Restricted Stock Units
RSUs will not entitle the holders to voting rights and holders of the RSUs will not have any right to receive dividends or distributions.
The following table presents information regarding outstanding RSUs as of December 31, 2015 and changes during the year then ended, after taking into effect to the conversion of restricted Class C common stock to restricted Class A common stock on a 178.8491-for-one basis:
Number of RSUs Outstanding
Aggregate Intrinsic Value
Contractual Life (In Years)
Balance at January 1, 2015
Balance at December 31, 2015
As of December 31, 2015, $10.3 million of total unrecognized compensation cost related to RSUs is expected to be recognized over a weighted average period of approximately 3.0 years.
The weighted average fair value of RSUs per share on the date of grant was $4.46 and $0.12 for the years ended December 31, 2015 and 2014, respectively.
On December 22 and 23, 2015, the Company granted 2,024,800 Class A RSUs to certain employees and executive officers. These are time-based awards which will vest on the following schedule: 25% after one year, 25% after two years, and 50% after three years. The grant date fair value of these awards was $11.0 million, which will be recognized as compensation cost on a straight line basis over the three-year service period.
On September 26, 2014 and March 31, 2015, the Company granted 1,550 and 2,750 Class C RSUs, respectively (or 277,216 and 491,835 Class A RSUs, respectively, after giving effect to conversion of Class C RSUs to Class A RSUs on a 178.8491-for-one basis immediately prior to the completion of the IPO). Subject to accelerated vesting upon certain events, 25% of the Class A RSUs will vest on the first through fourth anniversaries of the date of the IPO.
15. LOSS PER SHARE
Basic loss per share is computed by dividing net loss by the number of weighted average Class A common shares outstanding during the period. Diluted loss per share is computed using the weighted average Class A common shares outstanding and, if dilutive, potential Class A common shares outstanding during the period. Potential Class A common shares represent the incremental Class A common shares issuable for RSUs and stock option exercises. The Company calculates the dilutive effect of outstanding RSUs and stock options on loss per share by application of the treasury stock method. The computations of basic and diluted loss per share does not include days or assumptions of shares outstanding prior to the IPO on August 5, 2015.