XML 59 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Incentive and Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total Stock-Based Compensation Expense
Stock-based compensation expense was as follows for the periods presented:
Year Ended December 31,
2017
 
2016
 
2015
Stock options
$
15,103

 
$
23,203

 
$
30,717

RSUs
54,116

 
41,737

 
9,185

ESPP
1,605

 
1,686

 
1,904

Stock issued related to acquisition
159

 
2,575

 
9,416

Total stock-based compensation expense
$
70,983

 
$
69,201

 
$
51,222
Stock-Based Compensation Expense Recorded in Consolidated Statement of Operations
The following table presents the Company’s stock-based compensation expense recorded in the Consolidated Statements of Operations:
Year Ended December 31,
2017
 
2016
 
2015
Sales and marketing
$
7,654

 
$
7,546

 
$
7,250

Origination and servicing
4,804

 
4,159

 
2,735

Engineering and product development
22,047

 
19,858

 
11,335

Other general and administrative
36,478

 
37,638

 
29,902

Total stock-based compensation expense
$
70,983

 
$
69,201

 
$
51,222
Schedule of Options Activity
The following table summarizes the activities for the Company’s stock options during 2017:
 
Number of
Options
 
Weighted-Average
Exercise
Price Per
Share
 
Weighted-Average
Remaining
Contractual Life (in years)
 
Aggregate
Intrinsic 
Value (1)
Outstanding at December 31, 2016
30,669,177

 
$
4.79

 
 
 
 
Granted
—

 
$
—

 
 
 
 
Exercised
(7,213,167
)
 
$
2.01

 
 
 
 
Forfeited/Expired
(3,046,670
)
 
$
8.09

 
 
 
 
Outstanding at December 31, 2017
20,409,340

 
$
5.28

 
6.0
 
$
22,485

Vested and expected to vest at December 31, 2017
20,409,340

 
$
5.28

 
6.0
 
$
22,485

Exercisable at December 31, 2017
16,471,522

 
$
4.76

 
5.7
 
$
22,485

(1) 
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company’s closing stock price of $4.13 as reported on the New York Stock Exchange on December 29, 2017.
Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options granted with the following assumptions: 
Year Ended December 31,
2016
 
2015
Expected dividend yield
—

 
—

Weighted-average assumed stock price volatility
51.6
%
 
49.4
%
Weighted-average risk-free interest rate
1.34
%
 
1.61
%
Weighted-average expected life (in years)
6.15

 
6.25
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes the activities for the Company’s RSUs during the year ended December 31, 2017:
 
Number
of Units
 
Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2016
31,413,644

 
$
6.61

Granted
12,955,901

 
$
5.31

Vested
(11,087,906
)
 
$
6.18

Forfeited/expired
(6,703,341
)
 
$
7.07

Unvested at December 31, 2017
26,578,298

 
$
6.03

Expected to vest after December 31, 2017
26,578,298

 
$
6.03
Restructuring and Related Costs
The following table presents the severance expense recorded in the Company’s Consolidated Statements of Operations for the year ended December 31, 2016:
Year Ended December 31,
 
2016
Sales and marketing
 
$
772

Origination and servicing
 
1,174

Engineering and product development
 
134

Other general and administrative
 
650

Total severance expense
 
$
2,730
ESPP  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted
We used the following assumptions in estimating the fair value of the grants under the ESPP which are derived using the same methodology applied to stock option assumptions:
Year Ended December 31,
2017
 
2016
 
2015
Expected dividend yield
—

 
—

 
—

Weighted-average assumed stock price volatility
45.1
%
 
50.1
%
 
43.7
%
Weighted-average risk-free interest rate
1.21
%
 
0.51
%
 
0.23
%
Weighted-average expected life (in years)
0.50

 
0.50

 
0.46