Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

v2.4.1.9
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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:
 
 
Number of
Shares
 
Range of
Exercise
Prices
 
Weighted
Average
Exercise
Price
Balance, January 1, 2012
 
7,292,031

 
$
0.91

$
29.50

 
$
9.95

Granted
 
1,641,470

 
17.67

24.64

 
20.09

Exercised
 
(2,389,704
)
 
0.91

27.18

 
5.05

Forfeited/cancelled
 
(684,154
)
 
0.94

29.50

 
17.04

Expired
 
(1,030
)
 
0.94

27.18

 
2.73

Balance, December 31, 2012
 
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

 
24.35

Balance, December 31, 2013
 
5,914,802

 
0.91

29.50

 
18.56

Granted
 
1,934,031

 
15.19

21.54

 
17.68

Exercised
 
(907,765
)
 
0.91

21.60

 
10.92

Forfeited/cancelled
 
(1,336,894
)
 
4.28

29.50

 
20.93

Expired
 
(37,286
)
 
19.78

24.64

 
24.02

Balance, December 31, 2014
 
5,566,888

 
0.91

29.50

 
18.89

Outstanding Stock Options, Vested and Expected to Vest, Non-Vested and Stock Options Currently Exercisable
The below table provides information regarding stock options fully vested and expected to vest outstanding and exercisable at December 31:
 
 
2014
 
2013
 
 
Options Fully Vested and Expected to Vest
 
Options Exercisable
 
Options Fully Vested and Expected to Vest
 
Options Exercisable
Number of options
 
5,545,427

 
2,455,134

 
5,864,340

 
1,984,472

Weighted-average remaining contractual term (in years)
 
7.7

 
6.6

 
7.9

 
6.6

Weighted-average exercise price
 
$
18.88

 
$
17.04

 
$
18.53

 
$
14.42

Aggregate intrinsic value
 
$
22,012

 
$
14,704

 
$
32,023

 
$
18,784

Awards Granted Assumptions
The fair value of each stock option grant was estimated on 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:
 
2014
2013
2012
Risk-free interest rates
1.3%
1.3%
1.0%
Expected option life (in years)
4.4
6.0
6.0
Forfeiture rate
—%
0.9%
0.8%
Dividend yield
—%
—%
—%
Expected volatility
42.8%
48.5%
51.4%
Weighted-average grant date fair value
$6.44
$10.37
$9.78
Summary of Time-Based Restricted Share Awards' Activity
A summary of time-based restricted stock awards’ activity is presented in the table below.
 
 
Number of
Shares
 
Weighted
Average Grant-Date Fair Value
Non-vested shares at January 1, 2012
 
998,958

 
$
24.54

Granted
 
1,022,609

 
19.93

Vested
 
(426,675
)
 
23.08

Forfeited/cancelled
 
(233,945
)
 
23.34

Non-vested shares at December 31, 2012
 
1,360,947

 
21.58

Granted
 
1,747,501

 
22.09

Vested
 
(712,434
)
 
21.30

Forfeited/cancelled
 
(305,211
)
 
21.58

Non-vested shares at December 31, 2013
 
2,090,803

 
22.10

Granted
 
1,238,226

 
17.69

Vested
 
(1,101,143
)
 
21.18

Forfeited/cancelled
 
(603,367
)
 
20.36

Non-vested shares at December 31, 2014
 
1,624,519

 
20.01

Performance-Based Restricted Share Awards' Activity
A summary of performance-based restricted stock awards’ activity is presented in the table below.
 
 
Number of
Shares
 
Weighted
Average Grant-Date Fair Value
Non-vested shares at January 1, 2012
 
533,587

 
$
23.39

Granted
 
270,000

 
22.93

Vested
 
(132,791
)
 
12.87

Forfeited/cancelled
 
(395,539
)
 
27.26

Non-vested shares at December 31, 2012
 
275,257

 
22.46

Granted
 
100,000

 
21.60

Vested
 
(31,902
)
 
17.99

Forfeited/cancelled
 
(273,355
)
 
23.40

Non-vested shares at December 31, 2013
 
70,000

 
18.10

Granted
 

 

Vested
 

 

Forfeited/cancelled
 
(70,000
)
 
18.10

Non-vested shares at December 31, 2014
 

 

Market Based Restricted Stock Units Activity
A summary of performance-based restricted stock awards’ activity is presented in the table below.
 
 
Number of
Shares
 
Weighted
Average Grant-Date Fair Value
Balance at December 31, 2013
 

 
$

Granted
 
520,000

 
11.26

Vested
 

 

Forfeited/cancelled
 

 

Balance at December 31, 2014
 
520,000

 
11.26

Restricted Stock Unit Valuation Assumptions
The awards granted during 2014 were valued using the following assumptions:
Risk-free interest rates
1.1%
Expected volatility
43.6%