|
SHARE-BASED COMPENSATION (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| SHARE-BASED COMPENSATION [Abstract] |
|
| Summary of share options granted to both employees and non-employees |
|
|
|
|
|
|
Weighted- |
|
|
|
Number of |
|
|
average |
|
|
|
Options |
|
|
exercise price |
|
| Outstanding at December 31, 2013 |
|
|
29,920,388 |
|
|
|
0.40 |
|
| Options granted |
|
|
3,475,132 |
|
|
|
1.33 |
|
| Options exercised |
|
|
(10,372,019 |
) |
|
|
0.28 |
|
| Options expired or canceled |
|
|
(950,230 |
) |
|
|
0.52 |
|
| Options forfeited |
|
|
(50,002 |
) |
|
|
1.85 |
|
| Outstanding at December 31, 2014 |
|
|
22,023,269 |
|
|
|
0.59 |
|
| Vested and expected to vest at December 31, 2014 |
|
|
21,428,424 |
|
|
|
0.59 |
|
|
| Summary of restricted shares granted to both employees and non-employees |
|
|
|
|
|
|
Weighted |
|
|
|
Number of |
|
|
average |
|
|
|
restricted |
|
|
grant date |
|
|
|
shares |
|
|
fair value |
|
| Non-vested at December 31, 2013 |
|
|
26,000 |
|
|
|
1.00 |
|
| Vested |
|
|
(26,000 |
) |
|
|
1.00 |
|
| Non-vested at December 31, 2014 |
|
|
- |
|
|
|
- |
|
|
| Summary of information with respect to options outstanding |
|
|
|
Options outstanding |
|
|
Options exercisable |
|
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
average |
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining |
|
|
Weighted- |
|
|
Intrinsic |
|
|
|
|
|
remaining |
|
|
Weighted- |
|
|
Intrinsic |
|
| Range of |
|
|
Number of |
|
|
Contractual |
|
|
average |
|
|
value as of |
|
|
Number of |
|
|
contractual |
|
|
Average |
|
|
value as of |
|
| exercise |
|
|
options |
|
|
life |
|
|
exercise |
|
|
December |
|
|
options |
|
|
life |
|
|
Exercise |
|
|
December |
|
| price |
|
|
outstanding |
|
|
(years) |
|
|
price |
|
|
31,2014 |
|
|
exercisable |
|
|
(years) |
|
|
Price |
|
|
31,2014 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
*0.00-0.38 |
|
|
|
16,395,343 |
|
|
|
5.14 |
|
|
|
0.17 |
|
|
|
|
|
|
|
12,457,211 |
|
|
|
4.53 |
|
|
|
0.16 |
|
|
|
|
|
| |
0.40-0.63 |
|
|
|
156,000 |
|
|
|
7.47 |
|
|
|
0.48 |
|
|
|
|
|
|
|
53,600 |
|
|
|
4.65 |
|
|
|
0.47 |
|
|
|
|
|
| |
0.68-0.97 |
|
|
|
1,395,556 |
|
|
|
7.37 |
|
|
|
0.85 |
|
|
|
|
|
|
|
489,556 |
|
|
|
4.39 |
|
|
|
0.81 |
|
|
|
|
|
| |
1.00-1.39 |
|
|
|
351,570 |
|
|
|
3.17 |
|
|
|
1.22 |
|
|
|
|
|
|
|
341,970 |
|
|
|
3.11 |
|
|
|
1.23 |
|
|
|
|
|
| |
1.47-1.60 |
|
|
|
63,100 |
|
|
|
2.30 |
|
|
|
1.57 |
|
|
|
|
|
|
|
63,100 |
|
|
|
2.30 |
|
|
|
1.57 |
|
|
|
|
|
| |
1.73-2.10 |
|
|
|
2,207,200 |
|
|
|
8.92 |
|
|
|
1.93 |
|
|
|
|
|
|
|
207,200 |
|
|
|
0.47 |
|
|
|
1.96 |
|
|
|
|
|
| |
2.27-2.59 |
|
|
|
623,000 |
|
|
|
1.48 |
|
|
|
2.50 |
|
|
|
|
|
|
|
623,000 |
|
|
|
1.48 |
|
|
|
2.50 |
|
|
|
|
|
| |
2.75-2.82 |
|
|
|
506,500 |
|
|
|
1.20 |
|
|
|
2.81 |
|
|
|
|
|
|
|
506,500 |
|
|
|
1.20 |
|
|
|
2.81 |
|
|
|
|
|
| |
3.00-3.37 |
|
|
|
185,000 |
|
|
|
1.38 |
|
|
|
3.14 |
|
|
|
|
|
|
|
185,000 |
|
|
|
1.38 |
|
|
|
3.14 |
|
|
|
|
|
| |
4.22-4.55 |
|
|
|
140,000 |
|
|
|
1.29 |
|
|
|
4.46 |
|
|
|
|
|
|
|
140,000 |
|
|
|
1.29 |
|
|
|
4.46 |
|
|
|
|
|
| |
|
|
|
|
22,023,269 |
|
|
|
5.39 |
|
|
|
0.59 |
|
|
|
22,969 |
|
|
|
15,067,137 |
|
|
|
4.12 |
|
|
|
0.50 |
|
|
|
17,100 |
|
* The exercise price was $0.0001.
