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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of Stock Option Activity | The following table summarizes the stock options activity for the years ended December 31, 2015, 2014 and 2013:
|  | Shares |  |  | Weighted-average exercise prices |
Outstanding at December 31, 2012 |  |  | 5,177,582 |  |  | $ | 2.06 |
Granted |  |  | 150,000 |  |  |  | 23.36 |
Exercised |  |  | (4,042,046 | ) |  |  | 1.99 |
Outstanding at December 31, 2013 |  |  | 1,285,536 |  |  | $ | 4.77 |
Granted |  |  | 100,000 |  |  |  | 24.01 |
Forfeitures |  |  | (31,164 | ) |  |  | 1.30 |
Exercised (1) |  |  | (945,040 | ) |  |  | 1.96 |
Repurchased |  |  | (93,332 | ) |  |  | 4.83 |
Outstanding at December 31, 2014 |  |  | 316,000 |  |  | $ | 19.56 |
Expired |  |  | (50,000 | ) |  |  | 23.36 |
Forfeitures |  |  | (126,000 | ) |  |  | 18.81 |
Outstanding at December 31, 2015 |  |  | 140,000 |  |  | $ | 18.88 |
Exercisable at December 31, 2015 |  |  | 33,333 |  |  | $ | 24.01 |
(1) | At December 31, 2014, the total intrinsic value of options exercised during the year amounted to $19.3 million.
Fully Vested Stock Options | The following table presents information about fully vested stock options for the years ended December 31, 2015, 2014 and 2013:
|  | Years ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
|  | Shares |  |  | Weighted average exercise price |  |  | Shares |  |  | Weighted average exercise price |  |  | Shares |  |  | Weighted average exercise price |
Vested stock options (1)(2)(3) |  |  | 33,333 |  |  | $ | 24.01 |  |  |  | 766,995 |  |  | $ | 3.75 |  |  |  | 3,757,099 |  |  | $ | 2.07 |
(1) | At December 31, 2015, there is no intrinsic value for vested stock options as the options are out-of-the-money. For December 31, 2014 and 2013, the aggregate intrinsic value amounted to $14.0 million and $84.9 million, respectively.
(2) | The weighted average contractual term of fully vested options is 8.16 years, 6.06 years and 7.04 years as of December 31, 2015, 2014 and 2013, respectively.
(3) | The fair value of vested stock options at December 31, 2015, 2014 and 2013 amounted to $1.4 million, $17.0 million and $92.7 million, respectively.
Assumptions used to Estimate Fair Value of Stock Option Granted | The fair value of stock options granted during 2014 and 2013, none were granted in 2015, was estimated using the Black-Scholes-Merton (“BSM”) option pricing model, with the following assumptions:
|  | Years ended December 31, |
|  | 2014 |  |  | 2013 |
|  | Stock options granted under the 2013 Plan |  |  | Stock options granted under the 2010 Plan |
Stock Price |  | $ | 24.01 per share |  |  | $ | 23.36 per share |
Risk-free rate |  |  | 1.80 | % |  |  | 1.68 | %
Expected volatility |  |  | 36.98 | % |  |  | 36.56 | %
Expected annual dividend yield |  |  | 1.63 | % |  |  | 1.71 | %
Expected term |  |  | 6 years |  |  |  | 6 years |
Nonvested Restricted Shares and RSUs Activity | The following table summarizes the nonvested restricted shares and RSUs activity for the years ended December 31, 2015, 2014 and 2013:
Nonvested restricted shares and RSUs |  | Shares |  |  | Weighted-average grant date fair value |
Nonvested at December 31, 2012 |  |  | 115,420 |  |  | $ | 5.90 |
Granted |  |  | 9,133 |  |  |  | 24.64 |
Vested |  |  | (115,420 | ) |  |  | 5.90 |
Nonvested at December 31, 2013 |  |  | 9,133 |  |  | $ | 24.64 |
Granted |  |  | 23,252 |  |  |  | 22.04 |
Vested |  |  | (9,133 | ) |  |  | 24.64 |
Nonvested at December 31, 2014 |  |  | 23,252 |  |  | $ | 22.04 |
Granted |  |  | 596,238 |  |  |  | 22.24 |
Vested |  |  | (94,550 | ) |  |  | 21.33 |
Forfeited |  |  | (33,214 | ) |  |  | 23.61 |
Nonvested at December 31, 2015 |  |  | 491,726 |  |  | $ | 22.32 |
Share-Based Compensation Recognized | Share-based compensation recognized was as follows:
|  | Years ended December 31, |
(Dollar amounts in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Share-based compensation recognized, net |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 193 |  |  | $ | 4,305 |  |  | $ | 5,820 |
Restricted shares and RSUs |  |  | 5,011 |  |  |  | 282 |  |  |  | 359 |

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