Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Share-based Payment Award, Stock Options, Valuation Assumptions

The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in the nine months ended September 30, 2013. No options were granted in the nine months ended September 30, 2012.


	Nine months ended September 30, 2013
Dividend Yield		0	%
Expected life (in months)		84
Risk free rate of interest		1.55	%
Volatility		39.39	%

Summary of Options Activity

A summary of options activity during the nine months ended September 30, 2013 is set out below:


	Nine months ended September 30, 2013
	Shares arising out of options			Weighted average exercise price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding as of January 1, 2013		12,413,298		$	9.29		4.2
Granted		3,483,000			19.35
Forfeited		(63,056	)		10.47
Expired		(67,978	)		13.79
Exercised		(3,784,851	)		8.76				38,149

Outstanding as of September 30, 2013		11,980,413		$	12.35		5.32	$	80,652

Vested as of September 30, 2013 and expected to vest thereafter (a)		11,596,240		$	12.07		5.32	$	80,471
Vested and Exercisable as of September 30, 2013		7,547,192		$	9.27		3.24	$	72,524
Weighted average grant date fair value of grants during the period	$	19.35

(a)	Options expected to vest reflect an estimated forfeiture rate.

Summary of Restricted Share Units Granted

A summary of RSUs granted during the nine months ended September 30, 2013 is set out below:


	Nine months ended September 30, 2013
	Number of Restricted Share Units			Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2013		1,688,402		$	13.74
Granted		91,623			19.52
Vested*		(294,451	)		14.49
Forfeited		(190,665	)		13.62

Outstanding as of September 30, 2013		1,294,909		$	14.00

Expected to vest (a)		1,165,351

(a)	RSUs expected to vest reflect an estimated forfeiture rate.

*	Vested RSUs have been net settled upon vesting by issuing 188,966 shares (net of minimum statutory withholding taxes).

Summary of Performance Units Activity

A summary of PUs activity during the nine months ended September 30, 2013 is set out below:


	Nine months ended September 30, 2013
	Number of Performance Units			Weighted Average Grant Date Fair Value		Maximum Shares Eligible to Receive
Outstanding as of January 1, 2013		3,041,511		$	13.26		4,402,597
Granted		2,025,090			18.57		3,694,635
Vested		—			—		—
Forfeited		(200,654	)		15.13		(256,064	)
Addition due to achievement of higher than target performance goals*		297,911			17.50
Reduction due to achievement of lower than maximum performance goals**							(373,702	)

Outstanding as of September 30, 2013		5,163,858		$	15.51		7,467,466

Expected to vest (a)		2,542,867

(a)	PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate

*	Represents the additional award of 22.2% of the target shares on account of the achievement of higher than target performance for the PUs granted in March 2012.

**	Represents a 27.8% reduction in the maximum shares eligible to vest on account of the certification of the performance goals for the PUs granted in 2012.

Modification of Performance Metrics for Performance Grants Made to Employees


	Original Performance Target						Modified Performance Target
Performance Level	Revenue Growth			EBITDA Growth			Revenue Growth			Adjusted Income from Operation growth
Outstanding		20.0	%		20.0	%		20.0	%		20.0	%
Target		15.0	%		15.0	%		15.0	%		15.0	%
Threshold		10.0	%		10.0	%		10.0	%		10.0	%

Modification of Performance Metrics for Performance Grants Made to Former Chief Executive Officer


	Original Performance Target						Modified Performance Target
Performance Level	Revenue Growth			EBITDA Growth			Revenue Growth			Adjusted Income from Operation growth
Outstanding		20.0	%		20.0	%		17.0	%		16.0	%
Target		15.0	%		15.0	%		12.5	%		12.5	%
Threshold		10.0	%		10.0	%		8.0	%		7.0	%