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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2015
Equity [Abstract]  
Summary of Stock Option Activity

Stock option activity for the six months ended June 30, 2015 is presented below (in thousands, except per share data):

 

 

 

 

 

 

 

Weighted -

 

 

Weighted -

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Aggregate

 

 

 

Number

 

 

Price Per

 

 

Contractual

 

 

Intrinsic

 

 

 

of Shares

 

 

Share

 

 

Term (in years)

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2014

 

 

1,954

 

 

$

33.81

 

 

 

 

 

 

 

 

 

Granted

 

 

52

 

 

 

38.11

 

 

 

 

 

 

 

 

 

Exercised

 

 

(43

)

 

 

29.70

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(70

)

 

 

36.59

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2015

 

 

1,893

 

 

$

33.92

 

 

 

6.66

 

 

$

5,516

 

Exercisable at June 30, 2015

 

 

1,026

 

 

$

31.42

 

 

 

5.07

 

 

$

4,940

 

Vested and expected to vest at June 30, 2015

 

 

1,807

 

 

$

33.76

 

 

 

6.56

 

 

$

5,477

 

 

Details of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 2015 is presented below (in thousands, except per share data):

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Unvested at December 31, 2014

 

 

433

 

 

$

35.64

 

Granted

 

 

23

 

 

 

32.99

 

Vested

 

 

(84

)

 

 

34.39

 

Forfeited

 

 

(25

)

 

 

35.68

 

Unvested at June 30, 2015

 

 

347

 

 

$

35.76

 

 

Summary of Stock-Based Compensation Recorded in Expense Categories

Stock-based compensation was recorded in the following expense categories (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Cost of services and fulfillment

 

$

798

 

 

$

798

 

 

$

2,035

 

 

$

1,871

 

Selling and marketing

 

 

89

 

 

 

127

 

 

 

423

 

 

 

465

 

General and administrative

 

 

588

 

 

 

293

 

 

 

1,203

 

 

 

829

 

Total

 

$

1,475

 

 

$

1,218

 

 

$

3,661

 

 

$

3,165

 

 

Options Granted Under Equity Incentive Plans and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

Options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan were valued using the following assumptions:

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

June 30, 2015

 

 

June 30, 2014

 

 

 

Equity Incentive

 

 

Employee Stock

 

 

Equity Incentive

 

 

Employee Stock

 

 

 

Plans

 

 

Purchase Plan

 

 

Plans

 

 

Purchase Plan

 

Average risk-free interest rate

 

 

1.35

%

 

 

0.11

%

 

 

1.70

%

 

 

0.08

%

Expected dividend yield

 

 

1.8

%

 

 

1.8

%

 

 

1.8

%

 

 

1.8

%

Expected life

 

5.1 Years

 

 

0.5 Years

 

 

5.1 Years

 

 

0.5 Years

 

Expected volatility

 

 

25

%

 

 

22

%

 

 

30

%

 

 

25

%

Weighted average fair value

 

$

6.80

 

 

$

7.93

 

 

$

8.67

 

 

$

7.81

 

 

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2015

 

 

June 30, 2014

 

 

 

Equity Incentive

 

 

Employee Stock

 

 

Equity Incentive

 

 

Employee Stock

 

 

 

Plans

 

 

Purchase Plan

 

 

Plans

 

 

Purchase Plan

 

Average risk-free interest rate

 

 

1.37

%

 

 

0.11

%

 

 

1.66

%

 

 

0.08

%

Expected dividend yield

 

 

1.8

%

 

 

1.8

%

 

 

1.8

%

 

 

1.8

%

Expected life

 

5.1 Years

 

 

0.5 Years

 

 

5.1 Years

 

 

0.5 Years

 

Expected volatility

 

 

25

%

 

 

22

%

 

 

30

%

 

 

25

%

Weighted average fair value

 

$

7.38

 

 

$

7.93

 

 

$

8.76

 

 

$

7.81