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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of non-cash compensation expense related to equity awards | Non-cash compensation related to equity awards is included in the following line items in the accompanying consolidated statements of operations and comprehensive income (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Cost of revenue | $ | 24 |  |  | $ | 7 |  |  | $ | 44 |  |  | $ | 13 |
Selling and marketing expense | 385 |  |  | 226 |  |  | 655 |  |  | 459 |
General and administrative expense | 1,125 |  |  | 928 |  |  | 2,731 |  |  | 1,989 |
Product development | 385 |  |  | 260 |  |  | 825 |  |  | 576 |
Restructuring and severance | 138 |  |  | — |  |  | 138 |  |  | 36 |
Total non-cash compensation | $ | 2,057 |  |  | $ | 1,421 |  |  | $ | 4,393 |  |  | $ | 3,073 |
Summary of changes in outstanding stock options | A summary of changes in outstanding stock options is as follows:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value(a)
|  |  | (per option) |  | (in years) |  | (in thousands)
Options outstanding at January 1, 2015 | 2,136,679 |  |  | $ | 18.16 |  |  |  |  |  |
Granted (b) | 38,131 |  |  | 58.49 |  |  |  |  |  |
Exercised | (128,666 | ) |  | 16.79 |  |  |  |  |  |
Forfeited | (775 | ) |  | 53.04 |  |  |  |  |  |
Expired | (1,339 | ) |  | 7.88 |  |  |  |  |  |
Options outstanding at June 30, 2015 | 2,044,030 |  |  | 18.99 |  |  | 6.52 |  | $ | 121,867 |
Options exercisable at June 30, 2015 | 937,796 |  |  | $ | 8.63 |  |  | 3.97 |  | $ | 65,628 |
(a) | The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price of $78.61 on the last trading day of the quarter ended June 30, 2015 and the exercise price, multiplied by the number of shares covered by in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 30, 2015. The intrinsic value changes based on the market value of the Company's common stock.
(b) | During the six months ended June 30, 2015, the Company granted stock options to certain employees and the board of directors with a weighted average grant date fair value per share of $22.98, which vesting periods include (a) three years from the grant date, (b) 25% and 75% over a period of 1.67 years and 2.67 years, respectively, and (c) 2 years from the grant date.
Schedule of stock option valuation assumptions | For purposes of determining stock-based compensation expense, the weighted average grant date fair value per share of the stock options was estimated using the Black-Scholes option pricing model, which requires the use of various key assumptions. The weighted average assumptions used are as follows:
Expected term (1) | 6.23 - 5.75 years |
Expected dividend (2) | — |
Expected volatility (3) | 38% |
Risk-free interest rate (4) | 1.66% - 2.01% |
(1) | The expected term of stock options granted was calculated using the 'Simplified Method', which utilizes the midpoint between the weighted average time of vesting and the end of the contractual term. This method was utilized for the stock options due to a lack of historical exercise behavior by the Company's employees.
(2) | For all stock options granted in 2015, no dividends are expected to be paid over the contractual term of the stock options, resulting in a zero expected dividend rate.
(3) | The expected volatility rate is based on the historical volatility of the Company's common stock.
(4) | The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparable expected terms as the awards, in effect at the grant date.
Schedule of changes in outstanding non-vested RSUs and restricted stock | A summary of the changes in outstanding nonvested restricted stock units ("RSUs") and restricted stock is as follows:
| RSUs
| Number of Units |  | Weighted Average Grant Date Fair Value
|  |  | (per unit)
Nonvested at January 1, 2015 | 351,801 |  |  | $ | 22.83 |
Granted | 78,362 |  |  | 54.93 |
Vested | (147,880 | ) |  | 21.02 |
Forfeited | (20,458 | ) |  | 31.67 |
Nonvested at June 30, 2015 | 261,825 |  |  | $ | 32.77 |
| Restricted Stock
| Number of Shares |  | Weighted Average Grant Date Fair Value
|  |  | (per share)
Nonvested at January 1, 2015 | 123,057 |  |  | $ | 23.41 |
Granted | — |  |  | — |
Vested | (35,295 | ) |  | 20.62 |
Forfeited | — |  |  | — |
Nonvested at June 30, 2015 | 87,762 |  |  | $ | 24.54 |

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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 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.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F + 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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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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