended September 30, 2018 and 2017 was $2.9 million and $5.0 million, respectively.

Restricted Stock Units

The following table summarizes our Restricted Stock Units ("RSUs") and Performance Restricted Stock Units ("PRSUs") activity during the nine months ended September 30, 2018:

 
Number of RSUs
 
Weighted-Average Grant Date Fair Value
Unvested at January 1, 2018
3,342,640

 
$
6.18

RSUs and PRSUs granted
1,304,194

 
$
5.71

RSUs vested
(514,972
)
 
$
7.60

RSUs forfeited/expired
(404,092
)
 
$
6.30

Unvested at September 30, 2018
3,727,770

 
$
5.80

Expected to vest after September 30, 2018
3,066,327

 
$
5.86



As of September 30, 2018, there was $13 million of unrecognized compensation cost related to unvested RSUs and PRSUs, which is expected to be recognized over a weighted-average period of 2.6 years.
Stock-based compensation expense related to stock options, RSUs, PRSUs and the Employee Stock Purchase Plan ("ESPP") are included in the following line items in our accompanying consolidated statements of operations for the three months and nine months ended September 30, 2018 and 2017 (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Sales and marketing
$
452

 
$
538

 
$
1,492

 
$
1,830

Technology and analytics
621

 
499

 
1,874

 
1,824

Processing and servicing
77

 
99

 
278

 
429

General and administrative
1,698

 
1,920

 
5,208

 
5,438

Total
$
2,848

 
$
3,056

 
$
8,852

 
$
9,521