|
| Employee [Member] | Five years vesting period [Member] |
|
| Share-based compensation [Line Items] |
|
| Schedule of assumptions for option grants |
|
|
|
2012 |
|
|
|
2013 |
|
|
|
2014 |
| Risk-free interest rates (%)(1) |
|
|
1.04-1.57 |
|
|
|
1.55-1.62 |
|
|
|
1.37-1.75 |
| Expected life(2) |
|
|
5.7-5.8 years |
|
|
|
5.4-6.2 years |
|
|
|
6.38-6.47years |
| Expected dividend yield (%)(3) |
|
|
— |
|
|
|
— |
|
|
|
— |
| Expected volatility (%)(4) |
|
|
50-51 |
|
|
|
52-53 |
|
|
|
67-68 |
|
| Employee [Member] | One year vesting period [Member] |
|
| Share-based compensation [Line Items] |
|
| Schedule of assumptions for option grants |
|
|
2012 |
|
|
2013 |
|
|
2014 |
| Risk-free interest rates (%)(1) |
|
|
0.18-0.21 |
|
|
|
0.13 |
|
|
|
0.10 |
| Expected life(2) |
|
|
1 year |
|
|
|
1 year |
|
|
|
1year |
| Expected dividend yield (%)(3) |
|
|
— |
|
|
|
— |
|
|
|
— |
| Expected volatility (%)(4) |
|
|
52-59 |
|
|
|
52-53 |
|
|
|
67-68 |
(1)
|
|
The risk-free interest rate is based on the United States Treasury Bill for a term of 1, 5 or 7 years which is consistent with the expected life of the awards.
|
(2)
|
|
The Company calculates the expected life of share options based on its employees' historical experience.
|
(3)
|
|
The Company currently has no history or expectation of paying dividends on its ordinary shares.
|
(4)
|
|
The Company estimated volatility based on the historical volatilities of the Company.
|
|
| Non-employee [Member] |
|
| Share-based compensation [Line Items] |
|
| Schedule of assumptions for option grants |
|
|
2012 |
|
|
2013 |
|
|
2014 |
| Risk-free interest rates (%)(1) |
|
|
0.56-1.22 |
|
|
|
0.65-1.85 |
|
|
|
0.10-1.37 |
| Expected life(2) |
|
|
5 years |
|
|
|
1 year |
|
|
|
1-6.47years |
| Expected dividend yield (%)(3) |
|
|
— |
|
|
|
— |
|
|
|
— |
| Expected volatility (%) (4) |
|
|
50-51 |
|
|
|
45-49 |
|
|
|
67-68 |
(1)
|
|
The risk-free interest rate is based on the United States Treasury Bill for a term of 5 years consistent with the expected life of the awards.
|
(2)
|
|
The Company uses a vesting term of 5 years as the expected life of share options, except for performance based options which had an exercise price of $0.0001 and a 1 year vesting term period based on historical experience.
|
(3)
|
|
The Company currently has no history or expectation of paying dividends on its ordinary shares. |
(4)
|
|
The Company estimated volatility based on the historical volatilities of the Company.
|
|