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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2019
Share-Based Compensation |
Share-Based Compensation | 15. Share-Based Compensation The following table presents the Company’s share-based compensation expense by type of award: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
​ |  | 2017 |  | 2018 |  | 2019 |  | 2019
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | US$
Share options | ​ | 51,054 | ​ | 45,973 | ​ | 40,533 | ​ | 5,822
Non-vested restricted shares | ​ | 42,581 | ​ | 66,790 | ​ | 54,364 | ​ | 7,809
Total share-based compensation | ​ | 93,635 | ​ | 112,763 | ​ | 94,897 | ​ | 13,631
​ During the year ended December 31, 2010, the Group adopted its 2010 share incentive plan (the “2010 Plan”). Under the 2010 plan, the maximum number of shares in respect of which options, restricted shares, or restricted share units may be granted will be 10% of the Group’s current outstanding share capital, or 2,315,000 shares. Options have a ten-year life. Options, restricted shares or restricted share units generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months. During the year ended 31, 2017, the Group adopted its 2017 share incentive plan (the “2017 Plan”). Under the 2017 plan, the maximum aggregate number of shares which may be issued shall be 2,800,000. The term of any option granted under the 2017 Plan shall not exceed ten years. Options, restricted shares or restricted share units generally vest 25% on the first anniversary of the grant date with the remaining 75% vesting ratably over the following 36 months. Share Options: The weighted-average grant-date fair value of options granted during the years ended December 31, 2017 and 2018 was RMB388.45 (US$47.96) and RMB396.37 (US$57.30) per share, respectively. No options were granted for the year ended December 31, 2019. There were 203,174, 201,630 and 152,410 options exercised during the years ended December 31, 2017, 2018 and 2019 respectively. The Group uses the Black-Scholes pricing model and the following assumptions to estimate the fair value of the options granted or modified: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2017 |  | 2018 |
Average risk-free rate of return |  | 1.93 | % | 2.78 | %
Weighted average expected option life |  | 6.1 | years | 6.1 | years
Estimated volatility |  | 68.8 | % | 57.6 | %
Average dividend yield |  | Nil |  | Nil |
​ ​ The following table summarizes option activity during the year ended December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Weighted |  | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Number of | ​ | Exercise | ​ | Contractual | ​ | Value of
​ | ​ | options | ​ | Price | ​ | Term | ​ | Options
​ |  | ​ |  | RMB |  | ​ |  | RMB
Outstanding as of January 1, 2019 | ​ | 571,474 | ​ | 343.14 | ​ | 7.0 | ​ | 34,344
Granted | ​ | — | ​ | — | ​ | ​ | ​ | ​
Exercised | ​ | (152,410) | ​ | 208.36 | ​ | ​ | ​ | ​
Forfeited | ​ | (32,359) | ​ | 312.85 | ​ | ​ | ​ | ​
Outstanding as of December 31, 2019 | ​ | 386,705 | ​ | 398.80 | ​ | 6.3 | ​ | 6,455
Exercisable as of December 31, 2019 | ​ | 272,521 | ​ | 390.15 | ​ | 7.2 | ​ | —
​ The aggregate intrinsic value of options exercised during the year ended December 31, 2019 was RMB9,451. As of December 31, 2019, there was RMB34,027 of unrecognized compensation expense related to unvested share options, which is expected to be recognized over a weighted average period of 1.92 years. Non-vested Restricted Shares: A summary of non-vested restricted share activity during the year ended December 31, 2019 is presented below: ​
​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-
​ |  | Number of |  | average
​ |  | non-vested |  | grant-
​ |  | restricted |  | date fair
Non-vested restricted shares | ​ | shares |  | value
​ | ​ | ​ |  | RMB
Non-vested as of January 1, 2019 |  | 370,613 | ​ | 483.29
Granted |  | 37,566 | ​ | 418.16
Vested |  | (124,592) | ​ | 506.02
Forfeited |  | (109,963) | ​ | 543.68
Non-vested as of December 31, 2019 |  | 173,624 | ​ | 427.59
​ The total fair value of non-vested restricted shares vested during the year ended December 31, 2019 was RMB64,955. The fair value of non-vested restricted shares was computed based on the fair value of the Group’s ordinary shares on the vesting date (or date of modification, as applicable). As of December 31, 2019, there was RMB74,421 in total unrecognized compensation expense related to such non-vested restricted shares, which is expected to be recognized over a weighted-average period of 2.30 years.

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