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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2016
Stock-Based Compensation |
Stock-based compensation expense | The Company recorded stock-based compensation expense as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2016 |  | 2015 |
Stock options |  | $ | 1.8 |  | $ | 1.8 |
Restricted stock |  | 0.4 |  | 0.4 |
Total stock-based compensation |  | $ | 2.2 |  | $ | 2.2 |
Assumptions regarding volatility, expected life, dividend yield and risk-free interest rates | Assumptions regarding volatility, expected life, dividend yield and risk-free interest rates are required for the Black-Scholes model and are presented in the table below:
|  | 2016 |  | 2015 |
Risk-free interest rates |  | 1.32% - 2.05% |  | 1.58% - 1.71% |
Expected life |  | 5.75-7.02 years |  | 6.0 - 6.3 years |
Volatility |  | 34.39% - 41.60% |  | 42.87% - 52.23% |
Expected dividend yield |  | 0.0% - 0.63% |  | 0.0% |
Schedule of stock option activity | Stock option activity for the three months ended March 31, 2016 was as follows:
|  | Shares Subject to Options |  | Weighted Average Option Price |  | Weighted Average Remaining Contractual Term (Yrs) |  | Aggregate Intrinsic Value (in millions) (b) |
Outstanding at December 31, 2015 |  | 4,637,279 |  | $ | 16.72 |  |  |  |  |
Granted |  | 204,997 |  | 24.43 |  |  |  |  |
Exercised |  | (565,849 | ) | 13.33 |  |  |  |  |
Forfeited |  | (73,710 | ) | 17.13 |  |  |  |  |
Outstanding at March 31, 2016 |  | 4,202,717 |  | $ | 17.54 |  | 6.8 |  | $ | 44.0 |
Exercisable at March 31, 2016 |  | 1,899,133 |  | $ | 14.62 |  | 4.9 |  | $ | 25.4 |
Exercisable and expected to vest at March 31, 2016 (a) |  | 4,058,513 |  | $ | 17.46 |  | 6.7 |  | $ | 42.8 |
| (a) |  | In addition to the options that are vested at March 31, 2016, the Company expects a portion of the unvested options to vest in the future. Options expected to vest in the future are determined by applying an estimated forfeiture rate to the options that are unvested as of March 31, 2016.
| (b) |  | The aggregate intrinsic value is based on the positive difference between the fair value of the Company’s common stock price of $28.00 on March 31, 2016, or the date of exercises, as appropriate, and the exercise price of the underlying stock options.
Schedule of restricted stock activity | Restricted stock activity for the three months ended March 31, 2016 was as follows:
|  | Shares Subject to Restriction |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2015 |  | 243,150 |  | $ | 18.58 |
Granted |  | 13,105 |  | 24.80 |
Vested |  | (1,375 | ) | 16.57 |
Outstanding at March 31, 2016 |  | 254,880 |  | $ | 18.91 |

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- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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