Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes the stock options activity for the years ended December 31, 2013, 2012 and 2011:


	Shares			Weighted-average exercise prices ⁽¹⁾
Outstanding at December 31, 2010		—		$	—
Granted⁽²⁾		5,739,140			1.30
Forfeitures		(350,592	)		1.30

Outstanding at December 31, 2011		5,388,548		$	1.30
Granted		1,020,000			4.95
Forfeitures		(1,230,966	)		1.30

Outstanding at December 31, 2012		5,177,582		$	2.06
Granted⁽³⁾		150,000			23.36
Exercised⁽⁴⁾		(4,042,046	)		1.99

Outstanding at December 31, 2013		1,285,536		$	4.77

Exercisable at December 31, 2013^{(5) (6)}		321,377		$	1.61

⁽¹⁾	Exercise price was retroactively adjusted to reflect the equitable adjustment of $3.71 per share as discussed below.

⁽²⁾	Includes 100,000 of stock options that were not granted under the Equity Incentive Plans, but are subject to certain terms of the 2010 Plan.

⁽³⁾	On November 6, 2013, the Company granted 150,000 stock options to an Officer of the Company under the 2013 Plan.

⁽⁴⁾	At December 31, 2013, the total intrinsic value of options exercised during the year amounted to $91.6 million.

⁽⁵⁾	The weighted average remaining contractual term of exercisable options at December 31, 2013 is 6.79 years. Vested stock options became exercisable as a result of the Company’s initial public offering in April 2013.

⁽⁶⁾	The aggregate intrinsic value of options exercisable at December 31, 2013 amounted to $7.4 million.

Fully vested stock options

The following table presents information about fully vested stock options for the years ended December 31, 2013, 2012 and 2011:


	Years ended December 31,
	2013				2012				2011
	Shares		Weighted average exercise price		Shares		Weighted average exercise price		Shares		Weighted average exercise price
Vested stock options^(1)(2)(3)		3,757,099	$	2.07		279,750	$	1.30		326,574	$	1.30

⁽¹⁾	At December 31, 2013, 2012 and 2011, the aggregate intrinsic value amounted to $84.9 million, $1.6 million and $1.2 million, respectively.

⁽²⁾	The weighted average contractual term of fully vested options is 7.04 years, 7.85 years and 8.75 years as of December 31, 2013, 2012 and 2011, respectively.

⁽³⁾	The fair value of vested stock options at December 31, 2013, 2012 and 2011 amounted to $92.7 million, $2.0 million and $2.8 million, respectively.

Assumptions used to Estimate Fair Value of Stock Option Granted

The fair value of the stock options granted during 2011 and 2012 was estimated using the BSM option pricing model for Tranche A options granted under the 2010 Plan and the Monte Carlo simulation analysis for Tranche B and Tranche C options, with the following assumptions:


	Years ended December 31,
	2013			2012			2011
	Stock options granted under the 2013 Plan			Stock options granted under the 2010 Plan			Stock options granted under the 2010 Plan			Stock options not granted under the 2010 Plan
Stock Price⁽¹⁾	$	23.36 per share		$	5.19 per share		$	1.30 per share		$	1.30 per share
Risk-free rate		1.68	%		0.59	%		2.14	%		2.06	%
Expected volatility		36.56	%		31.12	%		35.00	%		35.00	%
Expected annual dividend yield		1.71	%		0.00	%		0.00	%		0.00	%
Expected term		6 years			3.87 years			4.60 years			4.49 years

⁽¹⁾	As discussed above, on May 9, 2012 an equitable adjustment to stock options was approved with caused a reduction of $3.71 per share of the exercise price of the outstanding options. Accordingly, the stock price presented above reflects this equitable adjustment for the periods of 2012 and 2011.

Nonvested Restricted Shares Activity

The following table summarizes the nonvested restricted shares activity for the years ended December 31, 2013, 2012 and 2011:


Nonvested restricted shares	Shares			Weighted-average grant date fair value
Nonvested at December 31, 2010		—		$	—
Granted		160,000			5.00
Vested		(33,884	)		5.00

Nonvested at December 31, 2011		126,116		$	5.00
Granted		29,292			8.54
Vested		(39,988	)		5.00

Nonvested at December 31, 2012		115,420		$	5.90
Granted		9,133			24.64
Vested		(115,420	)		5.90

Nonvested at December 31, 2013		9,133		$	24.64

Share-Based Compensation Recognized

Share-based compensation recognized was as follows:


	Years ended December 31,
(Dollar amounts in thousands)	2013		2012		2011
Share-based compensation recognized, net
Stock options	$	5,820	$	595	$	714
Restricted shares		359		609		170