v3.4.0.3

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Stock options

Schedule of stock-based compensation expense included in the consolidated statements of operations

		Three Months Ended March 31,
		2016			2015
		(in thousands)
Servicing and support		$	651		$	388
Technology and content development		452			231
Program marketing and sales		258			182
General and administrative		2,183			1,247
Total stock-based compensation expense		$	3,544		$	2,048

Summary assumptions used for estimating the fair value of the stock options granted

		Three Months Ended March 31,
		2016		2015
Risk-free interest rate		1.9%		1.8%
Expected term (years)		6.08		5.83 – 6.08
Expected volatility		50%		50%
Dividend yield		0%		0%
Weighted-average grant date fair value		$13.82		$9.57

Summary of stock option activity

		Number of Options		Weighted-Average Exercise Price per Share			Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding balance at December 31, 2015		5,298,510		$	8.07		6.66		$	105,595
Granted		3,617		27.98			9.76
Exercised		(276,138	)	3.60			4.96
Forfeited		(6,349	)	9.99
Outstanding balance at March 31, 2016		5,019,640		8.33			6.40		73,842
Exercisable at March 31, 2016		3,394,170		4.61			5.60		61,080
Vested and expected to vest at March 31, 2016		4,912,908		8.12			6.36		73,173

Restricted Stock Units

Summary of restricted stock unit activity

		Number of Restricted Stock Units		Weighted- Average Grant Date Fair Value
Outstanding balance at December 31, 2015		1,220,008		$	17.97
Granted		8,177		27.98
Vested		(209,077	)	11.24
Forfeited		(7,733	)	16.17
Outstanding balance at March 31, 2016		1,011,375		19.45

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
-Section F

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- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-Paragraph 2
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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)
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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