Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Equity [Abstract] |
|
| Fair Value of Employee Stock Options Using Weighted Average Assumptions |
We have computed the fair value of employee stock options using the
following weighted average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Dividend yield
|
|
|
1.4 |
% |
|
|
1.8 |
% |
|
|
1.8 |
% |
|
Volatility
|
|
|
28.6 |
% |
|
|
45.2 |
% |
|
|
57.8 |
% |
|
Risk-free interest rate
|
|
|
1.8 |
% |
|
|
2.0 |
% |
|
|
1.5 |
% |
|
Weighted average expected option term (in years)
|
|
|
5.6 |
|
|
|
5.5 |
|
|
|
5.5 |
|
|
Weighted average fair value per share of options granted
|
|
$ |
2.80 |
|
|
$ |
2.81 |
|
|
$ |
3.01 |
|
|
Aggregate intrinsic value of options exercised
|
|
$ |
6,534,800 |
|
|
$ |
819,478 |
|
|
$ |
1,009,726 |
|
|
| Summary of Option Activity |
A summary of
option activity as of December 31, 2015 and the year then
ended is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value |
|
| |
|
|
|
|
|
|
|
(in
years) |
|
|
|
|
|
Balance outstanding at
December 31, 2014
|
|
|
2,238,734 |
|
|
$ |
6.42 |
|
|
|
4.41 |
|
|
$ |
3,767,658 |
|
|
Granted
|
|
|
511,227 |
|
|
$ |
11.72 |
|
|
|
|
|
|
|
|
|
|
Exercised (1)
|
|
|
(906,936 |
) |
|
$ |
5.33 |
|
|
|
|
|
|
$ |
6,534,800 |
|
|
Canceled /
Expired
|
|
|
(107,045 |
) |
|
$ |
9.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance outstanding at
December 31, 2015 (2)
|
|
|
1,735,980 |
|
|
$ |
8.39 |
|
|
|
4.28 |
|
|
$ |
15,381,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable at
December 31, 2015
|
|
|
517,932 |
|
|
$ |
6.35 |
|
|
|
2.71 |
|
|
$ |
5,645,756 |
|
|
Expected to vest at
December 31, 2015 (3)
|
|
|
902,258 |
|
|
$ |
9.11 |
|
|
|
4.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,420,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The aggregate intrinsic
value represents the difference between the exercise price and the
closing price of our stock on the date of exercise. |
| (2) |
The aggregate intrinsic
value represents the difference between the exercise price and
$17.25, the closing price of our stock on December 31, 2015,
for all in-the-money options outstanding. |
| (3) |
Options outstanding that
are expected to vest are net of estimated future option
forfeitures |
|
| Summary of RSU Activity |
A summary of
our RSU activity is as follows:
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
| |
|
|
|
|
Grant Date |
|
| |
|
Shares |
|
|
Fair
Value |
|
|
Balance outstanding at
December 31, 2014
|
|
|
220,298 |
|
|
$ |
7.04 |
|
|
Granted
|
|
|
62,942 |
|
|
$ |
11.32 |
|
|
Vested (1)
|
|
|
(61,362 |
) |
|
$ |
6.84 |
|
|
Canceled
|
|
|
(30,533 |
) |
|
$ |
7.47 |
|
|
|
|
|
|
|
|
|
|
|
Balance outstanding at
December 31, 2015
|
|
|
191,345 |
|
|
$ |
8.45 |
|
|
|
|
|
|
|
|
|
|
| (1) |
The number of RSUs vested
includes the shares that we withheld on behalf of employees to
satisfy minimum statutory tax withholding requirements. |
|
| Summary of Repurchases |
A summary of our repurchases is as follows:
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
Shares of common stock repurchased
|
|
|
23,928 |
|
|
|
27,092 |
|
|
Average per share repurchase price
|
|
$ |
11.12 |
|
|
$ |
7.80 |
|
|
Aggregage purchase price
|
|
$ |
266,090 |
|
|
$ |
211,379 |
|
|
| Share-Based Compensation Expense |
The components of stock-based compensation expense included in the
consolidated statements of operations are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| |
|
(in thousands) |
|
|
Stock option awards
|
|
$ |
992 |
|
|
$ |
917 |
|
|
$ |
789 |
|
|
Restricted stock units
|
|
|
432 |
|
|
|
385 |
|
|
|
464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation
|
|
$ |
1,424 |
|
|
$ |
1,302 |
|
|
$ |
1,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Stock-based Compensation Expenses Included in Statements of Operations |
Stock-based
compensation is included in our statements of operations as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
(in thousands) |
|
|
|
|
|
Cost of sales
|
|
$ |
165 |
|
|
$ |
150 |
|
|
$ |
148 |
|
|
Sales and
marketing
|
|
|
284 |
|
|
|
309 |
|
|
|
295 |
|
|
General and
administrative
|
|
|
869 |
|
|
|
757 |
|
|
|
726 |
|
|
Research and
development
|
|
|
106 |
|
|
|
86 |
|
|
|
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based
compensation
|
|
$ |
1,424 |
|
|
$ |
1,302 |
|
|
$ |
1,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Stock Repurchase Activity |
The following
is a summary of the stock repurchase activity for the year ended
December 31, 2013:
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2013 |
|
| |
|
Shares |
|
|
Total |
|
| |
|
Purchased |
|
|
Purchased |
|
| |
|
( $ in
thousands) |
|
|
Share
repurchases
|
|
|
15,323 |
|
|
$ |
88 |
|
|
|
|
|
|
|
|
|
|
|
| Dividend Activity |
The dividend
activity for the periods presented is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Record
Date
|
|
Payment Date
|
|
Per Share Amount |
|
|
Dividend Payment |
|
| |
|
|
|
|
|
|
(in
thousands) |
|
|
Fiscal Year
2015
|
|
|
|
|
|
|
|
|
|
|
|
March 20,
2015
|
|
April 3, 2015 |
|
$ |
0.040 |
|
|
$ |
700 |
|
|
May 22,
2015
|
|
June 5, 2015 |
|
$ |
0.040 |
|
|
$ |
705 |
|
|
August 20,
2015
|
|
September 3,
2015 |
|
$ |
0.040 |
|
|
$ |
715 |
|
|
November 20,
2015
|
|
December 4,
2015 |
|
$ |
0.040 |
|
|
$ |
725 |
|
|
|
|
|
|
Fiscal Year
2014
|
|
|
|
|
|
|
|
|
|
|
|
March 20,
2014
|
|
April 3, 2014 |
|
$ |
0.035 |
|
|
$ |
546 |
|
|
May 22,
2014
|
|
June 5, 2014 |
|
$ |
0.035 |
|
|
$ |
547 |
|
|
August 21,
2014
|
|
September 4,
2014 |
|
$ |
0.035 |
|
|
$ |
607 |
|
|
November 20,
2014
|
|
December 4,
2014 |
|
$ |
0.035 |
|
|
$ |
608 |
|
|