Stock-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of Stock Option Transactions Under Equity Plan, Stock Incentive Plan, Multifamily Technology Solutions Plan and Board Plan |
The following table summarizes stock option transactions under our Stock Incentive Plan, Equity Incentive Plan, Board Plan, and MTS Plan:
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Number of Shares |
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Range of
Exercise Prices
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Weighted Average
Exercise Price
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Balance, January 1, 2013 |
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5,858,613 |
|
|
$ |
0.91 |
|
– |
$ |
29.50 |
|
|
$ |
13.97 |
|
Granted |
|
2,421,124 |
|
|
19.78 |
|
– |
25.70 |
|
|
22.20 |
|
Exercised |
|
(1,556,865 |
) |
|
0.91 |
|
– |
25.24 |
|
|
6.81 |
|
Forfeited/cancelled |
|
(800,470 |
) |
|
4.28 |
|
– |
29.50 |
|
|
18.71 |
|
Expired |
|
(7,600 |
) |
|
24.03 |
|
– |
24.64 |
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|
24.35 |
|
Balance, December 31, 2013 |
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5,914,802 |
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|
0.91 |
|
– |
29.50 |
|
|
18.56 |
|
Granted |
|
1,934,031 |
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|
15.19 |
|
– |
21.54 |
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|
17.68 |
|
Exercised |
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(907,765 |
) |
|
0.91 |
|
– |
21.60 |
|
|
10.92 |
|
Forfeited/cancelled |
|
(1,336,894 |
) |
|
4.28 |
|
– |
29.50 |
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|
20.93 |
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Expired |
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(37,286 |
) |
|
19.78 |
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– |
24.64 |
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|
24.02 |
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Balance, December 31, 2014 |
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5,566,888 |
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|
0.91 |
|
– |
29.50 |
|
|
18.89 |
|
Granted |
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2,434,198 |
|
|
18.79 |
|
– |
23.10 |
|
|
19.81 |
|
Exercised |
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(809,303 |
) |
|
0.91 |
|
– |
21.60 |
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|
14.97 |
|
Forfeited/cancelled |
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(1,389,910 |
) |
|
5.04 |
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– |
29.50 |
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|
20.54 |
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Balance, December 31, 2015 |
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5,801,873 |
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|
0.91 |
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– |
29.50 |
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|
19.43 |
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| Outstanding Stock Options, Vested and Expected to Vest, Non-Vested and Stock Options Currently Exercisable |
The below table provides information regarding outstanding stock options which were fully vested and expected to vest and exercisable options at December 31:
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2015 |
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2014 |
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Options Fully Vested and Expected to Vest |
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Options Exercisable |
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Options Fully Vested and Expected to Vest |
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Options Exercisable |
Number of options |
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5,795,711 |
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|
2,843,655 |
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|
5,545,427 |
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|
2,455,134 |
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Weighted-average remaining contractual term (in years) |
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7.5 |
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|
6.4 |
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7.7 |
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|
6.6 |
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Weighted-average exercise price |
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$ |
19.43 |
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$ |
18.67 |
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$ |
18.88 |
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$ |
17.04 |
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Aggregate intrinsic value, in thousands |
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$ |
21,080 |
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$ |
13,316 |
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$ |
22,012 |
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$ |
14,704 |
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| Awards Granted Assumptions |
The fair value of each stock option grant was estimated as of the date of grant using the Black Scholes option-pricing model with the following weighted-average assumptions and resulting weighted-average fair value per share:
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2015 |
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2014 |
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2013 |
Risk-free interest rate |
1.5% |
|
1.3% |
|
1.3% |
Expected option life (in years) |
4.6 |
|
4.4 |
|
6.0 |
Forfeiture rate |
0.0% |
|
0.0% |
|
0.9% |
Expected volatility |
42.3% |
|
42.8% |
|
48.5% |
Weighted-average grant date fair value |
$7.42 |
|
$6.44 |
|
$10.37 |
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| Summary of Time-Based Restricted Share Awards' Activity |
A summary of time-based restricted stock award activity is presented in the table below.
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Number of
Shares
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Weighted
Average Grant-Date Fair Value
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Non-vested shares at January 1, 2013 |
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1,360,947 |
|
|
$ |
21.58 |
|
Granted |
|
1,747,501 |
|
|
22.09 |
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Vested |
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(712,434 |
) |
|
21.30 |
|
Forfeited/cancelled |
|
(305,211 |
) |
|
21.58 |
|
Non-vested shares at December 31, 2013 |
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2,090,803 |
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|
22.10 |
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Granted |
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1,238,226 |
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|
17.69 |
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Vested |
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(1,101,143 |
) |
|
21.18 |
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Forfeited/cancelled |
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(603,367 |
) |
|
20.36 |
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Non-vested shares at December 31, 2014 |
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1,624,519 |
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|
20.01 |
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Granted |
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913,077 |
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|
19.84 |
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Vested |
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(1,077,102 |
) |
|
19.78 |
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Forfeited/cancelled |
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(391,788 |
) |
|
18.65 |
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Non-vested shares at December 31, 2015 |
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1,068,706 |
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|
20.05 |
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| Market Based Restricted Stock Units Activity |
A summary of market-based restricted stock award activity is presented in the table below.
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Number of
Shares
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|
Weighted
Average Grant-Date Fair Value
|
Balance at January 1, 2014 |
|
— |
|
|
$ |
— |
|
Granted |
|
520,000 |
|
|
11.26 |
|
Vested |
|
— |
|
|
— |
|
Forfeited/cancelled |
|
— |
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|
— |
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Balance at December 31, 2014 |
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520,000 |
|
|
11.26 |
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Granted |
|
691,165 |
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|
11.59 |
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Vested |
|
— |
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|
— |
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Forfeited/cancelled |
|
(196,070 |
) |
|
9.39 |
|
Balance at December 31, 2015 |
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1,015,095 |
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|
11.85 |
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| Restricted Stock Unit Valuation Assumptions |
The weighted average of assumptions used to value awards granted during 2015 and 2014 were as follows:
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2015 |
|
2014 |
Risk-free interest rate |
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1.1% |
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1.1% |
Expected volatility |
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38.7% |
|
43.6% |
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| Performance-Based Restricted Share Awards' Activity |
A summary of performance-based restricted stock award activity is presented in the table below:
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Number of
Shares
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Weighted
Average Grant-Date Fair Value
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Non-vested shares at January 1, 2013 |
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275,257 |
|
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$ |
22.46 |
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Granted |
|
100,000 |
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|
21.60 |
|
Vested |
|
(31,902 |
) |
|
17.99 |
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Forfeited/cancelled |
|
(273,355 |
) |
|
23.40 |
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Non-vested shares at December 31, 2013 |
|
70,000 |
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|
18.10 |
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Granted |
|
— |
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— |
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Vested |
|
— |
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|
— |
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Forfeited/cancelled |
|
(70,000 |
) |
|
18.10 |
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Non-vested shares at December 31, 2014 |
|
— |
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|
— |
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Granted |
|
20,000 |
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|
18.79 |
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Vested |
|
— |
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|
— |
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Forfeited/cancelled |
|
— |
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|
— |
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Non-vested shares at December 31, 2015 |
|
20,000 |
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|
18.79 |
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|