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Stock-Based Awards | 12 Months Ended
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Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Awards | 10. Stock-Based Awards The Company grants equity awards to employees and directors which include restricted stock awards and stock options. Options may be issued for terms of ten years and may vest after at least one year and have an exercise price equal to the Company’s stock price on the grant date. Restricted stock awards are generally valued based on the Company’s stock price on the grant date. The Company estimates the fair value for options using the Black-Scholes option pricing model. All restricted stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. On June 20, 2016, the Company’s stockholders approved a new equity award plan under which the Company can issue up to 10,000,000 shares of common stock (less one share for every share granted under prior plans since March 31, 2016 and inclusive of shares available under the prior plans as of March 31, 2016) in the form of stock options and other stock-based awards. The Company also has issued from time to time stock-based awards outside a plan. For the years ended December 31, 2016, 2015 and 2014, total stock-based compensation expense was $14,892, $10,900 and $8,137, respectively, and the related tax benefit recognized in the Consolidated Statements of Operations was $5,324, $4,149 and $2,973, respectively. The actual tax benefit realized for the tax deductions for share-based compensation was $12,877, $67,532 and $23,309 for the years ended December 31, 2016, 2015 and 2014, respectively. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:
|  | Unrecognized Stock-Based Compensation |  |  | Average Remaining Vesting Period |
Employees and directors option awards |  | $ | 8 |  |  |  | 0.07 |
Employees and directors restricted stock awards |  | $ | 20,714 |  |  |  | 1.79 |
Stock Options A summary of option activity is as follows:
|  | Options |  |  | Weighted- Average Exercise Price |
Outstanding January 1, 2014 |  |  | 7,844,691 |  |  | $ | 1.29 |
Granted |  |  | — |  |  |  | — |
Forfeitures/expirations |  |  | — |  |  |  | — |
Exercised |  |  | (2,514,621 | ) |  |  | 0.61 |
Outstanding at December 31, 2014 |  |  | 5,330,070 |  |  | $ | 1.61 |
Granted |  |  | — |  |  |  | — |
Forfeitures/expirations |  |  | — |  |  |  | — |
Exercised |  |  | (3,785,473 | ) |  |  | 1.19 |
Outstanding at December 31, 2015 |  |  | 1,544,597 |  |  | $ | 2.62 |
Granted |  |  | — |  |  |  | — |
Forfeitures/expirations |  |  | — |  |  |  | — |
Exercised |  |  | (176,350 | ) |  |  | 1.11 |
Outstanding at December 31, 2016(1) |  |  | 1,368,247 |  |  | $ | 2.82 |
(1) | Expire on dates ranging from March 4, 2017 to November 15, 2021.
The total intrinsic value of options exercised for the years ended December 31, 2016, 2015 and 2014 was $1,794, $76,329 and $36,226, respectively. Cash received from option exercise for the years ended December 31, 2016, 2015 and 2014 was $195, $4,520 and $1,544, respectively. The following table summarizes information on stock options outstanding at December 31, 2016:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Shares |  |  | Weighted- Average Remaining Life (Years) |  |  | Weighted- Average Exercise Price |  |  | Shares |  |  | Weighted- Average Remaining Life (Years) |  |  | Weighted- Average Exercise Price |
$0.70 – $0.70 |  |  | 435,000 |  |  |  | 2.1 |  |  | $ | 0.70 |  |  |  | 435,000 |  |  |  | 2.1 |  |  | $ | 0.70 |
$1.07 – $1.07 |  |  | 93,535 |  |  |  | 1.0 |  |  |  | 1.07 |  |  |  | 93,535 |  |  |  | 1.0 |  |  |  | 1.07 |
$2.09 – $2.26 |  |  | 390,176 |  |  |  | 2.4 |  |  |  | 2.20 |  |  |  | 390,176 |  |  |  | 2.4 |  |  |  | 2.20 |
$5.05 – $5.05 |  |  | 285,000 |  |  |  | 4.1 |  |  |  | 5.05 |  |  |  | 247,500 |  |  |  | 4.1 |  |  |  | 5.05 |
$6.36 – $6.82 |  |  | 74,536 |  |  |  | 4.4 |  |  |  | 6.46 |  |  |  | 74,536 |  |  |  | 4.4 |  |  |  | 6.46 |
$7.01 – $8.51 |  |  | 90,000 |  |  |  | 4.7 |  |  |  | 7.48 |  |  |  | 90,000 |  |  |  | 4.7 |  |  |  | 7.48 |
|  |  | 1,368,247 |  |  |  | 2.8 |  |  | $ | 2.82 |  |  |  | 1,330,747 |  |  |  | 2.8 |  |  | $ | 2.76 |
At December 31, 2016, outstanding options for 1,368,247 shares had a remaining average contractual term of 2.8 years and an intrinsic value of $11,386. Outstanding options for 1,330,747 were exercisable, had a remaining average contractual term of 2.8 years and an intrinsic value of $11,158. Restricted stock The Company grants restricted stock to employees and directors. All restricted stock awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Restricted stock awards generally vest over three years. A summary of restricted stock activity is as follows:
|  | Shares |  |  | Weighted- Average Grant Date Fair Value |
Unvested Balance at January 1, 2014 |  |  | 1,896,877 |  |  | $ | 7.27 |
Granted |  |  | 623,088 |  |  |  | 16.08 |
Vested |  |  | (996,385 | ) |  |  | 6.73 |
Forfeited |  |  | (9,641 | ) |  |  | 10.81 |
Unvested Balance at December 31, 2014 |  |  | 1,513,939 |  |  | $ | 11.22 |
Granted |  |  | 886,413 |  |  |  | 19.72 |
Vested |  |  | (753,917 | ) |  |  | 10.05 |
Forfeited |  |  | (25,709 | ) |  |  | 17.30 |
Unvested Balance at December 31, 2015 |  |  | 1,620,726 |  |  | $ | 16.32 |
Granted |  |  | 1,687,553 |  |  |  | 11.19 |
Vested |  |  | (846,386 | ) |  |  | 13.98 |
Forfeited |  |  | (25,439 | ) |  |  | 16.17 |
Unvested Balance at December 31, 2016 |  |  | 2,436,454 |  |  | $ | 13.58 |

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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=65895303&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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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