Quarterly report pursuant to Section 13 or 15(d)

Share-based Compensation

v2.3.0.15
Share-based Compensation
9 Months Ended
Sep. 30, 2011
Share-based Compensation [Abstract]  
Share-based Compensation
7. Share-based Compensation
On March 1, 2011, we granted 449,850 options with an exercise price of $24.03 which vest over four years with 75% vesting over 15 quarters and the remaining 25% vesting on the 16th quarter. We also granted 299,900 shares of restricted stock at $24.03 which vest ratably over four years. Both stock options and restricted stock were granted under the 2010 Equity Plan.
On April 1, 2011, we granted 17,535 shares of restricted stock at $28.52 which vest ratably over four years to our Board of Directors under the 2010 Equity Plan.
On May 10, 2011, we granted 147,950 options with an exercise price of $29.50 which vest over four years with 75% vesting over 15 quarters and the remaining 25% vesting on the 16th quarter. We also granted 98,800 shares of restricted stock at $29.50 which vest ratably over four years. Both stock options and restricted stock were granted under the 2010 Equity Plan. In connection with our strategic acquisition of Compliance Depot in May 2011, we granted 17,500 shares of restricted stock at $29.50 to certain employees of Compliance Depot which vest as certain revenue targets are achieved.
In connection with our acquisition of SLN on August 9, 2011, we granted an employee 67,500 options with an exercise price of $24.03 and 49,500 shares of restricted stock. The options vest over four years with 75% vesting over 15 quarters and the remaining 25% vesting on the 16th quarter. The restricted shares vest over four years with 0% vesting in the first two years and 12.5% vesting quarterly thereafter. Both stock options and restricted stock were granted under the 2010 Equity Plan.
On August 9, 2011, we granted 266,700 options with an exercise price of $24.03 which vest over four years with 75% vesting over 15 quarters and the remaining 25% vesting on the 16th quarter. We also granted 177,900 shares of restricted stock which vest ratably over four years. Both stock options and restricted stock were granted under the 2010 Equity Plan.
In connection with our acquisition of MTS, on August 24, 2011, we assumed 349,693 options granted from MTS’s 2005 Equity Incentive Plan (“MTS Plan”). Assumed options were converted to equivalent share-based awards of RealPage based on the ratio of our fair market value of stock to the fair market value of MTS’s stock on the acquisition date. The number of shares and ratio of exercise price to market price were equitably adjusted to preserve the intrinsic value of the award as of immediately prior to the acquisition. The conversion was accounted for as a modification under the provisions of GAAP which did not result in an incremental increase in the fair value of the assumed option awards. As of September 30, 2011, we had 344,183 assumed options outstanding under the MTS Plan. The majority of assumed options vest over a four-year period at a rate of 25% or 20% after one year and then monthly on a straight-line basis thereafter while others vest ratably over a four-year period. Options granted generally are exercisable up to 10 years. No further options will be granted under the MTS Plan.
On August 29, 2011, in connection with our acquisition of MTS, we granted certain employees 249,300 options with an exercise price of $19.73 which vest which vest over four years with 75% vesting over 15 quarters and the remaining 25% vesting on the 16th quarter and also granted 146,200 shares of restricted stock which vest ratably over four years. These stock options and restricted shares were granted under the 2010 Equity Plan.