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Employer Share Plans | 9 Months Ended
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Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Employer Share Plans |
11. | Employer Share Plans
Effective May 15, 2014, CBIZ shareholders approved a new plan, the CBIZ, Inc. 2014 Stock Incentive Plan (“2014 Plan”). The 2014 Plan is in addition to the 2002 Amended and Restated CBIZ, Inc. Stock Incentive Plan (“2002 Plan”), pursuant to which CBIZ has granted various stock-based awards through the year ended December 31, 2014. The terms and vesting schedules for stock-based awards vary by type and date of grant. Beginning in 2015, the 2014 Plan replaces and, for future grants, supersedes the 2002 Plan. The operating terms of the 2014 Plan are substantially similar to those of the 2002 Plan. Under the 2014 Plan, which expires in 2024, a maximum of 9.6 million stock options, shares of restricted stock or other stock-based compensation awards may be granted. Shares subject to award under the 2014 Plan may be either authorized but unissued shares of CBIZ common stock or treasury shares. Compensation expense for stock-based awards recognized during the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Stock options |  | $ | 583 |  |  | $ | 641 |  |  | $ | 1,958 |  |  | $ | 1,956 |
Restricted stock awards |  |  | 825 |  |  |  | 1,184 |  |  |  | 2,361 |  |  |  | 2,856 |
Total stock-based compensation expense |  | $ | 1,408 |  |  | $ | 1,825 |  |  | $ | 4,319 |  |  | $ | 4,812 |
Stock award activity during the nine months ended September 30, 2015 was as follows (in thousands, except per share data):
|  | Stock Options |  |  | Restricted Stock Awards |
|  | Number of Options |  |  | Weighted Average Exercise Price Per Share |  |  | Number of Shares |  |  | Weighted Average Grant-Date Fair Value (1) |
Outstanding at beginning of year |  |  | 5,602 |  |  | $ | 7.06 |  |  |  | 1,039 |  |  | $ | 7.30 |
Granted |  |  | 900 |  |  | $ | 9.25 |  |  |  | 362 |  |  | $ | 9.12 |
Exercised or released |  |  | (935 | ) |  | $ | 7.02 |  |  |  | (437 | ) |  | $ | 7.11 |
Expired or canceled |  |  | (69 | ) |  | $ | 7.10 |  |  |  | (3 | ) |  | $ | 6.36 |
Outstanding at September 30, 2015 |  |  | 5,498 |  |  | $ | 7.43 |  |  |  | 961 |  |  | $ | 8.08 |
Exercisable at September 30, 2015 |  |  | 2,817 |  |  | $ | 6.92 |  |  |  |  |  |  |  |  |
(1) | Represents weighted average market value of the shares; awards are granted at no cost to the recipients.
| CBIZ utilized the Black-Scholes-Merton options-pricing model to determine the fair value of stock options on the date of grant. The fair value of stock options granted during the nine months ended September 30, 2015 was $2.34. The following weighted average assumptions were utilized:
|  | Nine Months Ended September 30, 2015
Expected volatility (1) |  | 26.65%
Expected option life (years) (2) |  | 4.64
Risk-free interest rate (3) |  | 1.32%
Expected dividend yield (4) |  | 0.00%
(1) | The expected volatility assumption was determined based upon the historical volatility of CBIZ’s stock price, using daily price intervals.
(2) | The expected option life was determined based upon CBIZ’s historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest.
(3) | The risk-free interest rate assumption was based upon zero-coupon U.S. Treasury bonds with a term approximating the expected life of the respective options.
(4) | The expected dividend yield assumption was determined in view of CBIZ’s historical and estimated dividend payouts. CBIZ does not expect to change its dividend payout policy in the foreseeable future.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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