Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

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

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

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