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Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Summary of Restricted Stock Unit Activity and Related Information

A summary of the Company’s restricted stock unit activity and related information is as follows:

 

 

 

Restricted stock units outstanding

 

 

Weighted-average grant date fair value

 

Balance as of December 31, 2015

 

 

-

 

 

$

-

 

Granted

 

 

596,217

 

 

 

17.00

 

Vested

 

 

-

 

 

 

-

 

Forfeited

 

 

(9,993

)

 

 

17.00

 

Cancelled

 

 

-

 

 

 

-

 

Balance as of December 31, 2016

 

 

586,224

 

 

$

17.00

 

 
Service-based Stock Options  
Summary of Stock Option Activity and Related Information

A summary of the Company’s service-based stock option activity and related information is as follows:

 

 

 

Options

outstanding

 

 

Weighted-average exercise price (1)

 

 

Weighted-average remaining

contractual life

(in years)

 

 

Aggregate intrinsic

values

(in thousands)

 

Balance as of December 31, 2015

 

 

3,997,502

 

 

$

3.66

 

 

 

 

 

 

 

 

 

Granted

 

 

1,872,897

 

 

 

13.58

 

 

 

 

 

 

 

 

 

Exercised

 

 

(2,447,443

)

 

 

3.55

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(212,589

)

 

 

4.40

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(41,400

)

 

 

3.62

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2016

 

 

3,168,967

 

 

$

8.55

 

 

 

8.7

 

 

$

64,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable, December 31, 2016

 

 

1,189,880

 

 

$

1.86

 

 

 

7.3

 

 

$

32,223

 

 

(1)

The weighted-average exercise prices reflect the impact of the $1.79 exercise price modification for any activity occurring after the June 7, 2016 modification date.
Summary of Additional Information Relating to Stock Options Activity

Additional information relating to service-based options is as follows (in thousands, except per share data):

 

 

 

Predecessor

 

 

 

Successor

 

 

 

Period from

 

 

 

Period from

 

 

 

 

 

 

 

 

 

 

 

January 1, 2014

 

 

 

February 1, 2014

 

 

 

 

 

 

 

 

 

 

 

through

 

 

 

through

 

 

Year ended December 31,

 

 

 

January 31, 2014

 

 

 

December 31, 2014

 

 

2015

 

 

2016

 

Stock-based compensation expense

 

$

-

 

 

 

$

287

 

 

$

503

 

 

$

4,286

 

Intrinsic value of options exercised

 

 

-

 

 

 

 

-

 

 

 

12

 

 

 

2,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average grant date fair value

   of options granted (per share) (1)

 

$

-

 

 

 

$

0.60

 

 

$

0.99

 

 

$

5.07

 

 

(1)

Based on the grant date fair value at the date of grant, excluding the impact of any subsequent modifications. The weighted-average incremental fair value related to 640,600 service-based options modified in June 2016 was $3.63.
Summary of Weighted-Average Assumptions

For the Predecessor 2014 Period, the Successor 2014 Period and the years ended December 31, 2015 and 2016, the fair value of service-based stock options granted were calculated using the following weighted-average assumptions:

 

 

 

Predecessor

 

 

Successor

 

 

 

Period from

 

 

Period from

 

 

 

 

 

 

 

 

 

 

 

January 1, 2014

 

 

February 1, 2014

 

 

 

 

 

 

 

 

 

 

 

through

 

 

through

 

 

Year ended December 31,

 

 

 

January 31, 2014

 

 

December 31, 2014

 

 

2015

 

 

2016

 

Expected term (in years)

 

n/a

 

 

 

4.7

 

 

 

4.1

 

 

 

5.9

 

Expected volatility

 

n/a

 

 

 

45.00

%

 

 

40.92

%

 

 

36.50

%

Risk-free interest rate

 

n/a

 

 

 

1.34

%

 

 

1.51

%

 

 

1.34

%

Expected dividend yield

 

n/a

 

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 
Performance-based Stock Options  
Summary of Stock Option Activity and Related Information

A summary of the Company’s performance-based stock option activity and related information is as follows:

 

 

 

Options

outstanding

 

 

Weighted-average exercise price (1)

 

 

Weighted-average remaining

contractual life

(in years)

 

 

Aggregate intrinsic

values

(in thousands)

 

Balance as of December 31, 2015

 

 

4,848,869

 

 

$

3.64

 

 

 

 

 

 

 

 

 

Granted

 

 

276,690

 

 

 

6.69

 

 

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(1,265,992

)

 

 

3.57

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(23,460

)

 

 

3.62

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2016

 

 

3,836,107

 

 

$

2.46

 

 

 

7.8

 

 

$

101,592

 

 

(1)

The weighted-average exercise prices reflect the impact of the $1.79 exercise price modification for any activity occurring after the June 7, 2016 modification date.
Summary of Additional Information Relating to Stock Options Activity

Additional information relating to performance-based options is as follows (in thousands, except per share data):

 

 

 

Predecessor

 

 

 

Successor

 

 

 

Period from

 

 

 

Period from

 

 

 

 

 

 

 

 

 

 

 

January 1, 2014

 

 

 

February 1, 2014

 

 

 

 

 

 

 

 

 

 

 

through

 

 

 

through

 

 

Year ended December 31,

 

 

 

January 31, 2014

 

 

 

December 31, 2014

 

 

2015

 

 

2016

 

Stock-based compensation expense

 

$

-

 

 

 

$

-

 

 

$

-

 

 

$

1,813

 

Intrinsic value of options exercised

 

$

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average grant date fair value

   of options granted (per share) (1)

 

$

-

 

 

 

$

0.40

 

 

$

0.50

 

 

$

1.52

 

 

(1)

Based on the grant date fair value at the date of grant, excluding the impact of any subsequent modifications. The weighted-average incremental fair value related to 1,109,163 performance-based options modified in June 2016 was $0.31.