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Stock-Based Compensation Plans (Tables)
3 Months Ended
Mar. 31, 2016
Summary of Stock Options Issued Pursuant to Stock Incentive Plans

A summary of stock options issued pursuant to the Company’s stock incentive plans is as follows:

 

     Number of
Shares
     Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term (Years)
     Aggregate
Intrinsic Value of
In-the-Money
Options
 

Outstanding as of December 31, 2015

     5,799,076       $ 14.37         

Granted

     2,284,500         17.92         

Exercised

     (15,885      11.14         

Forfeited

     (86,680      19.10         
  

 

 

    

 

 

       

Outstanding as of March 31, 2016

     7,981,011       $ 15.34         7.07       $ 43,551,458   
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable as of March 31, 2016

     4,254,017       $ 12.59         5.03       $ 34,890,634   
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Nonvested Long-Term Incentive Program Performance Share Awards Outstanding and Changes During Period

A summary of nonvested Retention RSAs as of March 31, 2016 and changes during the period are as follows:

 

Nonvested Retention Restricted Share Awards

   Number of
Retention Restricted
Share Awards
     Weighted-Average Grant
Date Fair Value
 

Nonvested as of December 31, 2015

     —         $ —     

Granted

     473,069         17.89   

Forfeited

     (8,900      17.89   
  

 

 

    

 

 

 

Nonvested as of March 31, 2016

     464,169       $ 17.89   
  

 

 

    

 

 

 
Summary of Nonvested Restricted Share Awards and Changes During Period

A summary of nonvested restricted share awards (“RSAs”) as of March 31, 2016 and changes during the period are as follows:

 

Nonvested Restricted Share Awards

   Number of
Restricted
Share Awards
     Weighted-Average Grant
Date Fair Value
 

Nonvested as of December 31, 2015

     149,262       $ 22.62   

Vested

     (5,638      20.55   

Forfeited

     (756      20.51   
  

 

 

    

 

 

 

Nonvested as of March 31, 2016

     142,868       $ 22.71   
  

 

 

    

 

 

 
Online Resources Corporation  
Summary of Stock Options Issued Pursuant to Stock Incentive Plans

A summary of transaction stock options issued pursuant to the Company’s stock incentive plans is as follows:

 

     Number of
Shares
     Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term (Years)
     Aggregate
Intrinsic Value of
In-the-Money
Options
 

Outstanding as of December 31, 2015

     21,036       $ 29.76         

Exercised

     (4,299      13.92         

Cancelled

     (726      13.92         
  

 

 

    

 

 

       

Outstanding as of March 31, 2016

     16,011       $ 34.73         1.90       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable as of March 31, 2016

     16,011       $ 34.73         1.90       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 
Black-Scholes Option-Pricing Model [Member]  
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions

The fair value of options that do not vest based on the achievement of certain market conditions granted during the three months ended March 31, 2016 and 2015 were estimated on the date of grant using the Black-Scholes option-pricing model, a pricing model acceptable under U.S. GAAP, with the following weighted-average assumptions:

 

     Three Months Ended     Three Months Ended  
     March 31, 2016     March 31, 2015  

Expected life (years)

     5.93        5.93   

Interest rate

     1.2     1.4

Volatility

     29.7     32.1

Dividend yield

     —          —     
Monte Carlo Simulation [Member]  
Estimated Fair Value of Options Granted Pricing Model with Weighted-Average Assumptions

With respect to options granted that vest based on the achievement of certain market conditions, the grant date fair value of such options was estimated using the following weighted-average assumptions:

 

     Three Months Ended     Three Months Ended  
     March 31, 2016     March 31, 2015  

Expected life (years)

     7.50        7.50   

Interest rate

     1.6     1.7

Volatility

     41.6     41.9

Dividend yield

     —          —     
LTIP Performance Shares [Member]  
Summary of Nonvested Long-Term Incentive Program Performance Share Awards Outstanding and Changes During Period

A summary of nonvested long-term incentive program performance share awards (“LTIP performance shares”) outstanding as of March 31, 2016 and changes during the period are as follows:

 

Nonvested LTIP Performance Shares

   Number of
Shares at
Expected
Attainment
     Weighted-
Average
Grant Date
Fair Value
 

Nonvested as of December 31, 2015

     889,295       $ 19.13   

Granted

     1,059,428         17.92   

Forfeited

     (44,696      18.93   
  

 

 

    

 

 

 

Nonvested as of March 31, 2016

     1,904,027       $ 18.44   
  

 

 

    

 

 

 
Performance-Based Restricted Share Awards [Member]  
Summary of Nonvested Long-Term Incentive Program Performance Share Awards Outstanding and Changes During Period

A summary of nonvested Performance-Based Restricted Share Awards (“PBRSAs”) as of March 31, 2016 and changes during the period are as follows:

 

Nonvested Performance-Based Restricted Share Awards

   Number of
Performance-Based
Restricted
Share Awards
     Weighted-Average Grant
Date Fair Value
 

Nonvested as of December 31, 2015

     938,863       $ 23.42   

Forfeited

     (21,790      22.64   

Change in attainment for 2015 grants

     (17,115      24.41   
  

 

 

    

 

 

 

Nonvested as of March 31, 2016

     899,958       $ 23.42