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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Schedule of Stock Option Activity

Stock option activity for the nine months ended September 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

 

 

450

 

 

 

33.74

 

 

 

 

 

 

 

 

 

Exercised

 

 

(49

)

 

 

29.38

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(111

)

 

 

36.23

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2015

 

 

2,244

 

 

$

33.77

 

 

 

6.92

 

 

$

2,000

 

Exercisable at September 30, 2015

 

 

1,132

 

 

$

32.14

 

 

 

5.06

 

 

$

1,817

 

Vested and expected to vest at September 30, 2015

 

 

2,114

 

 

$

33.67

 

 

 

6.78

 

 

$

1,989

 

 

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the nine months ended September 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

 

 

258

 

 

 

31.50

 

Vested

 

 

(134

)

 

 

35.29

 

Forfeited

 

 

(39

)

 

 

35.45

 

Unvested at September 30, 2015

 

 

518

 

 

$

33.68

 

 

Schedule of Stock-Based Compensation Recorded in Expense Categories

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Cost of services and fulfillment

 

$

1,183

 

 

$

1,134

 

 

$

3,218

 

 

$

3,005

 

Selling and marketing

 

 

331

 

 

 

302

 

 

 

754

 

 

 

767

 

General and administrative

 

 

710

 

 

 

547

 

 

 

1,913

 

 

 

1,376

 

Total

 

$

2,224

 

 

$

1,983

 

 

$

5,885

 

 

$

5,148

 

 

Schedule of 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

 

 

 

September 30, 2015

 

 

September 30, 2014

 

 

 

Equity Incentive

 

 

Employee Stock

 

 

Equity Incentive

 

 

Employee Stock

 

 

 

Plans

 

 

Purchase Plan

 

 

Plans

 

 

Purchase Plan

 

Average risk-free interest rate

 

 

1.63

%

 

 

0.14

%

 

 

1.70

%

 

 

0.06

%

Expected dividend yield

 

 

2.1

%

 

 

2.1

%

 

 

1.8

%

 

 

1.8

%

Expected life

 

5.0 Years

 

 

0.5 Years

 

 

5.1 Years

 

 

0.5 Years

 

Expected volatility

 

 

24

%

 

 

21

%

 

 

25

%

 

 

23

%

Weighted average fair value

 

$

6.00

 

 

$

6.43

 

 

$

7.68

 

 

$

8.00

 

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2015

 

 

September 30, 2014

 

 

 

Equity Incentive

 

 

Employee Stock

 

 

Equity Incentive

 

 

Employee Stock

 

 

 

Plans

 

 

Purchase Plan

 

 

Plans

 

 

Purchase Plan

 

Average risk-free interest rate

 

 

1.60

%

 

 

0.14

%

 

 

1.69

%

 

 

0.06

%

Expected dividend yield

 

 

2.1

%

 

 

2.1

%

 

 

1.8

%

 

 

1.8

%

Expected life

 

5.0 Years

 

 

0.5 Years

 

 

5.1 Years

 

 

0.5 Years

 

Expected volatility

 

 

24

%

 

 

21

%

 

 

26

%

 

 

23

%

Weighted average fair value

 

$

6.16

 

 

$

6.43

 

 

$

7.91

 

 

$

8.00