Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

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

Schedule of of Stock Option Weighted Average Assumptions

The following are the weighted-average assumptions used for grants issued during the nine month periods ended September 30:

	2016			2015
Volatility	32.58		%	23.85		%
Risk-free interest rate	1.23		%	1.88		%
Expected term (years)	5			6.5
Dividend yield	—			—
Grant-date fair value	$	7.81		$	5.74

Schedule of stock option activity

The following table summarizes stock option activity during the year and also presents stock options outstanding and exercisable as of September 30, 2016 (dollars in millions, except for per share data):

	Number of Shares		Weighted Average Exercise Price Per Share
Options outstanding at December 31, 2015	4,366,297		$	6.24
Granted	396,688		$	25.47
Exercised	(266,813	)	$	6.54
Forfeited	(69,417	)	$	13.59
Expired	(11,566	)	$	6.97
Options outstanding at September 30, 2016	4,415,189		$	7.83
Options exercisable at September 30, 2016	2,102,214		$	5.80

Schedule of RSA and RSU activity

The following table summarizes RSA and RSU activity for the nine months ended September 30, 2016:

	RSAs				RSUs
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2015	—		$	—	—		$	—
Granted	31,871		$	25.57	87,203		$	25.48
Vested	(31,871	)	$	25.57	—		$	—
Forfeited	—		$	—	(1,635	)	$	25.57
Outstanding at September 30, 2016	—		$	—	85,568		$	25.48

Schedule of unrecognized compensation cost

Unrecognized stock-based compensation 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 (period from October 1, to December 31, 2016)	$	918
2017	3,582
2018	2,037
2019	553
2020	56
Total	$	7,146