v3.5.0.2

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Stock options

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

		Three Months Ended September 30,						Nine Months Ended September 30,
		2016			2015			2016			2015
		(in thousands)
Servicing and support		$	825		$	642		$	2,399		$	1,637
Technology and content development		633			442			1,739			1,100
Program marketing and sales		360			282			973			741
General and administrative		2,255			1,936			6,482			5,739
Total stock-based compensation expense		$	4,073		$	3,302		$	11,593		$	9,217

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

		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
Risk-free interest rate		1.1%		1.9%		1.1% – 1.9%		1.5% – 1.9%
Expected term (years)		6.00 – 6.08		6.08		5.75 – 6.08		5.56 – 6.08
Expected volatility		50%		50%		50%		50%
Dividend yield		0%		0%		0%		0%
Weighted-average grant date fair value per share		$14.16		$15.23		$11.06		$12.51

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		721,200		22.80			9.20
Exercised		(912,591	)	4.76			2.78
Forfeited		(154,389	)	20.38
Expired		(9,174	)	18.22
Outstanding balance at September 30, 2016		4,943,556		10.43			6.51		137,743
Exercisable at September 30, 2016		3,315,376		6.22			5.54		106,327
Vested and expected to vest at September 30, 2016		4,811,965		10.13			6.44		135,502

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		686,344		22.96
Vested		(364,355	)	16.97
Forfeited		(130,119	)	20.48
Outstanding balance at September 30, 2016		1,411,878		20.42

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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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Publisher FASB
-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
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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

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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

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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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