Employer Share Plans (Tables)

6 Months Ended

Jun. 30, 2015

Compensation expense for stock-based awards recognized during the three and six months ended June 30, 2015 and 2014 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Stock options	$	534	$	666	$	1,375	$	1,315
Restricted stock awards		755		932		1,536		1,672

Total stock-based compensation expense	$	1,289	$	1,598	$	2,911	$	2,987

Stock award activity during the second quarter of 2015 was as follows (in thousands) except per share data):


	Stock Options					Restricted Stock Awards
	Number of Options			Weighted Average Exercise Price Per Share		Number of Shares			Weighted Average Grant-Date Fair Value (1)
Outstanding at beginning of year		5,602		$	7.06		1,039		$	7.30
Granted		900		$	9.25		362		$	9.12
Exercised or released		(656	)	$	7.12		(435	)	$	7.11
Expired or canceled		(62	)	$	7.14		(3	)	$	6.36

Outstanding at June 30, 2015		5,784		$	7.39		963		$	8.08

Exercisable at June 30, 2015		3,098		$	6.91

(1)	Represents weighted average market value of the shares; awards are granted at no cost to the recipients.

The following weighted average assumptions were utilized:

(1)	The expected volatility assumption was determined based upon the historical volatility of CBIZ’s stock price, using daily price intervals.

(2)	The expected option life was determined based upon CBIZ’s historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest.

(3)	The risk-free interest rate assumption was based upon zero-coupon U.S. Treasury bonds with a term approximating the expected life of the respective options.

(4)	The expected dividend yield assumption was determined in view of CBIZ’s historical and estimated dividend payouts. CBIZ does not expect to change its dividend payout policy in the foreseeable future.