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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2014
Share Based Compensation Expense by Type of Award | The following table presents the Company’s share-based compensation expense by type of award:
|  | Years Ended December 31, |
|  | 2012 |  |  | 2013 |  |  | 2014 |
|  |  |  |  | $ |  |  | $ |
Share options |  |  | 1,437,201 |  |  |  | 205,699 |  |  |  | 1,464,233 |
Non-vested restricted shares |  |  | 2,561,347 |  |  |  | 5,040,248 |  |  |  | 3,834,496 |
Total share-based compensation |  |  | 3,998,548 |  |  |  | 5,245,947 |  |  |  | 5,298,729 |
Black Scholes Pricing Model Assumptions used to Estimate Fair Value of Options Granted | The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified:
|  | 2012 |  |  | 2013 |  |  | 2014 |
Average risk-free rate of return |  |  | 2.00 | % |  |  | 1.55 | % |  |  | 1.89 | %
Weighted average expected option life |  |  | 5.3 years |  |  |  | 5.6 years |  |  |  | 6.0 years |
Estimated volatility |  |  | 53.7 | % |  |  | 80.5 | % |  |  | 82.2 | %
Average dividend yield |  |  | Nil |  |  |  | 1.90 | % |  |  | Nil |
Summary of Stock Option Activity | The following table summarizes option activity during the year ended December 31, 2014:
|  | Number of options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value of Options |
|  |  |  |  | $ |  |  |  |  |  | $ |
Outstanding as of January 1, 2014 |  |  | 266,915 |  |  |  | 13.23 |  |  |  | 6.3 years |  |  |  | 7,356,916 |
Granted |  |  | 407,667 |  |  |  | 27.87 |  |  |  |  |  |  |  |  |
Exercised |  |  | (128,457 | ) |  |  | 5.43 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (40,869 | ) |  |  | 18.19 |  |  |  |  |  |  |  |  |
Converted to restricted shares |  |  | (19,375 | ) |  |  | 37.03 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2014 |  |  | 485,881 |  |  |  | 26.21 |  |  |  | 8.4 years |  |  |  | 9,076,068 |
Vested and expected to vest as of December 31, 2014 |  |  | 410,958 |  |  |  | 26.21 |  |  |  | 8.4 years |  |  |  | 7,676,538 |
Exercisable as of December 31, 2014 |  |  | 192,329 |  |  |  | 23.76 |  |  |  | 6.9 years |  |  |  | 3,623,721 |
Summary of Non Vested Restricted Share Activity | A summary of non-vested restricted share activity during the year ended December 31, 2014 is presented below:
Non-vested restricted shares |  | Number of non-vested restricted shares |  |  | Weighted-average grant-date fair value |
|  |  |  |  | $ |
Non-vested as of January 1, 2014 |  |  | 555,282 |  |  |  | 11.90 |
Granted |  |  | 83,000 |  |  |  | 27.81 |
Vested |  |  | (278,779 | ) |  |  | 12.71 |
Forfeited |  |  | (118,561 | ) |  |  | 19.66 |
Converted from options |  |  | 19,375 |  |  |  | 31.64 |
Non-vested as of December 31, 2014 |  |  | 260,317 |  |  |  | 14.03 |

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- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + 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 + 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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- 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 employee stock purchase plans, including, but not limited to: (a) expected term, (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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