|
Stockholders' Equity (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Quarterly Dividends Declared |
The Company’s board of directors declared the following
quarterly dividends on the Company’s Class A common
stock and Class B common stock:
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|
|
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|
Approval Date
|
|
Per share
dividend |
|
|
Date of record |
|
Total amount
(in thousands) |
|
|
Payment date |
|
January 2012
|
|
$ |
0.02 |
|
|
February 3, 2012 |
|
$ |
751 |
|
|
February 15, 2012 |
|
April 2012
|
|
$ |
0.02 |
|
|
May 4, 2012 |
|
$ |
743 |
|
|
May 15, 2012 |
|
July 2012
|
|
$ |
0.02 |
|
|
August 3, 2012 |
|
$ |
755 |
|
|
August 15, 2012 |
|
August 2012
|
|
$ |
0.015 |
|
|
August 16, 2012 |
|
$ |
566 |
|
|
August 31, 2012 |
|
October 2012
|
|
$ |
0.035 |
|
|
November 2, 2012 |
|
$ |
1,300 |
|
|
November 15, 2012 |
|
December 2012
|
|
$ |
0.14 |
|
|
December 18, 2012 |
|
$ |
5,300 |
|
|
December 31, 2012 |
|
January 2014
|
|
$ |
0.02 |
|
|
February 7, 2014 |
|
$ |
771 |
|
|
February 18, 2014 |
|
April 2014
|
|
$ |
0.02 |
|
|
May 5, 2014 |
|
$ |
846 |
|
|
May 15, 2014 |
|
July 2014
|
|
$ |
0.02 |
|
|
August 5, 2014 |
|
$ |
856 |
|
|
August 15, 2014 |
|
October 2014
|
|
$ |
0.02 |
|
|
November 7, 2014 |
|
$ |
857 |
|
|
November 18, 2014 |
|
| Stock Based Compensation Expense Included in Operating Expense |
Stock-based compensation expense was included in the following
operating expense categories (in thousands):
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|
|
|
|
|
|
|
|
|
|
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| |
|
Twelve months ended December 31, |
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| |
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Service costs
|
|
$ |
1,869 |
|
|
$ |
1,180 |
|
|
$ |
1,382 |
|
|
Sales and marketing
|
|
|
2,029 |
|
|
|
645 |
|
|
|
894 |
|
|
Product development
|
|
|
1,038 |
|
|
|
1,635 |
|
|
|
2,595 |
|
|
General and administrative
|
|
|
10,702 |
|
|
|
5,777 |
|
|
|
7,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation
|
|
$ |
15,638 |
|
|
$ |
9,237 |
|
|
$ |
11,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
| Assumptions to Estimate Fair Value for Stock Options at Grant Date |
The following weighted average assumptions were used in determining
the fair value of time-vested stock options granted for the periods
indicated:
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|
|
|
|
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| |
|
Years ended December 31, |
| |
|
2012 |
|
2013 |
|
2014 |
|
Expected life (in years)
|
|
4.00 – 6.25 |
|
4.00 – 6.25 |
|
4.00 |
|
Risk-free interest rate
|
|
0.47% to 0.78% |
|
0.57% to 2.10% |
|
1.25% to 1.45% |
|
Expected volatility
|
|
65% to 70% |
|
54% to 64% |
|
55% to 62% |
|
Weighted average expected volatility
|
|
67% |
|
57% |
|
56% |
|
Expected dividend yield
|
|
1.33% to 3.11% |
|
0.87% to 2.33% |
|
0.76% to 2.03% |
The following weighted average assumptions were used in determining
the fair value for options granted with vesting based on a
combination of certain service and market conditions for the
periods indicated:
|
|
|
|
|
| |
|
2012 |
|
2013 |
|
Expected life (in years)
|
|
1.50 – 5.74 |
|
1.18 – 2.28 |
|
Risk-free interest rate
|
|
1.81% |
|
2.89% |
|
Expected volatility
|
|
60% |
|
61% |
|
Weighted average expected volatility
|
|
60% |
|
61% |
|
Expected dividend yield
|
|
3.17% |
|
0.89% |
|
| Stock Option and Restricted Stock Award Activity |
Stock option, restricted stock award and restricted stock unit
activity during the period is as follows:
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|
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|
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|
|
|
|
|
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| |
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Options and
Restricted
Stock
available for
grant |
|
|
Number of
options
outstanding |
|
|
Weighted
average
exercise
price
of options |
|
|
Weighted
average
remaining
contractual
term
(in years) |
|
|
Aggregate
intrinsic value
(in thousands) |
|
|
Balance at December 31, 2013
|
|
|
1,702,174 |
|
|
|
7,707,713 |
|
|
$ |
7.48 |
|
|
|
6.99 |
|
|
$ |
17,148 |
|
|
Increase to option pool January 1, 2014
|
|
|
1,924,511 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Options granted
|
|
|
(1,340,686 |
) |
|
|
1,340,686 |
|
|
|
9.32 |
|
|
|
|
|
|
|
|
|
|
Restricted stock granted
|
|
|
(698,992 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock forfeited
|
|
|
117,354 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Options exercised
|
|
|
— |
|
|
|
(747,899 |
) |
|
|
5.59 |
|
|
|
|
|
|
|
|
|
|
Options expired
|
|
|
186,823 |
|
|
|
(186,823 |
) |
|
|
11.96 |
|
|
|
|
|
|
|
|
|
|
Options forfeited
|
|
|
316,449 |
|
|
|
(316,449 |
) |
|
|
6.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
Balance at December 31, 2014
|
|
|
2,207,633 |
|
|
|
7,797,228 |
|
|
$ |
7.90 |
|
|
|
6.58 |
|
|
$ |
800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Options exercisable at December 31, 2014 (1)
|
|
|
|
|
|
|
4,811,469 |
|
|
$ |
8.29 |
|
|
|
5.33 |
|
|
$ |
308 |
|
| (1) |
Includes 1,199,400 stock options,
which have vested based on meeting a combination of certain service
and market conditions. |
|
| Information Related to Stock Compensation Activity |
Information related to stock compensation activity during the
period indicated is as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
| |
|
Years ended
December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Weighted average fair value of options granted
|
|
$ |
1.78 |
|
|
$ |
2.56 |
|
|
$ |
3.89 |
|
|
Intrinsic value of options exercised (in thousands)
|
|
$ |
7 |
|
|
$ |
1,463 |
|
|
$ |
4,016 |
|
|
Total grant date fair value of restricted stock vested (in
thousands)
|
|
$ |
22,015 |
|
|
$ |
5,751 |
|
|
$ |
6,568 |
|
|
| Summary of Restricted Stock Awards and Restricted Stock Units |
Restricted stock awards and restricted stock unit activity during
the period is as follows:
|
|
|
|
|
|
|
|
|
| |
|
Shares/
Units |
|
|
Weighted Average
Grant Date
Fair Value |
|
|
Unvested at December 31, 2013
|
|
|
2,709,443 |
|
|
|
5.41 |
|
|
Granted
|
|
|
698,992 |
|
|
|
9.30 |
|
|
Vested
|
|
|
(1,150,319 |
) |
|
|
5.71 |
|
|
Forfeited
|
|
|
(117,354 |
) |
|
|
4.77 |
|
|
|
|
|
|
|
|
|
|
|
Unvested at December 31, 2014
|
|
|
2,140,762 |
|
|
|
6.55 |
|
|