Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value

The following are the weighted-average assumptions used for grants issued:

	For the years ended
	December 31, 2015			December 31, 2014			December 31, 2013
Volatility	23.85		%	32.84		%	30.88		%
Risk-free interest rate	1.88		%	2.16		%	1.52		%
Expected term (years)	6.5			6.5			6.5
Dividend yield	—			—			—
Grant-date fair value	$	5.74		$	5.15		$	2.14

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value

The following table summarizes stock option activity during the year and also presents stock options outstanding and exercisable as of December 31, 2015 (dollars in millions, except for per share data):

	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value
Outstanding, December 31, 2014	4,671,639		$	5.88
Granted	110,825		$	20.00
Exercised	(396,010	)	$	5.68
Forfeited	(14,700	)	$	13.47
Expired	(5,457	)	$	6.12
Outstanding, December 31, 2015	4,366,297		$	6.24	7.09	$	54.7
Exercisable, December 31, 2015	2,225,613		$	5.72	6.99	$	29.0

Schedule of Unrecognized Compensation Cost, Nonvested Awards

Unrecognized stock-based compensation expense related to outstanding unvested stock options is expected to be recognized in the Company’s statements of income as follows (by fiscal year):

(dollars in thousands)
2016	$	1,857
2017	1,709
2018	309
2019	121
2020	51
Total	$	4,047