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Stock-based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-based Compensation Expense Included in Operating Expense

Stock-based compensation expense was included in the following operating expense categories as follows (in thousands):

 

 

 

Nine months ended

September 30,

 

 

Three months ended

September 30,

 

 

 

2015

 

 

2016

 

 

2015

 

 

2016

 

Service costs

 

$

1,046

 

 

$

565

 

 

$

273

 

 

$

160

 

Sales and marketing

 

 

893

 

 

 

1,321

 

 

 

339

 

 

 

353

 

Product development

 

 

1,843

 

 

 

1,367

 

 

 

620

 

 

 

206

 

General and administrative

 

 

4,027

 

 

 

3,993

 

 

 

1,119

 

 

 

1,060

 

Total stock-based compensation

 

$

7,809

 

 

$

7,246

 

 

$

2,351

 

 

$

1,779

 

 

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 option grants for the periods presented:

 

 

 

Nine months ended

September 30,

 

 

Three months ended

September 30,

 

 

 

2015

 

 

2016

 

 

2015

 

 

2016

 

Expected life (in years)

 

4.0-6.25

 

 

 

4.0-6.25

 

 

4.0-6.25

 

 

 

4.0

 

Risk-free interest rate

 

1.13%-1.56%

 

 

 

0.86%-1.15%

 

 

1.15%-1.56%

 

 

 

1.01%

 

Expected volatility

 

59%-65%

 

 

 

57%-58%

 

 

59%-60%

 

 

 

57%

 

Expected dividend yield

 

0%-0.36%

 

 

 

0%

 

 

 

0%

 

 

 

0%

 

 

Summary of Stock Option Activity

Stock option activity during the nine months ended September 30, 2016 is summarized as follows:

 

 

 

Shares

 

 

Weighted average

exercise price

 

 

Weighted average remaining

contractual term

(in years)

 

Balance at December 31, 2015

 

 

8,937,281

 

 

$

6.97

 

 

 

6.33

 

Options granted

 

 

1,669,000

 

 

 

4.20

 

 

 

 

 

Options forfeited

 

 

(734,562

)

 

 

5.51

 

 

 

 

 

Options expired

 

 

(620,500

)

 

 

12.58

 

 

 

 

 

Options exercised

 

 

(60,303

)

 

 

4.01

 

 

 

 

 

Balance at September 30, 2016

 

 

9,190,916

 

 

$

6.22

 

 

 

5.91

 

 

Summary of Restricted Stock Awards and Restricted Stock Units

Restricted stock awards and restricted stock unit activity during the nine months ended September 30, 2016 is summarized as follows:

 

 

 

Shares/

Units

 

 

Weighted average

grant date

fair value

 

Unvested balance at December 31, 2015

 

 

2,222,080

 

 

$

4.86

 

Granted

 

 

2,196,406

 

 

 

4.24

 

Vested

 

 

(813,592

)

 

 

5.16

 

Forfeited

 

 

(649,771

)

 

 

5.08

 

Unvested balance at September 30, 2016

 

 

2,955,123

 

 

$

4.26