Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

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 three month period ended March 31:

	2017
Volatility	30.66		%
Risk-free interest rate	1.93		%
Expected term (years)	5
Dividend yield	—
Grant-date fair value	$	7.00

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 March 31, 2017 (dollars in millions, except for per share data):

	Number of Shares		Weighted Average Exercise Price Per Share
Options outstanding at December 31, 2016	4,248,156		$	7.21
Granted	375,027		$	23.00
Exercised	(252,599	)	$	5.64
Forfeited	(8,323	)	$	19.73
Expired	(7,171	)	$	7.52
Options outstanding at March 31, 2017	4,355,090		$	8.63
Options exercisable at March 31, 2017	2,709,410		$	5.78

Schedule of RSA and RSU activity

The following table summarizes RSA and RSU activity for the three months ended March 31, 2017:

	RSAs				RSUs
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016	—		$	—	61,861		$	25.45
Granted	35,430		$	23.00	103,863		$	23.00
Vested	(35,430	)	$	23.00	—		$	—
Forfeited	—		$	—	(2,304	)	$	25.57
Outstanding at March 31, 2017	—		$	—	163,420		$	23.89

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)
2017 (period from April 1, to December 31, 2017)	$	2,666
2018	3,074
2019	2,061
2020	470
Total	$	8,271