XML 50 R26.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Share-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-based compensation 2011 Equity Incentive Plan In March 2011, the Company adopted its Equity Incentive Plan, or 2011 Plan, to attract and retain the most highly qualified and capable professionals and to promote the success of its business. This Plan is being used to reward certain employees for the success of the Company’s business through an annual award program. The 2011 Plan permits grants of awards relating to class A shares, including awards in the form of shares (also referred to as stock), options, restricted shares, restricted share units, share appreciation rights, performance awards and other share-based awards as will be determined by the Company’s Board of Directors. The maximum number of shares that may be issued under the 2011 Plan is 2.5% of the Company’s total outstanding class A and class B shares immediately following its initial public offering. The Company made a special grant of stock options and restricted share units in 2011 in connection with its initial public offering, which are totally vested. The Company also made recurring grants of stock options and restricted share units in each of the fiscal years from 2011 to 2016 (for fiscal years 2016 and 2015 only restricted share units). Both types of these recurring annual awards vest as follows: 40% on the second anniversary of the date of grant and 20% on each of the following three anniversaries. For all grants, each stock option granted represents the right to acquire a Class A share at its grant-date fair market value, while each restricted share unit represents the right to receive a Class A share when vested. The exercise right for the stock options is cumulative and, once such right becomes exercisable, it may be exercised in whole or in part during quarterly window periods until the date of termination, which occurs at the seventh anniversary of the date of grant. On June 28, 2016, 1,117,380 stock option units were converted to a liability award maintaining the original conditions of the 2011 Plan. The Company utilizes a Black-Scholes option-pricing model to estimate the value of stock options at the grant date. The value of restricted shares units is based on the quoted market price of the Company’s class A shares at the grant date. The following variables and assumptions were used by the Company for purposes of measuring its stock options award at 2014 grant date (on the second quarter of the year): 2011 Equity Incentive Plan (continued)
|  | 2014 |
Grant-date stock price (i) |  | 8.58 |
Weighted-average strike price |  | 8.58 |
Expected volatility (ii) |  | 35.5% |
Dividend yield |  | 2.8% |
Risk-free interest rate |  | 1.3% |
Expected term |  | 4.1 |
(i) | Equal to the quoted market price per Class A share at market-closing of the date of grant.
(ii) | Based on implied volatility of the Company’s Class A shares.
The resulting value of stock options and restricted share units granted was $nil and $4,067, respectively, during fiscal year 2016, $nil and $5,844, respectively, during fiscal year 2015 and $491 and $2,723, respectively, during fiscal year 2014. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The Company recognized stock-based compensation expense in the amount of $3,303, $2,788 and $6,163 during fiscal years 2016, 2015 and 2014, respectively, of which $nil, $210 and $2,503 relates to the special awards granted in connection with the initial public offering. Stock-based compensation expense is included within “General and administrative expenses” in the consolidated statements of income (loss). The Company recognized $688, $(1,581) and $678 of related income tax benefit (expense) during fiscal years 2016, 2015 and 2014, respectively. Stock Options The following table summarizes the activity of stock options during fiscal years 2016, 2015 and 2014:
|  | Units |  | Weighted-average strike price |  | Weighted-average grant-date fair value
Outstanding at December 31, 2013 |  | 2,433,888 |  |  | 18.57 |  |  | 5.26 |
2014 annual grant |  | 247,475 |  |  | 8.58 |  |  | 1.98 |
Forfeitures |  | (130,528 | ) |  | 18.14 |  |  | 5.27 |
Outstanding at December 31, 2014 |  | 2,550,835 |  |  | 17.62 |  |  | 4.94 |
Forfeitures |  | (141,130 | ) |  | 16.54 |  |  | 5.02 |
Expired (i) |  | (383,811 | ) |  | 20.01 |  |  | 5.41 |
Outstanding at December 31, 2015 |  | 2,025,894 |  |  | 21.03 |  |  | 5.87 |
Forfeitures |  | (80,734 | ) |  | 10.30 |  |  | 2.68 |
Expired (i) |  | (51,305 | ) |  | 14.05 |  |  | 4.02 |
