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Share-based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Employees  
Share-based compensation  
Schedule of non-vested ordinary shares activity

 

 

 

Number of Shares

 

Weighted-Average
Grant-Date Fair Value

 

 

 

 

 

US$

 

 

 

 

 

 

 

Unvested at January 1, 2013

 

2,829,080

 

0.24

 

Granted

 

 

 

 

Vested

 

(2,320,633

)

0.24

 

Forfeited

 

(508,447

)

0.24

 

 

 

 

 

 

 

Unvested at December 31, 2013

 

 

 

 

 

 

 

 

 

 

Schedule of service-based share options activity

 

Share options

 

Number of share
options

 

Weighted
Average
Exercise Price

 

Weighted
Average
Remaining
Contractual
Term (years)

 

Aggregate
Intrinsic Value

 

 

 

 

 

US$

 

 

 

US$

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of January 1, 2013

 

 

 

 

 

 

 

 

Granted

 

3,048,750

 

3.96

 

 

 

 

 

Share options exchanged in connection with the share option exchange program

 

23,863,578

 

3.96

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

Forfeited or cancelled

 

 

 

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2013

 

26,912,328

 

3.96

 

9.4

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

2,745,000

 

8.20

 

 

 

 

 

Exercised

 

(849,844

)

3.96

 

 

 

 

 

Forfeited or cancelled

 

(2,606,232

)

4.31

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2014

 

26,201,252

 

4.37

 

8.5

 

189,729

 

 

 

 

 

 

 

 

 

 

 

Granted

 

5,652,500

 

13.17

 

 

 

 

 

Exercised

 

(2,694,404

)

4.07

 

 

 

 

 

Forfeited or cancelled

 

(1,724,726

)

6.07

 

 

 

 

 

Expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2015

 

27,434,622

 

6.10

 

8.1

 

275,040

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest as of December 31, 2015

 

24,691,160

 

6.10

 

8.1

 

247,536

 

Exercisable as of December 31, 2015

 

7,250,546

 

4.08

 

7.4

 

87,394

 

 

Schedule of assumptions used to calculate estimated fair value of each option grant

 

 

 

2013

 

2014

 

2015

 

Expected volatility

 

47%~50%

 

52%~53%

 

33%~50%

 

Risk-free interest rate (per annum)

 

1.83%~2.91%

 

2.42%~3.50%

 

2.17%~2.65%

 

Exercise multiples

 

2.8 

 

2.8 

 

2.0~2.8

 

Expected dividend yield

 

 

 

 

Expected term (in years)

 

7.4~10.0

 

10.0 

 

10.0 

 

Fair value of the underlying shares on the date of option grants (US$)

 

3.96 

 

6.33~12.51

 

11.57~14.69

 

 

Non-employees  
Share-based compensation  
Schedule of RSUs activity

 

 

 

Number of RSUs

 

Weighted-Average
Grant-Date Fair Value

 

 

 

 

 

US$

 

Unvested at January 1, 2013

 

 

 

 

Granted

 

107,992

 

3.96

 

Vested

 

(77,992

)

3.96

 

 

 

 

 

 

 

Unvested at December 31, 2013

 

30,000

 

3.96

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested at January 1, 2014

 

30,000

 

3.96

 

Granted

 

389,965

 

7.89

 

Vested

 

(5,000

)

3.96

 

 

 

 

 

 

 

Unvested at December 31, 2014

 

414,965

 

7.65

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested at January 1, 2015

 

414,965

 

7.65

 

Granted

 

300,000

 

12.94

 

Vested

 

(237,779

)

7.56

 

 

 

 

 

 

 

Unvested at December 31, 2015

 

477,186

 

11.02

 

 

 

 

 

 

 

 

Founder  
Share-based compensation  
Schedule of assumptions used to calculate estimated fair value of each option grant

 

 

 

2015

 

Expected volatility

 

36%~38%

 

Risk-free interest rate (per annum)

 

2.74%~2.79%

 

Exercise multiples

 

2.0 

 

Expected dividend yield

 

 

Expected term (in years)

 

10.0 

 

Fair value of the underlying shares on the date of option grants (US$)

 

16.70~16.93

 

 

Vesting Based On Service | Employees  
Share-based compensation  
Schedule of RSUs activity

 

 

 

Number of RSUs

 

Weighted-Average
Grant-Date Fair Value

 

 

 

 

 

 

 

Unvested at January 1, 2013

 

30,818,337

 

3.65

 

Granted

 

15,075,413

 

3.95

 

RSUs exchanged in connection with the share option exchange program

 

(7,954,526

)

3.83

 

Vested

 

(6,365,824

)

3.62

 

Forfeited

 

(4,422,552

)

3.66

 

 

 

 

 

 

 

Unvested at December 31, 2013

 

27,150,848

 

3.77

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested at January 1, 2014

 

27,150,848

 

3.77

 

Granted

 

14,588,400

 

8.43

 

Vested

 

(6,385,905

)

3.71

 

Forfeited

 

(3,649,817

)

5.07

 

 

 

 

 

 

 

Unvested at December 31, 2014

 

31,703,526

 

5.77

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested at January 1, 2015

 

31,703,526

 

5.77

 

Granted

 

18,295,642

 

14.37

 

Vested

 

(7,130,556

)

4.96

 

Forfeited

 

(3,934,276

)

9.73

 

 

 

 

 

 

 

Unvested at December 31, 2015

 

38,934,336

 

9.56

 

 

 

 

 

 

 

 

Vesting Based On Performance | Employees  
Share-based compensation  
Schedule of RSUs activity

 

 

 

Number of RSUs

 

Weighted-Average
Grant-Date Fair Value

 

 

 

 

 

 

 

Unvested at January 1, 2014

 

 

 

Granted

 

1,515,151

 

6.33

 

Vested

 

 

 

Forfeited

 

(48,493

)

6.33

 

 

 

 

 

 

 

Unvested at December 31, 2014

 

1,466,658

 

6.33

 

 

 

 

 

 

 

Granted

 

 

 

Vested

 

(188,936

)

6.33

 

Forfeited

 

(401,358

)

6.33

 

 

 

 

 

 

 

Unvested at December 31, 2015

 

876,364

 

6.33