Annual report pursuant to Section 13 and 15(d)

Stock-based Expense (Tables)

v3.19.3
Stock-based Expense (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
The following table represents a consolidated summary of our stock-based plan activity:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(in thousands)
Total compensation expense recognized
$
50,641

 
$
45,835

 
$
36,852

Cash proceeds related to stock-based expense transactions
$
13,163

 
$
27,014

 
$
28,490

Aggregate grant-date fair value of shares and stock options that vested during the year
$
49,711

 
$
48,662

 
$
28,624

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 and Equity Incentive Plan:
 
 
Number of Shares
 
Range of
Exercise Prices
 
Weighted Average
Exercise Price
Balance as of January 1, 2016
 
5,801,873

 
$
0.91

$
29.50

 
$
19.43

Exercised
 
(1,568,699
)
 
1.68

27.18

 
18.16

Forfeited/cancelled
 
(625,431
)
 
4.28

29.50

 
21.77

Expired
 
(654
)
 
0.91

0.91

 
0.91

Balance at December 31, 2016
 
3,607,089

 
2.55

29.50

 
19.58

Exercised
 
(1,344,569
)
 
5.04

29.50

 
20.09

Forfeited/cancelled
 
(61,892
)
 
15.19

25.70

 
19.66

Expired
 
(163
)
 
2.55

2.82

 
2.73

Balance at December 31, 2017
 
2,200,465

 
4.28

29.50

 
19.26

Exercised
 
(658,564
)
 
4.92

29.50

 
20.00

Forfeited/cancelled
 
(11,329
)
 
15.19

25.70

 
18.85

Expired
 
(2,250
)
 
7.00

7.00

 
7.00

Balance at December 31, 2018
 
1,528,322

 
4.28

29.50

 
18.96

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:
 
 
2018
 
2017
 
 
Options Fully Vested
 
Options Exercisable
 
Options Fully Vested and Expected to Vest
 
Options Exercisable
Number of options
 
1,528,322

 
1,528,322

 
2,200,465

 
1,999,278

Weighted-average remaining contractual term (in years)
 
4.1

 
4.1

 
5.5

 
5.3

Weighted-average exercise price
 
$
18.96

 
$
18.96

 
$
19.26

 
$
19.16

Aggregate intrinsic value, in thousands
 
$
44,674

 
$
44,674

 
$
55,106

 
$
50,257

Summary of Time-Based Restricted Share Awards' Activity
A summary of time-based restricted stock award activity is presented in the table below.
 
 
Number of
Shares
 
Weighted
Average Grant-Date Fair Value
Non-vested shares at January 1, 2016
 
1,068,706

 
$
20.05

Granted
 
1,793,257

 
20.79

Vested
 
(841,983
)
 
20.14

Forfeited/cancelled
 
(386,479
)
 
20.21

Non-vested shares at December 31, 2016
 
1,633,501

 
20.78

Granted
 
1,359,578

 
36.25

Vested
 
(953,749
)
 
23.73

Forfeited/cancelled
 
(283,342
)
 
28.01

Non-vested shares at December 31, 2017
 
1,755,988

 
30.05

Granted
 
1,289,866

 
53.26

Vested
 
(1,017,367
)
 
31.92

Forfeited/cancelled
 
(242,675
)
 
40.70

Non-vested shares at December 31, 2018
 
1,785,812

 
44.34

Market Based Restricted Stock Units Activity
A summary of market-based restricted stock award activity is presented in the table below.
 
 
Number of
Shares
 
Weighted
Average Grant-Date Fair Value
Balance as of January 1, 2016
 
1,015,095

 
$
11.85

Granted
 
794,025

 
13.58

Vested
 
(51,250
)
 
12.52

Forfeited/cancelled
 
(193,710
)
 
11.61

Balance at December 31, 2016
 
1,564,160

 
12.73

Granted
 
535,441

 
28.18

Vested
 
(1,407,133
)
 
13.69

Forfeited/cancelled
 
(2,303
)
 
13.34

Balance at December 31, 2017
 
690,165

 
22.76

Granted
 
517,364

 
35.66

Vested
 
(677,857
)
 
23.02

Balance at December 31, 2018
 
529,672

 
35.03

Restricted Stock Unit Valuation Assumptions
The weighted average of assumptions used to value awards granted during 2018, 2017, and 2016 were as follows:
 
 
2018
 
2017
 
2016
Risk-free interest rate
 
2.5
%
 
1.8
%
 
1.1
%
Expected volatility
 
31.2
%
 
31.6
%
 
41.5
%