Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

v3.3.1.900
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
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, 2013
 
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

Granted
 
2,434,198

 
18.79

23.10

 
19.81

Exercised
 
(809,303
)
 
0.91

21.60

 
14.97

Forfeited/cancelled
 
(1,389,910
)
 
5.04

29.50

 
20.54

Balance, December 31, 2015
 
5,801,873

 
0.91

29.50

 
19.43

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:
 
 
2015
 
2014
 
 
Options Fully Vested and Expected to Vest
 
Options Exercisable
 
Options Fully Vested and Expected to Vest
 
Options Exercisable
Number of options
 
5,795,711

 
2,843,655

 
5,545,427

 
2,455,134

Weighted-average remaining contractual term (in years)
 
7.5

 
6.4

 
7.7

 
6.6

Weighted-average exercise price
 
$
19.43

 
$
18.67

 
$
18.88

 
$
17.04

Aggregate intrinsic value, in thousands
 
$
21,080

 
$
13,316

 
$
22,012

 
$
14,704

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:
 
2015
 
2014
 
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
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, 2013
 
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

Granted
 
913,077

 
19.84

Vested
 
(1,077,102
)
 
19.78

Forfeited/cancelled
 
(391,788
)
 
18.65

Non-vested shares at December 31, 2015
 
1,068,706

 
20.05

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 at January 1, 2014
 

 
$

Granted
 
520,000

 
11.26

Vested
 

 

Forfeited/cancelled
 

 

Balance at December 31, 2014
 
520,000

 
11.26

Granted
 
691,165

 
11.59

Vested
 

 

Forfeited/cancelled
 
(196,070
)
 
9.39

Balance at December 31, 2015
 
1,015,095

 
11.85

Restricted Stock Unit Valuation Assumptions
The weighted average of assumptions used to value awards granted during 2015 and 2014 were as follows:
 
 
2015
 
2014
Risk-free interest rate
 
1.1%
 
1.1%
Expected volatility
 
38.7%
 
43.6%
Performance-Based Restricted Share Awards' Activity
A summary of performance-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, 2013
 
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
 

 

Granted
 
20,000

 
18.79

Vested
 

 

Forfeited/cancelled
 

 

Non-vested shares at December 31, 2015
 
20,000

 
18.79