Modification (ii) |  | (1,117,380 | ) |  | 19.07 |  |  | 5.30 |
Outstanding at December 31, 2016 |  | 776,475 |  |  | 15.55 |  |  | 4.46 |
Exercisable at December 31, 2016 |  | 584,103 |  |  | 16.99 |  |  | 4.88 |
(i) As of December 31, 2016 and 2015, Additional paid-in capital included $206 and $2,077 respectively, related to expired stock options. 2011 Equity Incentive Plan (continued) Stock Options (continued) (ii) Corresponds to stock options converted to a liability award. The employees affected by this modification were 104. There were no incremental compensation costs resulting from the modification. As of December 31, 2016, the accumulated Additional paid-in capital related to these units as from the grant date amounts to $5,820 (net of $9 reclassified to "Accrued payroll and other liabilities non-current" in the Company’s consolidated balance sheet. The accrued liability is remeasured on a monthly basis until settlement. The following table provides a summary of the outstanding and exercisable units related to the modification:
|  | Units |  | Weighted-average strike price |  | Weighted-average grant-date fair value
Outstanding at the modification |  | 1,117,380 |  |  | 19.07 |  |  | 0.01 |
Forfeitures |  | (10,020 | ) |  | 14.33 |  |  |
Expired (i) |  | (173,961 | ) |  | 20.14 |  |  |
Outstanding at December 31, 2016 |  | 933,399 |  |  | 18.92 |  |  | 0.01 |
Exercisable at December 31, 2016 |  | 842,986 |  |  | 19.41 |  |  | 0.01 |
(i) As of December 31, 2016, Additional paid-in capital included $926, related to expired stock options. The following table provides a summary of outstanding stock options at December 31, 2016:
|  | Vested (i) |  | Non-vested (ii) |  | Total
Number of units outstanding |  | 584,103 |  |  | 192,372 |  |  | 776,475 |
Weighted-average grant-date fair market value per unit |  | 4.88 |  |  | 3.18 |  |  | 4.46 |
Total grant-date fair value |  | 2,852 |  |  | 612 |  |  | 3,464 |
Weighted-average accumulated percentage of service |  | 100 |  |  | 81.4 |  |  | 96.7 |
Stock-based compensation recognized in Additional paid-in capital |  | 2,852 |  |  | 498 |  |  | 3,350 |
Compensation expense not yet recognized (iii) |  | — |  |  | 114 |  |  | 114 |
(i) | Related to exercisable awards.
(ii) | Related to awards that will vest between fiscal years 2017 and 2019.
(iii) | Expected to be recognized in a weighted-average period of 0.6 years.
Restricted Share Units The following table summarizes the activity of restricted share units during fiscal years 2016, 2015 and 2014:
|  | Units |  | Weighted-average grant-date fair value
Outstanding at December 31, 2013 |  | 942,068 |  |  | 18.36 |
2014 annual grant |  | 317,351 |  |  | 8.58 |
Partial vesting of 2011 grant |  | (274,314 | ) |  | 21.20 |
Partial vesting of 2012 grant |  | (74,303 | ) |  | 14.35 |
Forfeitures |  | (47,947 | ) |  | 15.11 |
Outstanding at December 31, 2014 |  | 862,855 |  |  | 14.38 |
2015 annual grant |  | 923,213 |  |  | 6.33 |
Partial vesting of 2011 grant |  | (222,781 | ) |  | 21.20 |
Partial vesting of 2012 grant |  | (31,772 | ) |  | 14.35 |
Partial vesting of 2013 grant |  | (68,300 | ) |  | 14.31 |
Forfeitures |  | (233,005 | ) |  | 9.88 |
Outstanding at December 31, 2015 |  | 1,230,210 |  |  | 7.96 |
2016 annual grant |  | 865,291 |  |  | 4.70 |
Partial vesting of 2011 grant |  | (27,075 | ) |  | 21.20 |
Partial vesting of 2012 grant |  | (24,653 | ) |  | 14.35 |
Partial vesting of 2013 grant |  | (26,054 | ) |  | 14.31 |
Partial vesting of 2014 grant |  | (94,546 | ) |  | 8.58 |
Forfeitures |  | (142,176 | ) |  | 6.64 |
Outstanding at December 31, 2016 |  | 1,780,997 |  |  | 6.07 |
Exercisable at December 31, 2016 |  | — |  |  | — |
As of December 31, 2016, all Class A Shares were issued. Hence, the accumulated compensation expense related to partial vesting was reclassified from "Additional paid-in capital" to "Common stock". The following table provides a summary of outstanding restricted share units at December 31, 2016:
Number of units outstanding (i) | 1,780,997 |
Weighted-average grant-date fair market value per unit | 6.07 |
Total grant-date fair value | 10,807 |
Weighted-average accumulated percentage of service | 49.67 |
Stock-based compensation recognized in Additional paid-in capital | 5,368 |
Compensation expense not yet recognized (ii) | 5,439 |
(i) | Related to awards that will vest between fiscal years 2017 and 2021.
(ii) | Expected to be recognized in a weighted-average period of 2.0 years.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration